Philips targets double-digit growth in India
The company is encouraging domestic sourcing not only for the local markets but also for its global markets, he added.
"We have committed to India being the key market, and we have been both for personal health products as well as our med tech products. We do a lot of sourcing out of India. So, that continues with the ambition. So, we continue to look at opportunities to scale back," Kaul told PTI.
In India, Philips operates in the personal health business, including the beauty and grooming segment, where it has various products like hair dryers, hair straighteners, hair brushes, beard trimmers etc. Its health business also includes oral care -- electric toothbrushes, and mother and child care products.
When asked about the growth outlook in India in the short to mid-term, Kaul said: "We are looking at a double-digit CAGR between 10 to 15 per cent".
The company expects its men's grooming, mother and child care with Avent and female grooming segments to be its growth drivers.
"But, in the next 2 to 3 years horizon, you will see us playing an active part in oral care," Kaul added.
India is currently among the top 10 markets of Philips.
"With this growth, the idea is, we have the aspiration in the next 5 years to get it into the top 5," he added.
In FY24, Philips India's standalone revenue from operations was Rs 6,000.4 crore, up 4.64 per cent year-on-year, according to financial data accessed by business intelligence platform Tofler.
Its personal health business contributed Rs 765.8 crore, while the 'Health Systems' vertical generated Rs 2,833.8 crore. Its innovation services contributed Rs 2,271.9 crore.
Philips, which is a market leader in the male grooming segment, on Tuesday launched a new line of premium electric shavers in India.
According to Kaul, the market is estimated to be around USD 400 million and growing at a healthy double-digit of 10 to 11 per cent year-on-year.
"We are the market leaders in different categories. We have between 40 to 65 per cent market share depending on one category and category," he said, adding that "we aim to bring innovation".
Philips is manufacturing its grooming products in India at Baddi, Himachal Pradesh.
"We have a manufacturing line already. We have got 13 to 14 products, which are made in India," said Kaul.
Globally, Philips is the leading brand for electric men's grooming brand and India is already in the top 10 markets for the company.
Philips on Tuesday launched premium electric shavers - Philips Series 7000, i9000 and Philips i9000 Prestige Ultra, which are designed with AI-powered SkinIQ technology. Its price starts from Rs 14,999 and goes up to 34,999.
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