This review of the top consumer electronics appliance companies in India, based on their revenues in 2018-19, throws up a few surprises.
By Nijhum Rudra
The history of the Indian electronics industry goes back to the 1960s. The industry was basically government owned until the 80s, but in the early 90s the country witnessed tremendous growth due to rapid economic policy changes, which ultimately resulted in the liberalisation of the economy. Subsequently, the demand for electronic goods shot up every year, which further enhanced the profitability of the sector. Several policy initiatives by the current government such as Make in India, the revised National Policy on Electronics (2018), the reduction of corporate taxes, etc, have also boosted the domestic electronics manufacturing industry and increased employment. According to Invest India, the country is set to become the largest electronics market in the world reaching a turnover of US$ 400 billion by 2025, while the appliances and consumer electronics industry is speculated to become the fifth largest in the world by 2025, increasing at a CAGR of 17 per cent from 2020.
We present you the top domestic consumer electronics companies in India on the basis of their revenues during FY2018-19, the various sectors they cater to, and their manufacturing capabilities.
Disclaimer: While this survey is by no means comprehensive, it does provide a glimpse into many of India’s key consumer electronics companies. While Electronics Bazaar’s editorial team has taken the utmost care to contact all possible sources to make the list comprehensive, we may have inadvertently left out a few companies from this list. Information contained in the following report has been obtained from sources deemed reliable, and Electronics Bazaar makes no claims with respect to its accuracy. Neither Electronics Bazaar nor its affiliates, officers, directors, employees, owners, representatives nor any of its data or content providers shall be liable for any errors or for any actions taken by any entity on the basis of this information.
|Bosch in India|
|Annual revenue 2018-19: ₹ 122.58 billion
In India, Bosch is one of the leading suppliers of technology and services in the areas of mobility solutions, industrial technology, consumer goods, and energy and building technology. Additionally, Bosch’s India development centre is the company’s largest one outside Germany, for end-to-end engineering and technology solutions. Bosch set up its Indian manufacturing operations in 1951. These have grown over the years to include 18 manufacturing sites, and seven development and application centres. In Q2 of FY2018-19, the company’s total revenue amounted to ₹ 32.01 billion, registering a 13.8 per cent increase over the same period of the previous year. The profit before tax (PBT) stood at ₹ 6.41 billion, which was a growth of 21.8 per cent over the same period of the previous year —on account of a higher turnover, improved operational efficiency and higher productivity, all of which was partially offset by the impact of an unfavourable exchange rate.
Contact details: Ph: 80-22220088; Email: [email protected]
|Godrej & Boyce|
|Annual revenue 2018-19: ₹ 117.12 billion|
|Godrej & Boyce is the subsidiary of the renowned Godrej Group, which was founded by the famous Indian business magnates, Ardeshir Godrej and Pirojsha Burjorji Godrej. It has a presence in 14 diverse verticals. Initially, it began by manufacturing locks, but subsequently entered the electronics and appliances domain. It operates in global markets such as Southeast Asia, Africa, the Middle East, the US and Europe. In 2017-18, Godrej Appliances announced that it intends to achieve a revenue growth of
₹ 50 billion, and speculated that air conditioning would be the major driver of this growth.
|Annual revenue 2018-19: ₹ 101.85 billion|
|This is one of the biggest electrical equipment manufacturing companies in India. Founded by business tycoon Qimat Rai Gupta, the company has market dominance across a wide spectrum of products, including industrial and domestic circuit protection devices, cables and wires, motors, fans, modular switches and many more. Apart from Havells, the company owns some of the most prestigious brands like Lloyd, Crabtree and Standard. Its network constitutes 4000 professionals, over 7575 dealers and 40 branches in the country. In FY2018-19, the company reported a net profit of ₹ 7.92 billion, up from ₹ 7.13 billion in FY2017-18.
Contact details: Ph: 033-39849675; Email: [email protected]
|Annual revenue 2018-19: ₹ 69.56 billion|
| One of India’s largest air conditioning companies, Voltas is among the most reputed provider of engineering solutions, specialising in project management. The company plays a vital role in developing the infrastructure of the nation as well as exporting its expertise across the technology, engineering, construction, cooling and ventilation, infrastructure projects, textiles, mining and manufacturing sectors. The firm began as a collaboration between Tata Sons and Volkart Brothers. Voltas has also entered into a joint venture with Turkey based Ardutch (a subsidiary of Arçelik, a part of the Koç Group that owns the Beko brand of home appliances). It has begun manufacturing refrigerators, washing machines and kitchen appliances under the brand Voltas Beko.
Contact details: Ph: 022-66656666; Email: [email protected]
| Annual revenue 2018-19: ₹ 55.02 billion
Whirlpool entered India in the late 1980s as part of its global expansion strategy. It forayed into the market under a joint venture with the TVS Group and established the first Whirlpool washing machine manufacturing facility in Puducherry. In 1995, Whirlpool acquired Kelvinator India Limited, thus entering the refrigerator market as well. The same year the company also acquired the majority share in TVS JV. In 1996, the Kelvinator and TVS acquisitions were merged to create Whirlpool of India Limited. This expanded the company’s portfolio in the Indian subcontinent to include microwave ovens and air conditioners.
Contact details: Ph: +91-124-4591300; Email: [email protected]
|Annual revenue 2018-19: ₹ 52.35 billion
The company was founded in 1943 by business tycoon T. Advani as a reconditioning firm, based in Maharashtra. It specialises in manufacturing refrigeration and air conditioning systems and currently has a presence in 18 countries across Africa, SAARC, the Middle East and ASEAN. It has subsidiaries in India, Qatar and the UAE. Blue Star commenced its operations manufacturing bottle coolers and ice candy machines. In the late 2000s, it entered the plumbing, electrical and fire-fighting contracting business. In the past one month, the company’s profits have grown by 17.68 per cent compared to the average 9.72 per cent profit in the S&P BSE Consumer Durables index and the 6.63 per cent rise in the Sensex. The company’s stock hit a record high of ` 848.6 on October 18, 2019, according to a Business Standard report.
Contact details: Ph: 07518649308, 91-2266654000; Email: [email protected]
|Crompton Greaves Consumer Electricals Ltd|
|Annual revenue 2018-19: ₹ 45.27 million
This Maharashtra based company was earlier known as Crompton Greaves (CG) and is a part of the Avantha Group. It was founded by renowned British electrical engineer and industrialist, Col. R.E.B. Crompton. In 1927, it was amalgamated with F.A. Parkinson and became Crompton Parkinson Ltd. In 1966, the name Crompton Greaves was adopted. In 2009, the company acquired 41 per cent stake in Avantha Power & Infrastructure Limited for ₹ 2.27 billion. In 2012, HSBC Global Investment Funds raised its stake in Crompton Greaves from 1.29 per cent to 2.68 per cent, through a bulk deal on the BSE for ₹ 927.3 million.
|Annual revenue 2018-19: ₹ 27.41 million
The ₹ 380 billion Bajaj Group’s Bajaj Electricals was founded by Kamalnayan Bajaj who consolidated the Bajaj Group in 1954. This Maharashtra based consumer electronics company has expanded its business into various fields such as lighting, luminaires, appliances, fans, LPG based generators, engineering projects, etc. In 1998, the company began manufacturing fans and die-cast components at Chakan near Pune. In 2012-2013, it completely divested its stake in Black & Decker Corporation, USA. In the April-June quarter of this year, the company’s profitability reduced because of increasing interest costs, linked to the high debts associated with EPC projects.
Contact details: Ph: 022-24064000, 022-22043780; Email: [email protected]
|Annual revenue 2018-19: ₹ 25.52 million
IFB or Indian Fine Blanks Limited commenced operations in 1974 in association with Hienrich Schmid AG of Switzerland. But the electronics home appliances unit was started later, in 1990-91. The company’s product range includes fine blanked components tools and related machine tools such as straighteners, decoilers, and strip loaders. IFB also makes household appliances including washing machines, dryers, microwave ovens and dishwashers. It manufactures motors for white goods and automotive applications. In FY2018-19, the company reported increased overall revenues, but EBITDA (earnings before interest, taxes, depreciation and amortisation) margins were poor, claimed Business Line.
Contact details: Ph: 033-39849675; Email: [email protected]
|Mirc Electronics (Onida Group)|
|Annual revenue 2018-19: ₹ 6.48 billion
Mirc Electronics Limited is a consumer durables company. It manufactures and markets electronic goods under the brand names Onida and IGO. It caters to various segments of the consumer durables market, such as LED televisions, air conditioners, washing machines and microwave ovens. Its product portfolio includes flat panel televisions (LED and LCD), digital versatile disc and home theatre systems, mobile phones, projector systems and LED lights. Its product range includes washing machines, and microwave and convection ovens. It was incorporated by Gulu Mirchandani, Vijay Mansukhani and Sonu Mirchandani of the Onida Group.
Contact details: Ph: 022-28200435; Email: [email protected]