Parryware, a division of EID Parry (India) Ltd., and a part of Rs 6200-crore Murugappa Group, is to take its taps and fittings' accessories segment product line across the nation this year. The company's new CEO K E Ranganathan announced this at a press conference at Chennai yesterday.
He said, "With a focus on consumers, the brand will continue to grow aggressively by offering well-coordinated bathroom products and solutions that will further strengthen our position as the No. 1 player in the market."
In FY 2004-05, Parryware's revenues amounted to Rs 200 crore, which translates into a 40 per cent market share. The new segment of taps and fittings accessories was launched in the four southern markets last year, where the company claims to have garnered a 6 per cent market share. In early 2005, it made its foray into the East Indian market by launching the taps range in Kolkata.
Post its all India expansion in the segment, the company is looking to achieve a 10 per cent market share this year in taps and fittings.
According to Parryware, the taps market size in India is estimated to be in the region of Rs 1200 crore, of which the organised sector's share is a third.
The company is targeting a 30 per cent growth in revenues this year, and unveiled its new glamour range of sanitary ware.
George Angelo, GM - Sales & Marketing, said, "Our strategy is to grow aggressively in key identified markets like Mumbai, Delhi, Pune and Hyderabad among others and to expand our taps portfolio. We expect to launch over 20 customer-relevant bathroom products during the course of the year that will drive sales. "
The spokesperson said that five to 6 per cent of the total revenues would be allotted to brand building activities.
Parryware currently has a network of over 600 dealers and 5000 retailer outlets across the country, and is in the process of setting up a new sanitary ware manufacturing facility in Tamil Nadu by March 2006, at an investment of Rs. 60crores.