US-based AO Smith clocks 40 pct growth in India business
AO Smith, the world’s largest manufacturer of water heaters continued its success story in India, growing at over 40% for the last 2 years (FY Jan – Dec).
AO Smith, the world’s largest manufacturer of water heaters continued its success story in India, growing at over 40 per cent for the last 2 years (FY January – December). The company clocked revenue of Rs 240 Cr in 2018 compared to last year’s revenue of Rs 170 Cr India has also emerged as the fastest growing market for AO Smith worldwide, beating major markets. Speaking on the company's growth story Parag Kulkarni, MD, AO Smith India said, “We are growing significantly faster compared to the market growth. The water heater market in India is estimated at approximately Rs 1800 cr and growing at about 9%, while AO Smith grew by 34% in the last financial year. A. O. Smith has always been a premium brand offering technologically advanced solutions in both water heater and water purifier categories.”
The water purifier market stands at around Rs 4,500 Cr While the industry is growing at around 15 per cent in the RO segment, AO Smith grew by 58 per cent in 2018. AO Smith water purifier is now available in over 50 cities across India and the customer response from Tier II and Tier III markets are as positive as it has been from the Metros.
“We’ve been gaining the trust of consumers ever since we entered the water purifier category. This inspires us to innovate and offer solutions for not just the problems of today but also of tomorrow. We have a strong portfolio of “Green Series” – Most Energy Efficient Water Heaters and India’s Highest Recovery RO Water Purifier. We’re committed to raising the bar further in both water heaters and water purifiers category” said Kulkarni.