Technology products and consumer electronics maker, Benq, is aiming over two-fold growth in India turnover and cross Rs 1,000 crore in next three years, helped by increased demand for display products after the pandemic and opportunities from educational and other institutions, said a top company official.
The company is expecting to grow over 50 per cent for next three years, supported by a greater demand of bigger screens/monitors by people working from home, transition from small size to big size HD monitors by gamers and growing demand of home projectors after the pandemic, said Benq India Managing Director, Rajeev Singh.
Besides, Benq India is expecting a similar growth from its B2B segment, helped by the government’s push towards smart classroom projects and expects this segment to grow "exponentially" providing enough headroom to grow.
Moreover, Benq, the leading display solution provider, is planning domestic manufacturing of its interactive flat panel in India through a contract manufacturer by the end of this year, he added.
When asked about Benq's projection on its turnover, Singh said it would be "Rs 1,000 crore plus in next three years. Rs 500 crore will be achieved at the end of 2022."
The company expects equal contribution from its consumers in business-to-consumer (B2C) and business-to-business (B2B) segments, where it caters to demands of private and government institutions.
"We are among the few companies which had a positive impact of COVID in the overall business and going forward, we see this trend to continue. We expect to continue to grow at a rate of 50 per cent year-on-year for at least next three years," Singh said.
Presently, 50 per cent of Benq business in India is of monitor and home projector and another 50 per cent is from B2B, which includes data projectors for offices and classrooms and interactive flat panel.
"Pre-COVID B2B was almost 75 per cent and B2C at 25 per cent. During COVID, share of B2C increased up to 80 per cent as in B2B schools and offices were closed and there was less demand. Now it has been balanced out but it is not like the previous one. Now B2C is strong and fast growing but B2B has also come back. So overall we are 50:50 per cent," he added.
Benq India, part of Taiwan-based Benq Corporation, expects the 50:50 ratio from both the segments to continue as government and enterprises need these kind of devices. Private educational institutions and the government are investing on smart classrooms, he added.
A smart classroom is an EdTech-upgraded classroom where teachers use audio, video, animations, images, multimedia etc for teaching.
According to Singh, now there is a humongous amount of content available to support smart classes.
"And also there can be interaction between the teacher and the student using these kinds of devices. So now the education delivery in future is going to be different," he said adding now every one has become used to with the technology.
In last two years, teachers have become used to such technology because this was the only way they could teach students. Going forward with the adaptation of technology, demand from these areas will rise.
"For three to five years, we can grow at a rate of 80 per cent because we expect market itself will be growing at a rate of 25 per cent because there is so much under-penetration right now.
Till now, about 5 lakh classrooms in India have been converted as smart classrooms, of which around 3 lakh are done by Benq.
"India has around one crore classrooms. So it is only 5 per cent penetrated. This segment will grow exponentially... we expect that this would reach at least 35 per cent in the next three-four years," he said adding several state governments are working on this.
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