In a celebration of outstanding performance in 2023, Digital Live Services CEO, Virender Singh, reflects on record-breaking sales and achievements. Anticipating an optimistic outlook for 2024, Singh outlines growth strategies, emphasizing a commitment to quality, innovation, and the dynamic landscape of market dynamics. From disrupting industry norms with IFP innovations to pioneering Make in India initiatives, Digital Live Services sets its sights on a global impact, targeting a revenue milestone of 500 to 700 crores and showcasing unwavering dedication to excellence in the ever-evolving digital landscape.
DT: How was your overall performance in the CY 2023?
Virender: As we are celebrating our outstanding performance in 2023, I find immense happiness and pride in the remarkable achievements of our team, a testament to our unwavering commitment and dedication. In 2023, our performance was outstanding. We kicked off April with record-breaking sales, maintaining this momentum consistently. Even during the expected slower months of July to September, our sales remained robust. Throughout the festive season in October to December, we exceeded expectations with sales hitting around 90 crores. From April to December, our cumulative sales surpassed 200 crores, and including the preceding months of January to March, our total for the year reached approximately 275 crores.
DT: What are your expectations in terms of business performance and market sentiments in 2024?
Virender: In 2024, our initial goal was to hit 300 crores, but I'm optimistic about surpassing that target and reaching around 350 crores. Although touching the 400 crores milestone is possible with favorable orders, our immediate focus is on achieving a solid 350 crores in business.
DT: What are the top fuelling factors which have helped you to grow?
Virender: In our pursuit of growth against global competitors, we embraced a global perspective, focusing on delivering superior quality products to the Indian market. Venturing into the IFP business last year, we disrupted norms by introducing Android 13, anti-fingerprint technology, and storage options up to 1TB, setting new industry benchmarks. Our strategy revolved around offering enhanced value at the same price point, leading to a remarkable surge in sales from an anticipated 700-1,000 panels to a consistent 2,000-3,000 panels per month. This unforeseen growth prompted the establishment of a dedicated service structure to maintain high customer satisfaction levels.
To efficiently manage this increased volume, we introduced an app-based service, sales, and order processing system, making us possibly the sole company in the IT sector, following Ingram Micro, to accept orders through an app.
DT: Can you please share something about your Make in India initiatives?
Virender: Our Make in India journey started in 2011, predating the current government program. Initially facing challenges, we began with Bluetooth speaker manufacturing in 2010, leveraging India's cost-effective labour. Focused on skill development, ten team members trained in China are now mentoring our local workforce. Beyond hardware, we prioritize software development, introducing innovations like 5G technology and 8GB, 128GB configurations. Emphasizing both innovation and readiness, we maintain quality without compromising affordability. With a robust infrastructure, competitive pricing, and over 500 dealers nationwide, our commitment to Make in India is huge.
DT: How do you see the growth prospects for DLS in year 2024?
Virender: As we expand our impact globally, reaching customers in Dubai and beyond, our outlook for 2024 is optimistic, targeting a revenue milestone of 500 to 700 crores. We prioritize organic growth, focusing on market dynamics. Our unwavering commitment to quality, service, and operational excellence remains unchanged. With a diverse team of experienced professionals and fresh talents, we aim for modest yet sustainable growth. Anticipating increased demand in the education season from January to September, we stand resilient amid industry challenges, dedicated to delivering excellence.
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