Symphony eyes 50% revenue from exports over next five years

The world's largest air-cooler maker Symphony is eyeing to garner as much as 50 percent of its revenue from exports over the next five years as it looks at entering new overseas market, a top executive has said."Of the consolidated revenue, about 70 percent comes from domestic sales now and rest 30 per cent from international business. But over the time it may grow higher. The mix may change to 50:50 in the next five years," Symphony Chairman and MD Achal Bakeri told PTI in an interaction here.The Ahmedabad-based firm produces air-coolers for residential as well as industrial and commercials segment, with as much as two-thirds of the volumes coming from the residential business.The company currently exports to 60 countries, including Mexico, Iraq, Indonesia, Sri Lanka, Egypt and it will continue exploring and expanding in new geographies, he said.Besides, nine manufacturing facilities at domestic locations to cater to the local market which have a combined annual capacity of 1.2 million units, Symphony also have a plant in Mexico where it produces industrial and commercial coolers. It commands 40 percent market share in the domestic cooler business.Stating that Symphony has been growing at a compound annual growth rate of 56 percent in the last five years, Bakeri said, "We are confident of keeping the growth momentum and may clock 30 percent CAGR after factoring in a one-two years of ups and downs in the market." The increasing population, an increase in purchasing power and upgradation from fans to coolers will fuel this growth, he said."As many as 160 million families in the country do not have coolers at present and as they go up the economic ladder, this will provide us an opportunity to cash on the change," Bakeri said.He said the unorganised sector, which accounts for 85 percent of the volumes in the country, continues to pose challenge for the well-established players.Symphony has launched six new products for this summer, which comes at every price-point, he said.The company had reported a 48 percent rise in net profit at Rs 24.79 crore for the December quarter as against Rs 16.73 crore a year ago on a net sales of Rs 115.22 crore, which was up 31 percent. The company follows a July-June fiscal calendar.