Banking strongly on rural prosperity and increased job creation, Godrej Locks, the founding business of the parent company Godrej & Boyce, expects tier II and III towns to become major revenue generators over the next five years. The company expects these non-metro towns to contribute about 50 per cent to its turnover.

“At present, metros are the leading growth drivers for the company, but tier II and III towns are churning out a steady demand for our products. About 25 per cent of our turnover comes from these non-metros and we expect this to double over the next 5-6 years,” said Shyam Motwani, executive VP and business head of Godrej Locks. He added that this growth will be driven by rural prosperity, increase in the number of jobs being created in these regions and the real estate boom being witnessed across India.

Motwani also pointed out that apart from these non-metros; the south and east India markets are the other growth dr-ivers. “These two regions have been developing rapidly. While the eastern region, especially states like West Bengal, Bihar and Orissa are clocking double digit GDP growth and hence leading the creation of demand, the services sector in southern India has been recording a steady growth for some years now,” he said.

Bullish about the outcome, the firm is eyeing a 28 per cent CAGR growth over the next three years. “We are confident about reporting a growth twice that of the market,” he added.