Plus Point, a Noida-based stalwart in the locks and hardware industry announces a stellar financial performance in the fiscal year 2023-24, achieving an expected turnover of 45 Crores. This growth reflects a 15% increase compared to the previous fiscal year, with a forecasted 50% surge in the upcoming fiscal year. The introduction of the Stainless Steel Excellence collection, diversification of products, and strategic initiatives have been pivotal in propelling Plus Point to new heights.
Traditionally focused on Brass-based products, Plus Point strategically expanded its product range to include Stainless Steel, Zinc, and Aluminium products. This move aligns with evolving market demands for affordable and long-lasting solutions.
For the upcoming fiscal year (2024-25), Plus Point aims for a turnover of 60 Crores, representing a 30-40% increase. The company is set to revolutionize the industry with the launch of “Smart Security Solutions,” aligning with India’s Digital India campaign. This category features cutting-edge security solutions with Wi-Fi connectivity, CE, FCC, and ROHS standards, free installation in Tier-1 cities, YouTube demos, and a 3-year warranty.
Plus Point also plans to venture into Marketplace Management and B2B Platforms, aiming to reach end-users directly. The introduction of Hotel Industry Locks and hardware with PVD coating finish further demonstrates Plus Point’s commitment to innovation and meeting customer needs.
“Reflecting on Plus Point’s performance in the fiscal year 2023-24, we express gratitude to our dedicated team and valued customers. The growth achieved, driven by strategic initiatives and a commitment to excellence, underscores our resilience in navigating challenges. As we anticipate an even more promising fiscal year ahead, we remain steadfast in our dedication to innovation, customer satisfaction, and continued growth in the locks and hardware industry.” stated Niket Agarwal, CEO, Plus Point.
Plus Point anticipates a turnover exceeding 60 Crores in FY 2024-25, driven by innovative products, marketplace expansions, and the introduction of PVD finishes. Customer trends impacting turnover include the demand for digital locks, PVD finish hardware, and a comprehensive product offering. Plus Point is committed to becoming a one-stop hardware solution to address these evolving needs.