Saraf said the company wants to grow profitably and made it clear that it will not chase market shares if it is not sustainable
Mumbai: Home-grown premium TV set player Vu Televisions is aiming for a double-digit growth in revenues in FY24 to over Rs 1,000 crore, the company’s founder and chairperson Devita Saraf said.
Saraf said the company wants to grow profitably and made it clear that it will not chase market shares if it is not sustainable.
Saraf, who is the sole owner of the company, feels this is a better time to look for financial or strategic shareholders to invest in the company, especially when it is looking to expand globally. She, however, did not share if the company is in talks with any entity.
“We did a turnover of about Rs 900 crore in FY23 and for FY24, we will definitely be growing to above Rs 1,000 crore,” Saraf told PTI on the sidelines of the launch of 98- and 85-inch TV sets costing up to Rs 6 lakh. The new models will be sold on e-commerce platform Amazon.
Making clear the company’s focus on profitability, she said, “the topline is vanity, bottomline is sanity” and added that profits in FY23 were three-times of the pre-Covid level.
“We care more for profitability. While there are multiple opportunities in the market, we often write it (some) away,” she added.
She said there has been an increase in the prices of the panels lately but there is no shortage as it existed during the Covid period.
A premium brand like Vu is not impacted because of the hike in prices because discerning consumers it serves are able to understand the global trends, whereas it becomes difficult for brands serving the low-cost segments, which get sold only on price, she said.
Since its inception, it has sold 40 lakh TV sets and 80 per cent of the FY23 revenues came from the premium category which is TVs of 50 inch and above, she said, adding that the premium category is also the most profitable of all the TV categories to be in.
There is a lot of demand for the TV sets as the income levels grow in India, and the consumption patterns change, she said.
Vu had launched a limited edition 100-inch TV at Rs 20 lakh a few years ago and sold 100 units, she said.
Asked about her expectations from the latest products, she said the company sold 5,000 units of an 85-inch TV it had launched in 2012, and can do 10,000 units of the 85- and 98-inch over the next year or two.
Amazon India’s director for wireless and TV Ranjit Babu said there is a latent demand for premium TVs from across the country, including smaller cities and towns.
He added that 30 per cent of TVs sold during the Prime Day sale over the weekend were of 55 inches or more, which was double the number during a similar sale last year.
