Godrej may export Goldilock safes next fiscal

Kolkata: Godrej Security Solutions (GSS) — part of the $4.1 billion Godrej Group — on Thursday said it may start exporting its range of unique, technology driven safes in the next fiscal year to Bhutan, the Gulf countries and Africa.

“This fiscal year, our focus in on the domestic market where we expect to sell one lakh units of the newly introduced personal safe – Goldilock. Next fiscal year onwards, we may start exporting these,” GSS’s associate vice president and head of marketing Mehernosh Pithawalla told media persons here.

He said the company has already received inquiries from Bhutan while African and Gulf countries are in the radar for exports.

Until now, the firm has sold 5,500 such units domestically.

“The home safe market in India is estimated at Rs.200 crore of which we have a 80 percent market share,” he said.

The company has invested Rs.20 crore in developing and rolling-out this product-line and another Rs.15 crore has been allotted for marketing activities.

Manufactured from its plant in Vikhroli in Maharashtra, the present production capacity stands at 7,000 units each month. The unit production, however, will be ramped up to produce 15,000 units on a monthly basis as it is poised to introduce a new three compartment wall-mounted personal home locker in the coming two months.

“Our home safe products are expected to fetch us Rs.165 crore revenue this fiscal year of which Goldilock will account for a substantial part,” he said.

For the fiscal year 2015-16, the company is expecting to churn a revenue of Rs.860 crore — up by 16.22 percent when compared to its income during 2014-15.