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Thursday, March 19, 2015

LG Electronics India eyes over 25% growth this year

LG Electronics India expects to grow its revenues by over 25 per cent this year, led by higher sales of flat panels and mobile phones.
The company on Wednesday launched its 105-inch 5K TV, its curved premium smartphone GFlex 2, besides a host of over 200 other products.
Soon Kwon, Managing Director, LG India, told BusinessLine: “We are going to invest about ₹1,000 crore this year, half of which will go into research and development, while the other half will go into branding and marketing. India, today, is one of the most vibrant and established marketplaces among the BRIC (Brazil-Russia-India-China) countries.”
He said the company’s revenues grew by 15 per cent in 2014 to touch ₹18,500 crore, and this year, it expects revenues of ₹23,000-24,000 crore.
LG Electronics launched several premium products, including its 77 4K curved OLED TV, 98 4K ultra HD TV, new range of front-loading washing machines.
Kwon said the company is witnessing exponential growth for larger panel TV sizes and more interest from consumers for larger frost-free refrigerators and front-loading washing machines.
“We may see 42-inch and above flat panels contributing at least 40 per cent to the overall TV sales this year. Even in rural regions, demand for 32-inch and above flat panels is rising,” he said.
Talking about exports, he said one will see more exports from India on the back of strong initiatives of the government, besides growth in infrastructure.
“India is expected to become an important manufacturing hub for LG to serve global markets in the coming years,” Kwon said.
Keeping in mind the needs of Indian consumers for power management, the company has also launched its Smart Inverter 2.0 refrigerator, Inverter V AC with Mosquito Away Technology.
Also on the cards are a slew of mobile phone launches in the range of ₹10,000-20,000.

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