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<ul><li>After the lockdown froze the sales of the cooling products last summer, Voltas witnessed a good come-back during the festive period due to pent-up demand.</li><li>Pradeep Bakshi, Managing Director and CEO, Voltas Limited is confident that this trend will continue in 2021 and help them achieve a double digit growth.</li><li>He shares how the brand has managed to stick to its leadership position despite the curveballs that COVID has sent its way and his plan to expand its market share this year.</li></ul> The onslaught of sweltering summer and the extention of working from home for most people has had an obvious, positive impact on the air conditioning industry. As people try to make their homes more comfortable during the summer as they spend more time indoors, the direct effect has been higher demand for air conditioning and cooling products. Anticipating the increased demand for its products, leading AC manufacturer Voltas has outlined a 360-degree marketing plan to further increase its market share. It is confident of witnessing double-digit growth this summer, which is its peak season as it brings in more than 50% of its room AC sales. According to Motilal Oswal Research study, Indian Room AC market has grown at ~10% CAGR (in volume) over FY10–20 and Voltas is the leading player in the market. <div type="image" title="Indian AC market" msid="82035328" hostid="261"></div> <div type="image" title="ac players" msid="82035336" hostid="261"></div> The Indian AC industry is sized at Rs 180–200 billion. According to Tech Scientific data, it is projected to grow at a CAGR of more than 17%, to surpass $ 11 billion by 2023. However, the air conditioning and cooling products market was adversely affected in the first half of last year due to the nation-wide lockdown, with sales coming to a grinding halt during the category’s peak season. AC is a highly seasonal sales product and it sees its peak during the March-June period. However, despite the Covid-induced speedbump, Voltas was able to maintain its leadership position in the AC category, thanks to the resurgence of demand during the festive season. “We are delighted to report that despite the pandemic situation, we maintained our market leadership with a 26% market share in the room air conditioners category. The Cooling Products business made good recovery, post easing of the lockdown situation. As of last quarter, we achieved a YoY growth of 46% over the same quarter (non-covid period) of the previous year,” shared Pradeep Bakshi, Managing Director and CEO, Voltas Limited. Voltas earned Rs 28,516 million revenue last year, as per Motilal Oswal. The brand maintained its leadership position, followed by Daikin at Rs 26,166 million. Voltas is hoping to see a similar momentum this year as well. Sharing his outlook for this year, Bakshi added, “The performance of the Air cooler vertical too has been satisfactory with a growth of 11% over the previous year. Based on latest market share figures, we are now at the number two position overall. We expect this momentum to continue in the next few quarters. Overall, I am optimistic about double-digit industry growth this summer.” Elaborating on why Voltas is optimistic about seeing a double digital growth, Bakshi said, “This summer, we are already witnessing a robust demand for Room Air Conditioners and our range of Cooling products like Air Coolers and Commercial Refrigeration products. This is due to the India Meteorological Department’s (IMD) forecast of a strong summer this year, across most regions of India. The work-from-home hybrid routine is expected to continue for some more time, thus leading consumers to continue looking for home appliances and cooling products that help with the burden of household chores, and make their work-from-home scenario more comfortable." Marketing strategy this year In line with the motto of ‘Keeping India Cool’ since 1954 and being the ‘cooling experts of India,’ Voltas recently launched its Air Cooler <a href="https://twitter.com/myvoltas/status/1374591244500750338" data-type="tilCustomLink">campaign </a>‘Ab Garmi Ke Mazey Lo, Bina Garmi Ke.’ The campaign taps into the emotions of Indian summer and highlights that with Voltas’ Air Fresh Coolers, the consumers can enjoy all the good things that summer season brings along, and say goodbye to heat, humidity and sweat. And this year, Voltas is spending 25% of its marketing monnies on digital media. To increase its affinity and sales further, Voltas will stick to a 360-degree approach. “We, at Voltas, believe in having a holistic 360° strategy, where we focus on being accessible to our customers in multiple formats. As part of this, we have adopted an Omni-channel strategy with an emphasis on offline as well as online channels. This largely helps us customise our approach to suit the different markets in the rural, as well as urban areas, across the country. With consumers at the centre of our universe, our marketing initiatives have always included campaigns that can easily identify with consumers. We have a record of demystifying technologies and creating meaningful campaigns, which stay relevant for the consumers for years. We will continue to have the highest Share of Voice in the Cooling products category, with a heavy presence across electronic media. Further, keeping in mind the trend of consumer media habit consumption, over 25% of our Advertising spends will be on Digital,” said Bakshi. Vision for 2021 According to Motilal Oswal research study, India’s AC industry is highly competitive, with 35–40 brands playing the penetration story in India. The Top 6 players enjoy 75–80% market share. So, there’s still a huge scope for Voltas to grow further. It also outsources 40% of its services and Indian companies are working towards minimising their dependence on external sources and imports. Sharing the brand’s strategy to increase its market share this year, Bakshi said, “Voltas has strengthened its market leadership with close to 26% market share in the Room Air conditioners. And we are not just ramping up production in our existing factories in Pantnagar, Waghodia and Sanand but also working towards enhancing the production capacity of Air Conditioners through another plant in the Southern region of the country. So, for the upcoming summer season, we expect more traction in urban and mini-metros, due to the high level of penetration of branded cooling products in these markets. To address this growing demand, we have taken some key steps like shifting stocking focus to high demand goods, penetration in more rural, less affected zones and increasing the manufacturing capacities. As the pace of electrification increases and the expected trickle-down effect on consumer durables is likely to be witnessed, given the increasing disposable incomes, demand from rural as well as Tier 2 and 3 cities will also increase.” The brand has opened new shops in Tier II and III cities. It aims to drive the highest distribution reach and market share across all Tiers of population strata and strengthen its leadership position in urban and semi-urban areas this year.

Air conditioner and cooling brand Voltas India eyes double digit growth this summer

<ul><li>Launched yesterday, Voltas Beko is receiving flak on Twitter for taking a sexist angle in their ad.</li><li>Conceptualised by <keyword id="7067090" type="PERSON" weightage="20" keywordseo="Wunderman-Thompson">Wunderman Thompson</keyword>, on first viewing the ad looks like it's trying to be inclusive. However, you soon realise the idea, and even the hashtag behind the campaign is hardly inclusive.</li></ul>At a time when a few brands in India like Ariel, Nike and Puma have started talking about sexism in our industry and lives and how brands have played an active role in constructing stereotypical gender roles, Voltas Beko's latest ad seems like a step backwards. Titled ‘Word of Moms,’ Voltas’ ad for its dishwashers has caught experts’ attention on Twitter. It is being dissed for propagating a sexist ideology, outrightly categorising male and female chores, and abiding by the socially constructed gender roles. <div type="Youtube" id="MjgYxfiGqeI" title="Voltas Beko Dishwashers - Word of Moms" thumbUrl="https://i.ytimg.com/vi/MjgYxfiGqeI/mqdefault.jpg"></div> Faye D’souza, Journalist and Entrepreneur, took to Twitter to ask a very important question. “Men don’t need dishwashers?” <div type="twitter" handle="fayedsouza" handlename="Faye DSouza" image="http://pbs.twimg.com/profile_images/1171370683034718208/dRoo6ha6_normal.jpg" favoritecount="2721" retweetcount="230" status="Men don’t need dishwashers? https://t.co/Fp8h4wAWwt" createdat="1595260899000" id="1285243481615523842"></div> The conversation snow-balled and more experts weighed in with their opinion. <div type="twitter" handle="PritishNandy" handlename="Pritish Nandy" image="http://pbs.twimg.com/profile_images/1197826151646810112/Z5YuXF4M_normal.jpg" favoritecount="47" retweetcount="9" status="@fayedsouza Advertising promotes gender divide more than anything else. Sad to see @VoltasBeko doing this." createdat="1595309927000" id="1285449120388284416"></div> <div type="twitter" handle="annavetticad" handlename="Anna MM Vetticad" image="http://pbs.twimg.com/profile_images/1281319913009758208/FxFfZEwH_normal.jpg" favoritecount="15" retweetcount="0" status="@fayedsouza Also, women who are not married or married women who don't have babies - they don't need dishwashers either." createdat="1595305652000" id="1285431187964522498"></div> In a statement released for the media to clarify the intent behind brand's latest ad, Voltas Beko Spokesperson said, “As a brand, Voltas Beko has always celebrated the spirit of womanhood in all our campaigns. Likewise in this advertisement, we captured a fun, casual conversation between four independent and spirited friends who got together over a video call during the lockdown. One of the characters in the video refers to how the family has been managing household chores, with her husband taking over the responsibility of washing dishes. This is when the protagonist of the film recommends a dishwasher. Our products have been developed to create convenience and comfort for all our customers, and are gender agnostic." On first viewing, it seems like they have tried to make the advertisement inclusive. They have added a character that says, “My husband is doing the dishes right now.” Then you realise this is hardly inclusion. It wasn’t very difficult to find a man instead who could get on the call and speak about sharing the load. Voltas Beko’s ad sells ease of use. The description reads, “The ad encourages adoption of new technology to save time spent on chores during this pandemic.” It establishes that all you need to do is put the button on, dump the dirty dishes in and let it be -- a task even a 15-year-old can do. They could have easily targetted single mothers, single fathers, bachelors, gay dads or gay mothers. Or boys like Ariel did in its last ad titled ‘What are we teaching our sons.’ The advertisement ends with women dissing men, trying really hard to make their narrative and product look ‘modern.’ Sorry to break your bubble, modern women don’t just get together on a call to bash men. Over the years, dishwashing soaps, detergents and toilet cleaners have used female celebrities or women protagonists as mothers or homemakers. This regressive belief has been passed on for generations trying to establish that women are responsible to keep their homes neat, do the laundry and clean their toilets. It was only last week that Karthik Srinivasan, Communications Strategy Consultant, brought to our notice that Scotch-Brite's (dish scrubber) brand logo, created in early 90’s, and came from a deep-rooted patriarchal mindset. The logo had a woman with a bindi. However, the brand was quick to respond and said that they will launch a new logo a few months down the line. We wish to see the same corrective behaviour from Voltas Beko for its regressive ad.

Voltas Beko is receiving flak on Twitter for taking a sexist angle in its latest ad

<ul><li>According to a report by BNP Paribas, 8% Indian households had an ACs in fiscal year 2020.</li><li>The cost of ACs and the energy they consume is the main reason why ACs are considered luxury items.</li><li>The increase in commodity inflation and high competition has been limiting the <keyword id="13221674" type="General" weightage="20" keywordseo="ac-companies" source="Orion">AC companies</keyword>’ ability to increase their margins.</li></ul>The business of selling air conditioners has still not reached its full potential as it continues to be a luxury item for most Indian households. Even though several large brands like Voltas, LG, Daikin, Hitachi, Blue Star and Lloyd have been selling ACs for the past five to seven decades, they have still not been able to enjoy higher margins from this about-to-boom segment. This year however may be a good one. The demand for air conditioners is expected to increase due to scorching heat across several parts of India, according to a report by international financial services company BNP Paribas. The mercury has crossed 45 degree celsius in several places and<a href="https://www.businessinsider.in/science/environment/news/what-happens-to-the-human-body-when-the-temperature-reaches-50-degree-celsius/articleshow/91589906.cms"> touched 49 degrees in Delhi</a>, so people have been rushing to buy ACs in order to keep themselves cool. “We estimate the Indian AC industry market size at ₹180 billion (₹18,000 crore) with a potential CAGR [compound annual growth rate] of 15% over FY21-25,” the report said. BNP Paribas noted that 8% of Indian households had an AC in 2020, with 7 million units being sold in the same year. This is quite low when compared with the fact that four in ten — or 42% — households across the world have an AC. <div type="image" title="Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players" msid="91655539" hostid="261"></div> The cost of ACs and the energy they consume is the main reason why ACs are considered a luxury item — making it unaffordable for many Indian households. The increase in commodity prices is hurting the manufacturers even further. <cmsannotation type="cmsannotation" annotationid="High competition is limiting ACs companies in India" comment="subhead" text="High competition is limiting ACs companies in India">High competition is limiting ACs companies in India</cmsannotation> Covid-19, the resultant lockdown and the Russia-Ukraine conflict that followed have had a major impact on commodity prices. Even a bag of detergent now costs <a href="https://economictimes.indiatimes.com/news/economy/indicators/how-a-detergent-could-have-helped-rbi-act-swiftly-on-inflation/articleshow/91587940.cms">20% more </a>than last year, but FMCG companies have the option of increasing the price of their products and passing it on to the customers. <div type="image" title="Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players" msid="91655586" hostid="261"></div> However, the same price increase has not been possible in the whitegoods space like ACs, refrigerators or washing machines because they are already expensive compared to other fans or coolers, and competition in the industry is extremely high. “Moreover, the Indian whitegoods industry is highly competitive, given the presence of large MNCs like Samsung, LG, Whirlpool, Haier, Daikin, Hitachi, etc. as well as strong Indian brands like Voltas, Lloyd (Havells brand), Blue Star, IFB to name a few. Such high competitive intensity also limits the ability to hike prices,” BNP Paribas said in its latest report. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in gross margins (bps) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2018 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2019 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2020 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Blue Star </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(361) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(62) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(177) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Voltas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(110) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(255) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">133 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(129) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Whirlpool </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(344) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(46) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">161 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(255) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Johnson Controls-Hitachi Air </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(10) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(70) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">83 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">94 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IFB Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">178 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">(247) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">187 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">74 </td></tr></tbody></table>Source: BNP Paribas, Company Data Note: BPS stands for Basis Points, which is a unit of measure to describe the percentage change in value. The top six companies in the whitegoods space include Voltas, LG, Daikin, Hitachi, Blue Star and Lloyd, which cumulatively controlled 70-75% of the market share by volume in the fiscal year 2020. “Over the long run, we expect the market to consolidate in favour of the top 4-5 companies,” BNP Paribas noted, citing the Production Linked Incentive Scheme (PLI) as one of the major reasons for this expected consolidation. <cmsannotation type="cmsannotation" annotationid="High price is not the only thing muting demand" comment="subhead" text="High price is not the only thing muting demand">High price is not the only thing muting demand</cmsannotation> The industry size of air conditioners in India is almost double that of fans, which have made a mark on 80% households in India, but still the margins continue to be low on this white commodity. One of the main reasons is that AC is a seasonal item and has higher inventory costs due to the volume of the product. <div type="image" title="Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players" msid="91655604" hostid="261"></div> Secondly, the market has been affected since 2016 due to the disruptions such as demonetisation and introduction of goods and services tax (GST). The Covid-19 wave, which compelled people to stay at home for almost two years, also hindered the demand. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/itc-aditya-birla-fashion-lic-housing-finance-among-stocks-to-watch-out-for-on-may-19/slidelist/91653552.cms">ITC, Aditya Birla Fashion, LIC Housing Finance among stocks to watch out for on May 19</a> <a href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-heres-how-you-can-check-the-allotment-status/articleshow/91650014.cms">Delhivery IPO: Here’s how you can check the allotment status</a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-vs-bharti-airtel-four-charts-to-showcase-how-indian-telecom-giants-faired-in-2022/slidelist/91640306.cms" data-type="tilCustomLink">Reliance Jio Vs Bharti Airtel — Four Charts That Showcase How The Indian Telecom Giants Faired In 2022 </a>

Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players

<ul><li><keyword id="753025" type="COMPANY" weightage="20" keywordseo="Dixon-Technologies">Dixon Technologies</keyword> has risen as much as 191% in the last 1 year and nearly 100% since coronavirus induced lockdown.</li><li>The company makes popular electronic products like Television, Setup box, washing machine for the brand owners like Samsung, Toshiba, Nokia, LG, Reliance Jio and many more to name a few.</li><li>The consumer electronics segment, which contributes around 45% of the company’s revenue saw a growth of 22% in the Q4.</li></ul>The stocks of the electronic manufacturer, Dixon Technologies has doubled investor wealth since March 23, when its peers were experiencing the lockdown setback. The stock has risen as much as 191% in the last 1 year and nearly 100% since coronavirus induced lockdown. It's showing no signs of stalling yet. In a report dated July 2, analysts at Axis Securities expected the stock to hit ₹6172 in the next one year. It's already surpassed that. <div type="image" title="Dixon share" msid="77011274" hostid="261"></div> The rapid growth is backed by orders from recently added clients Reliance Jio and <keyword id="51758" type="COMPANY" weightage="20" keywordseo="Dish-TV">Dish TV</keyword>, according to Axis Securities. The company makes popular electronic products like television, setup box, washing machine for the brand owners like Samsung, Toshiba, Nokia, LG, Reliance Jio and many more to name a few. In the lighting segment, Dixon has got Havells and HPL, together with other the major brands in its kitty. India-China tensions boosted its production On the back of the India China standoff, the company saw a growing demand for ‘made in India’ products. Earlier, Samsung decided to expand its partnership with Dixon Technologies and led to further gains for the company. The company said it will bring down the number of TVs imported from its plants in other countries and manufacture almost 85-90% of the televisions locally to sell in India. <div type="image" title="Dixon (2)" msid="77011292" hostid="261"></div> The consumer electronics segment, which contributes around 45% of the company’s revenue saw a growth of 22% in the Q4. While other businesses like lightning products, mobile phones, and security systems saw revenue decline during the quarter. Dixon Technologies’s MD Atul Lall told <keyword id="3320064" type="PERSON" weightage="20" keywordseo="BloombergQuint">BloombergQuint</keyword> that “India will emerge as an electronic manufacturing hub, servicing not only in the domestic market but also in certain categories globally.” He added that the consumer durables industry was likely to witness a lot of pent-up demand, due to the virus-induced lockdown, especially for brands with an online presence.” Strong customers addition helped in tough times Dixon has regularly been acquiring new clients during the crisis. Fueled by PM Modi’s ‘Atma Nirbhar Bharat’ many companies are now looking to manufacture products in India, few of the new clients include Voltas Beko and Reliance Digital’s private label brands such as Kelvinator. “A key advantage for Dixon is its diversification across customers, products and product fungibility, which makes manufacturing flexible. When it is not making security systems, it can use that line to make set-top boxes or medical kits. Similarly, its largest OEM in TVs has a strong online sales model, which has helped inventory even during the lockdown,” said a <keyword id="184717" type="COMPANY" weightage="20" keywordseo="Dolat-Capital">Dolat Capital</keyword> report dated June 11. Production-linked incentive scheme for Dixon Dixon is expected to be largely benefitted by the government’s production-linked incentive scheme for mobile manufacturing. The scheme offers incentives to boost domestic manufacturing of mobiles. As per government norms sub $200 phones, which is 70% of the Indian market, can only be done by domestic companies, and this puts Dixon in a sweet spot. The company’s fourth-quarterly earnings have also beaten estimates and delivered a good financial performance. The net profit jumped 66.84% to ₹27.6 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/softbank-backed-oyo-in-japan-is-merging-its-hotel-and-rental-apartment-business-to-cut-costs/articleshow/77010674.cms" data-type="tilCustomLink">In SoftBank’s backyard, OYO is merging its hotel and rental apartment business to cut costs</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-technologies-to-be-hit-worse-than-tcs-infosys-and-wipro-q1fy21-result-tomorrow/articleshow/76997459.cms" data-type="tilCustomLink">Here’s what to expect from HCL Tech earnings</a>

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Air conditioner and cooling brand Voltas India eyes double digit growth this summer

Karuna Sharma

Voltas Beko is receiving flak on Twitter for taking a sexist angle in its latest ad

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