Godrej Security Solutions (GSS), a division of Godrej & Boyce, is betting on banking, financial services and insurance sector, jewellers and homes to hit the ₹1,000-crore mark in turnover in FY24, said a top official.
“Last fiscal, we posted a turnover of ₹850 crore and this year we are expecting a compound annual growth rate of 18% to touch ₹1,000 crore,” said its Senior Vice President & Business Head, Pushkar Gokhale at a press meet.
GSS plans to achieve its target through the introduction of new-age innovative products, increasing channel partners, heightened after sales service and through exports.
Currently, GSS products are exported to over 50 countries and it accounts for 11% of the revenue. In the next two-three years, it is aiming for 15-16% of total revenue to reach ₹150-160 crore.
According to him, GSS has been getting requests from customers for enhanced security for homes, small offices, jewellers and BFSI sector.
“Keeping this in mind, we have launched new age products which are inter-connected smart devices. Today it is all about monitoring and tracking,” he said.
Commenting on market share, he said they have 60% in institutional space and 75% in home segment.
On Friday, GSS unveiled Matrix locker with I-Warn (advanced home locker), SmartFog (a powerful fogging security system to halt intruders) and AccuGold (a machine to determine gold purity) at the Secure 4.0 event.
I-Warn is priced anywhere between ₹80,000 and ₹1.50 lakh. It comes equipped with a hooter and sends notification to the homeowners in case of tampering or unauthorised access.
Priced at ₹1.50 lakh, SmartFog is equipped with remote cloud-based application as well as wireless technology. It emits thick fog to cause enough panic and immobilise the culprit.
He also said GSS had installed smart access control devices at nine monuments protected by Archaeological Survey of India, Satish Dhawan Space Centre and Centra Vista among others.
