Godrej Security Solutions is aiming for 20% growth in FY24: Pushkar Gokhale

The start of a new year is seen as bringing in new operational efficiencies, stronger strategies, and a far greater emphasis on building deep bonds with various stakeholders and consumers. In keeping with the current market ecosystem, technology and a human approach are seen as going hand in hand. As 2024 kicks off, Adgully has approached key industry leaders to Crystal Gaze into 2024.

Crystal Gazing into 2024, Pushkar Gokhale, SVP, and business Head, of Godrej Security Solutions, predicted that AI-based surveillance features will dominate the industry in the year ahead. He added that there will be the growth of smart security and home surveillance devices. There will also be an increased demand for VDP in the real estate industry. Moreover, the home locker category will continue to grow in 2024. There will be the introduction of Smart Fog, an anti-intrusion fogging device for burglars.

Accugold will also be introduced. It is a gold-testing machine to test the purity of gold in 50 seconds. There will be a scaling up of the electronic security segment with HD, solar CCTV, and IP cameras. Demand generation for the Home locker category will continue to be in focus. This will be supported by increased focus and spending on R&D efforts. There will be a rise in the creation of awareness among the customers of Godrej Security Solutions with the Secure 4.0 initiative. This will be around its newly introduced offerings in the industry.

Key Trends Dominating and Impacting the Industry in 2024

The dominance of AI-based surveillance and related features will act as a differentiator and will significantly impact the industry. The home surveillance and smart security devices will continue to grow. We expect better demand for VDP in the real estate sector. We also expect an increase in penetration level in the Home Locker product category. Real estate development and critical infrastructure development to drive the need for perimeter security products in the next financial year.

Major expectations from 2024

We are expecting to see growth in our home locker category with our new range of home lockers. In the Institutional category, we are expecting to offer the jeweler and baking community our new range of products namely Smart Fog, which is an anti-intrusion fogging device for burglars. We are also looking to reach out to the jeweler's community with Accugold, which is a gold-testing machine to detects the purity of gold in 50 seconds. We are looking to scale our Electronic security segment with solar CCTV cameras, HD and IP Cameras

Key Focus Areas for Godrej Security Solutions in 2024

We will continue to focus on Demand generation for the Home locker category. Introduce and Develop state-of-the-art electronic security products and solutions for both B2b and B2C customers. We will continue to focus and spend on R&D efforts. Secure 4.0 initiative will continue to create awareness amongst our customers with regard to to our latest offering in the industry.

Fact of people moving more and more towards sophisticated tech and innovative solutions affirms our adaptability to diverse security challenges, coupled with AI-driven technologies, positioning us as a key player in shaping the future of security solutions. Looking to 2024, Godrej Security Solutions is poised for continued success. Aligned with Godrej & Boyce’s growth plan, we aim for a 20% Y-o-Y growth, anticipating 20% growth by the end of fiscal 2023-24. We are further looking to solidify our role as a key contributor to the ever-evolving security solutions landscape.

Godrej Security Solutions’ performance in 2023

Embarking on the dynamic landscape of security solutions in 2023, Godrej Security Solutions has demonstrated exceptional performance, driven by innovation and a commitment to evolving security needs. Projections by a recent market report indicate that India’s Electronic Security Market, specially CCTV and VDP will soar to Rs 10k crore by 2027.

We have been dedicated to continuously innovate and have been instrumental in launching products like SmartFog, Gold testing machine, solar CCTV cameras and advanced number plate recognition systems in electronic security segment.  In the Home locker segment, we have introduced products like our NX Pro Advanced and NX Pro Plus range which has multiple locking mechanism of digital, keylock and biometric. In 2023, we recorded Rs 820 crore in revenue, with a notable contribution from both B2B & B2C segments, wherein B2B contributed 60% and B2C contributed 40%.