Gunnebo eyes Rs 600 crore revenue by 2015
MUMBAI: Gunnebo India, the second largest player in the physical banking security solutions market, has set a target of doubling revenue by 2015 to Rs 600 crore.
Gunnebo India is the largest profit and revenue centres for the Swedish parent Gannebo and enjoys 30 per cent market share in the country. The market leader is Godrej IndustriesBSE 2.08 % with 70 per cent of the market pie.
"We have set a target for ourselves to double our revenue every third year. Accordingly, we are looking at a revenue of Rs 600 crore by 2015 from Rs 300 crore in 2012, and to Rs 1,200 crore by 2018," Gunnebo India managing director Sandeep Deshpande told PTI here.
Its main brands in the country include SteelageBSE 0.80 % safes which contributes 40 per cent of its revenue. The other key brand is the Chubbsafes, which is the world's largest physical security brand owned by Gunnebo globally and contributes to 40 per cent of its revenue here.
Gunnebo brand is into electronic security, entrance control systems, and contributes 10 per cent of the revenue and its fire extinguisher brand Minimax chips in with the remaining 10 per cent, its senior vice-president Som Gangopadhyay said, adding the company is also into CCTVs.
Its customers include banks, metro stations, airports, railway stations, large business and commercial enterprises, power plants, among others.
Last year the company saw its business growing at over 35 per cent, Deshpande said, adding it has manufacturing facility at Halol in Gujarat, where it increased its capacity by 75 per cent at the cost of Rs 35 crore last year.
The Halol plant, largest for the group globally, employs around 700 people, including 300 people it hired last year.
Gunnebo India exports its products to the Saarc markets and Africa, Gangopadhyay said, adding it is expecting 35 per cent growth this year.