Kerala has emerged as the fastest growing market for Voltas Ltd in the air-conditioner segment, registering a 163 per cent growth in Q1 of FY20.
According to Pradeep Bakshi, Managing Director and CEO, the company sold 35,000 units in the first quarter and he attributes the growth to factors such as harsh summer, pent up demand and easy consumer finance options.
Expressing concerns over the possible slowdown in the economy, he said the performance in the first quarter shows that the company may overcome the situation. “If the summer is harsh, no matter our product category may go up,” Bakshi, who was in Kochi to kick start the company’s Onam festival offers, said.
Nationally, the first quarter sales was good, enabling the company to garner a 50 per cent market share. “We have been closing the one-million mark in the last three years. However, the season this year was supportive as we have crossed 1 million in the first five months and looking at 1.5 million mark by the year end”, he added.
Voltas is a leader in Kerala market by clocking a 23 per cent market share across all product categories. Targeting a ₹50 crore business during Onam season, he said the company is looking at a sales of 10,000 units of air-conditioners and a same number of washing machines and refrigerators in the State.