Signify Eyes Double-Digit Growth, Sets Ambitious Targets for India Business in 2024

Signify, formerly Philips Lighting, aims for double-digit growth in its India business in 2024. The company plans to increase exports while maintaining its leadership in the domestic market. With the development of new infrastructure and the introduction of innovative products like NatureConnect lighting, Signify is committed to enhancing energy efficiency in India.

Signify, formerly known as Philips Lighting, is targeting double-digit growth from its India business in 2024, according to a top company official.

The company, a leader in the Indian lighting market, also plans to expand its export footprint from India. CEO and MD Sumit Joshi emphasized India's growing importance not just for the domestic market but also for its global role for Signify.

Joshi stated that the company is extending its leadership in both consumer (B2C) and professional lighting (B2B) segments. 'We are growing in high single digits in the first half, and the numbers are expected to rise post-festivals,' he said. On the professional side, growth is expected to surpass the consumer segment due to new infrastructure projects like roads, airports, and metro rail. The trend of facade lighting for buildings, monuments, and offices is also contributing to the growth.

Signify aims for high double-digit growth this year, although no specific revenue numbers were shared. New products like the affordable Ecolink brand, CK (Color Kinetics) facade lighting, and the IoT platform Interact have been well-received in India. The company has transitioned 95% of its operations to LED, playing a crucial role in making India more energy efficient, Joshi added.

On Friday, the company launched NatureConnect lighting to enhance well-being indoors. Inspired by biophilic design principles, NatureConnect mimics sunlight's natural rhythm, promoting a healthier circadian rhythm, better mood, focus, and sleep quality.

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