Syska Group eyes Rs 500 crore revenue from wires, cables segment in FY19

Fast moving electrical goods company SSK Group (Syska) is targeting revenue of Rs 500 crore in FY19 from the wires and cables segment. The company which recently entered the wires and cables segment is looking to grow this business, apart from the LED segment which is a dominant segment for the group.

In an interaction with Moneycontrol, Syska Group Director Rajesh Uttamchandani said that their LED (lights) business is seeing an almost 15-20 percent month-on-month growth and will continue this pace.

“We have introduced smart bulbs and were one of the earliest players to partner with Amazon’s voice assistant Alexa,” he added.

On the newest business, he said that they will begin the roll-out for the wires segment from September onwards and slowly they will progress into cables that will be rolled out completely by April 2019.

Though there are large players dominant in the wires and cables segment in the country, Uttamchandani said that there is adequate opportunity for them to grow.

“Almost 40 percent of the market is unorganised and we will be able to compete aggressively and effectively in this space. We don’t consider anyone as competitors and believe that there is a market for us,” he added.

Talking about the rationale for entering this business, he said that they have already set up a distribution structure all over India and thought of bringing in other products to improve the topline and bottom-line.

Among the other products, small appliances is a niche category which the group is looking to expand into. Uttamchandani said that they have already launched products like iron and are also open to acquisition opportunities in this space.