The Economic Times, Hyderabad, August, 14, 2006   As part of its image makeover exercise, the appliances division of Godrej & Boyce Manufacturing is planning to introduce innovation products every quarter. The company will also spend 5% of its turnover on R&D, even as a similar amount will be earmarked for repositioning the brand. “Our focus will be on developing innovative products both in terms of design and technology in the coming months. We have a strong base for design and manufacturing and thrust would be on making the products stylish and contemporary, said George Menezes, COO, Appliance division, Godrej & Boyce. Addressing a press meet on Thursday, he said the company was targeting a turnover of Rs 1,000 crore in FY07 against Rs 750 crore recorded in FY06. The electronic and appliances market in the country is estimated to be Rs 25,000 crore of which appliances alone would comprise Rs 14,000 crore. “Refrigerators continue to drive our sales turnover with 20% market share,” he said. The company’s refrigerators sales have gone up by 27% in the first quarter of the current year fiscal year over April-June ’05 after the introduction of zinc oxide protection technology. In The washing machine segment, the company is targeting a market share of 10% from the 7% it currently enjoys. Recently, it forayed into the DVD segment, air conditioners and microwaves market. “In the DVD segment, out aim is to increase the market share from 3% to 10/5 while we are hoping to gather 8% in the microwave ovens. Air conditioners have been a thrust area in the quarter and we have witnessed 512% growth over last year,” he said. The company is looking at increasing the turnover its export turnover. “Last year in December, we launched our products in the Middle East and efforts are on to get a foothold there. We expect 5% of out turnover to come from Middle East this year,” said Kamal Nandi, vice-president sales & marketing, Godrej Appliances division.