Wipro Lighting, part of over USD 1-billion Wipro Consumer Care & Lighting, may hike prices of its lighting solutions by around 10 per cent from mid-March. Price hike has become necessary due to the outbreak of Coronavirus in China, as the components supply has been impacted. Around 30 to 35 per cent of the components of lighting solutions are sourced from abroad. The outbreak of Coronavirus in China has impacted their prices and consequently increased the cost of production.
According to a company official, Wipro Lighting expects its smart products to account for 15 per cent of its total domestic lighting product sales in the next two years.
The company, which showcased a range of smart home products in New Delhi, had made a foray into the segment in October 2018 and is strengthening its product portfolio by adding more items. This fiscal, around 3 per cent of the total lighting sales would come from the smart lighting solution. Around 35 per cent of the India business of Wipro Consumer Care & Lighting comes from the lighting segment. According to the company sources, fiscal year 2019-20 is challenging one due to poor condition real estate sector.
Founded in 1945 as a vegetable oil company, Wipro Consumer Care & Lighting has now presence in over 40 countries and gets around 50 per cent of its business from the international market.