Hitech Mobiles aims to become Rs.500 crore company by next fiscal

SME Times News Bureau | 16 Jan, 2015
City-based budget smartphone maker Hitech Cellphone Pvt Lts (HCPL) is aiming to become a Rs.500 crore company in the next fiscal year and may set up an assembly unit in the state, a senior official said here Thursday.

"Our present revenues are Rs.250 crore of which mobile phone sales account for Rs.200 crore and the rest comes from accessories. We are bullish about the growth prospects and aim to become a Rs.500 crore company in the coming fiscal," said the company's managing director Mohammed Gyasuddin.

The company is presently working on importing cellphones to India from Shenzhen, China - procuring products from OEMs (original equipment manufacturer) and ODMs (original device manufacturers). It sells 20 lakh phones in the domestic market every month.

"We are presently exporting to Nepal and Bhutan and plan to expand it to Bangladesh as well as Sri Lanka," he said.

The company is planning to opt for an assembly plant estimated at nearly Rs. 30 crores in the state on account of the "uncertainty on import duty".

"Previously, the import duty was two percent and it went upto 7 percent. Now, we don't know if it'll shoot up more. In that case, we will assemble the phone here (in India)", he said. In that case, the company may either opt for West Bengal or Himachal Pradesh to set-up the final assembly plant.

The company is expecting major growth from upcountry areas in Bihar, Odisha, Karnataka, Andhra Pradesh, Kerala, Rajasthan and Gujarat.