KOCHI: Despite the rupee depreciation impacting cost schedules, Consumer Electronics major LG Electronics India today said it is targetting a sales turnover of Rs 19,000 crore from the country this year, including Rs 350 crore from Kerala during the Onam festival.
The company is expecting a market growth of 15-20 per cent this year from last year's Rs 16,000 crore, Sanjeev Aggarwal, Sales Head, LG India, told reporters here.
"The rupee devaluation has affected the cost of products. But, we have taken a price hike of 3 per cent only while the impact is 6 per cent," he said.
During Onam festival in September, which heralds the onset of the festival period in Kerala, LG is targetting Rs 350 crore, 15 per cent growth against last year's Rs 300 crore from the state, Aggarwal said.
LG is targetting Rs 5,300 crore business from the refrigerator sale alone this year and has plans to introduce several new products.
Kerala market is worth about Rs 1,600 crore to Rs 1,700 crore. This year, the company was targetting Rs 750 crore from the state and a market share of 35 per cent. About 50 per cent of the year's turnover is being contributed during Onam, he said.
Launching "Onnamante Onaghoshangal", he said customers can purchase from any LG shop or multi-brand stores in Kerala, scratch a card and avail a chance to win prizes like LED Television, Refrigerators, Washing Machines and Audio Systems.
P Sudheer, Regional Manager, Tamil Nadu and Kerala, LG India, said customers can win over two lakh prizes on purchase of their products.
"The new range of Cinema 3D Smart TV and refrigerators are equipped to meet the needs of consumers who have to suffer long power cuts, and ACs with state-of-the-art Inverter V Technology are being launched to woo customers. Thirty models of LCDs in different sizes would be launched," he added.
Samsung India said it has gone for a 2-3 per cent hike in prices due to rupee depreciation. The company was looking at a 30-35 per cent growth in its last year's turnover of Rs 27,000 crore in India.
In Kerala, Samsung is eyeing Rs 250 crore sales turnover during the 45-day festival period and is hopeful of selling 50,000 flat TVs during Onam, Atul Jain, Senior Vice President, Consumer Electronics, Samsung India, told reporters.
Consumers can win a jackpot worth Rs 50,000 on purchase of any Samsung audio visual product or appliances, Jain said, launching 'Varnavismayam' onam promotion.