Punit Karelia, Liftshop Elevator Doors Systems, ET RealEstate

June 23, 2023

NEW DELHI: Punit Karelia, Founder, Liftshop Elevator Doors Systems says that they plan to grow by about 70 per cent in the year 2020. In 2019, our revenue was Rs 8.8 crore while in 2018 it was between Rs 9.5-10 crore. In 2020, we are expecting about Rs 15 crore.

In conversation with ETRealty, Karelia talked about company’s expansion plan and how elevator industry has been impacted by coronavirus. Edited excerpts:

How has the last one year been for you?

Last year was not good. Our turnover dipped by 15 per cent in 2019 in comparison to 2018. In 2019, our revenue was Rs 8.8 crore while in 2018 it was between Rs 9.5-10 crore. In 2020, we are expecting about Rs 15 crore.

This year we have changed our strategy, earlier we were only doing elevator doors for passenger lifts but now we are also manufacturing for industrial use and car lifts. The margin is good too in these two segments and we plan to continue to focus on these segments for the next two years.

Currently, we are in Gujarat and Mumbai and plan to increase our presence in Bengaluru and Delhi.

What is your manufacturing capacity? And any expansion plans?

Currently, we are manufacturing 1,000-1,200 doors per month. With new manufacturing units we plan to increase it to 2,000-2,400 units. We also plan to setup new manufacturing units in Delhi and Bengaluru. We will setup these plants along with a partner with a total investment of Rs 7 crore.

How do you see current status of Indian elevator market?

The elevator industry is performing well. Of course there are international players, but at the same time Indian manufacturers are also growing. Every year there are new products coming up and there is a lot of scope.

Why do you think lift accidents happen so often in India?

In the last three years, the accidents have come down drastically because industry players are now more aware. There are still few places where people still don’t follow proper guidelines but it will reduce gradually. We have recently formed an association where all Indian elevator manufacturers will gather and work on improving the standards for all.

Where do Indian manufacturers lag when it comes to exporting products?

When it comes to export, there are certain certifications that are must. For multi-national companies it’s easy to get these certificates but not for local manufacturers. It is also difficult to get patents in India right now and is a lengthy process. In other countries government is really helpful in getting these certificates and patents.

How do you think coronavirus will impact the elevator industry?

Earlier, steel industry used to import steel from China but as we increased the import duty, Indian manufacturers saw growth and we got better products at better price. Similarly, Over 50 per cent of Indian manufacturers and component makers are still dependent on China.

Coronavirus has had a major impact. Prices have increased by 25 per cent. But we need to learn something from this. Earlier even we used to import from China but now I am making everything in India, there is no impact and hence people should starting making complete products within India and reduce dependence on China.

Do you think Indian manufacturers are at a disadvantage when compared to foreign players?

Yes, if you are importing from China, the overall cost of the product is less. Till now, about 80 per cent of the market is using China made guide-rails. This is because of the scale at which they produce. But we also have the capability to match the quality and price of Chinese products.>

  • Published On Mar 5, 2020 at 05:08 PM IST

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