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Godrej Interio eyes 25% revenue growth, plans Rs 400-cr investment (Lead, correcting para 5)
Kolkata, July 25 (IANS) Godrej Interio, a leading furniture manufacturer, is looking at 25 per cent growth in revenue to Rs 2,500 crore in the current fiscal, a company official said here on Wednesday.
The company plans to invest Rs 300 crore in plants and machinery over three years whereas Rs 100 crore will be invested in the current fiscal to open 35 new stores across India, company’s Chief Operating Officer Anil S. Mathur said.
“Our revenue is expected to reach Rs 2,500 crore in the current fiscal while the company posted a revenue of Rs 2,000 crore in the last fiscal,” he told media persons on the sidelines of the opening of a flagship store here.
Of the company’s total revenue last year, the business to business (B2B) segment, including office furniture, turnkey projects, healthcare and lab furniture and others, clocked a revenue of Rs 1,200 crore while the revenue from business to consumer (B2C) segment was Rs 800 crore.
“We are expecting B2B segment to grow to Rs 1,500 crore and revenue from B2C to Rs 1,000 crore,” he said.
“Our total investments in plants and machinery in the next three years will be Rs 300 crore,” he said, adding that it has seven manufacturing facilities at Mumbai, Haridwar, Shirwal and Bhagwanpur.
In addition, the company will invest Rs 100 crore to open 35 stores across India.
In its portfolio of furniture, non-metal products have a share of 75-80 per cent while metal furniture has the remaining 20-25 per cent, he said.
The company, which has a presence in multi-brand online sites, is coming out with an own e-commerce site in 4-5 months, Mathur said.
Mathur said that the market for home furniture for organised players has been growing by about 20 per cent while the growth for overall market, including organised and unorganised, was about 8-10 per cent.
With the reduction of Goods and Services tax from 28 per cent to 18 per cent, the organised players became more competitive because overall taxation, including excise and sales tax in the pre-GST period, was 27 per cent.
He also said that the home furniture segment in India was estimated to be around Rs 50,000 crore and the organised players have 20 per cent market share. From a state perspective, the West Bengal market was estimated to contribute about Rs 5,000 crore.
“The Bengal market contributed nearly Rs 200 crore to our overall revenue last year,” he added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.