Signify Expects Good Growth In The Solar Lighting Segment

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Signify Innovations India’s current turnover is approx Rs 3,500 crore, with a double digit growth percentage.

Signify Innovations India, earlier known as Philips Lighting India, is expecting good opportunity in the solar lights segment going forward, not only from the rural market but also from the urban market.

Signify Innovations India, which has reported a turnover of Rs 3,500 crore in the previous financial year, expects to continue its growth momentum in the fast-growing lighting market with a double-digit growth, informed Signify Innovations India Chief Executive Officer Sumit Padmakar Joshi to TOI.

Besides, the company, which is shifting towards smart lights solutions globally, aims that by 2022, all LED lighting products sold by it would be connectable to smart devices. 

Signify has already installed 29 million connected light points worldwide. Overgrowth of solar-based lighting products, Joshi said input cost is coming down, making it affordable, which would, in turn, increase the adoption rate. 

The battery cost and the solar panel cost is coming down dramatically and it is becoming far more affordable for people to go for this kind of solution, which is also sustainable, informed Joshi. According to him, this category is set to grow rapidly not only in the remote areas but also in urban settings.

Sunny days ahead
Joshi further added that the sale of conventional lighting products as bulbs and CFL is coming down. Currently, Signify Innovations India’s turnover is at around Rs 3,500 crore and the company is growing in double digits. Around 80 per cent of this is contributed from the LED segment. 

In 2019, the lighting industry is expected to grow in high single-digit rates and Signify India will perform comparatively better, Joshi added.

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