Intex eyeing up to 40% growth for its accessories business this fiscal

Home-bred handset maker Intex expects to post 40 per cent growth and Rs 140 crore in revenues from its accessories business — a segment that is presently dominated by unbranded products. The city-based company currently manufactures certain products in the accessories category like power banks and chargers at its facility in Baddi, Himachal Pradesh.
“Our accessories business has already clocked revenues of Rs 100 crore last year. We have seen a strong acceptance of our products that is dominated by the grey market,” Intex Technologies Business Head (Mobile Accessories) Manish Gupta told PTI.
He added that the company expects the accessories business to grow at 30-40% during this financial year.
Gupta said the mobile accessories division grew at a similar pace last year, driven by strong sales through e-commerce portals.
Intex gets about 65% of its revenues from its mobile handset business with the remaining coming from consumer durables. For the year ended March 2017, Intex clocked a total revenue of Rs 4,600 crore.
Gupta said the company is also expanding its portfolio of accessories to ramp up revenues. “In the next quarter, we are looking at products like laptop batteries, wireless power banks etc… We are really aggressive about this segment and we are looking at gaining a share of 15%,” he said.
The accessories market — which includes products like power banks, chargers, mobile covers and cases, screen protectors and memory cards — has seen tremendous growth over the past few years in the country.
Apart from handset makers like Xiaomi, Sony and Samsung, players like Pebble and Portronics compete in this fragmented and largely unorganized segment.
Mobile accessories market growth rates has kept pace with the smartphone sales in the country.
According to industry estimates, the accessories market in India is worth about Rs 8,000 crore and is growing at 20-30% every year.
India is one of the world’s fastest growing smartphone market and with a mobile subscriber base of 1.12 billion, is the second largest market globally. According to an Allied Market study, the global market for mobile phone accessories is expected to garner USD 107.3 billion by 2022.