Signify Innovations eyes double-digit growth in 2022

India can withstand geopolitical headwinds, says Joshi

Signify Innovations India Ltd., (formerly Philips Lighting India Ltd.), which has exceeded pre-pandemic sales level in 2021, is expecting double-digit growth during calendar year 2022.

“We not only achieved the pre-pandemic level in third quarter of CY22 but also exceeded CY19 sales,” said Sumit Joshi, CEO & MD, South Asia.

“Due to pent-up demand, opening up of the economy and government spending on infrastructure projects, we are expecting 18-20% growth this year. In the first three months, we posted 25% growth,” he said.

Stating they were facing headwinds on account of the geopolitical situation in Ukraine-Russia, inflation in India, problems in China following the pandemic and component shortage, he said India can withstand them as it was a consumer-driven country.

According to him, Signify Innovation was witnessing growth in all segments including professional and industrial lighting, retail and hospitality, except conventional lighting. But that was taken care by a substantial growth in LED lighting and smart lights for homes.

On increasing raw material cost, he said that the company had resorted to a price hike during 2021 following a rise in the cost of petrochemicals and metals. However, there has been no increase till date.

Mr. Joshi, who was in the city to open two new Philips Smart Light Hubs, said that there were currently 225 showrooms in the country and the number would rise to 300 by end-2022 and to 500 in the next two-three years.