Haier Appliances India expects sales to grow 35-40% this festive season compared with last year, with demand rising across product categories and regions, chief executive NS Satish said.
In an exclusive inerview with NDTV Profit, Satish said the company is seeing strong demand from both urban and rural India, and does not see any difference between the two.
Growth of 35-40% is being recorded in refrigerators, air conditioners and washing machines. He sees a particularly large opportunity in washing machines and LED televisions this time.
To tap the festive demand, Haier has launched a five-door refrigerator and a three-drum washing machine, both for the first time in India.
On sales channels, Satish said offline and e-commerce are growing at a similar pace. Younger Gen-Z buyers are leaning towards online platforms, while older customers still prefer to visit retail stores.
EMI purchases have also gained ground in recent years, he said. Customers are getting younger, and younger buyers are more comfortable taking on higher monthly instalments.
Costs are a concern. Satish said the war in the Gulf has pushed up crude prices and, in turn, input costs. Haier has not been able to pass the full increase on to consumers. The company is absorbing part of it by optimising internally and is pushing premium products to offset the pressure.
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Manufacturing is central to Haier's India strategy. The company operates two plants in the country and is investing heavily in expanding local production. Satish said Haier is more localised than other brands and has done substantial backward integration.
Its Noida plant houses a printed circuit board manufacturing unit, which he said gives the company better control over quality.
Copper and aluminium are the main inputs and are sourced globally. Most parts are supplied locally, though some components are still imported.
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Exports account for 1-2% of revenue at present. Satish said domestic demand has been so high that capacity fell short, but he sees good potential to ship from the Indian base.
On competition, Satish said Haier will not get drawn into a price war. Describing it as a challenger brand, he said the company aims to offer value and does not want short-term gains. Cutting prices, he said, would mean compromising on quality.
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