Home-grown firm Godrej Appliances expects to become a billion-dollar company by the end of this fiscal, led by a 30 per cent growth in topline, a senior company executive said.

The company is “very optimistic” about the short-term and mid-term outlook of the domestic market, during which it will launch new products and has plans to launch around 50 new models across categories in FY25, its Business Head & Executive Vice President Kamal Nandi told PTI.

Godrej Appliances, a unit of Godrej & Boyce, recorded 60 per cent overall growth in the first quarter, led by an unprecedented demand for air-conditioners.

“We have registered over 60 per cent growth in Q1 and expect to close the quarter at 50-60 per cent growth. While demand is slower in the south and west, north and east are improving. Overall, we expect to close the quarter with over 50 per cent growth,” Nandi said. In categories such as air-conditioner, Godrej Appliances recorded over 100 per cent growth in sales, as some other makers have reported.

In the air-cooler segment, the Godrej group firm saw over 125 per cent growth and more than 25 per cent in the refrigerators segment in the June quarter so far.

“Even if consumption slows in the festive season and the September quarter, we anticipate a normal growth of about 15 per cent over last year, aiming to close the year around 30 per cent, plus growth overall,” he said.

Godrej Appliances closed 2023-24, around Rs 6,000 crore.

According to Nandi: “We are expecting a 30 per cent increase, aiming for close to Rs 8,000 crore.”

Asked if Godrej Appliances would become a billion-dollar company by the end of FY25, Nandi said, “Yes, we are expecting to reach that target.”

Godrej Appliances operates in segments such as air conditioning, refrigerators, washing machines and kitchen appliances such as microwave ovens.

Besides, it is also present in the commercial appliances space, such as in vending machines, and is expanding its range of medical refrigerators.