New Delhi, Jun 15 (IANS): Consumer electronics contract manufacturer Videotex on Thursday said it aims to achieve Rs 500 crore in revenue by the end of ongoing fiscal year.

Videotex, that currently manufactures over 1.4 million TVs in the country, registered Rs 350 crore in revenue in FY23.

Its upcoming manufacturing facility in Noida will be operational soon, taking its total production capacity of 3.2 million TV units, said the company.

"Being one of the oldest players in this industry, we have captured over 50 per cent market share in the smart TV original design manufacturing (ODM) space among the contract manufacturers in India," said Arjun Bajaj, Director of Videotex International.

Additionally, Videotex said it will upgrade its existing manufacturing facility with fully automated, AI-enabled manufacturing lines, readying it for Industry 4.0 needs.

"We will invest more in our backward integration and R&D to localise our sourcing and promote the 'vocal for local' initiative. We are also foreseeing great opportunities in exports too," Bajaj added.

The company expects 20-25 per cent growth (on-year) over the next three years on the back of the growing demand for smart TVs.

Videotex currently manufactures smart TVs for Lloyd, Realme, Toshiba, Hyundai, BPL, Vise, Daiwa and more than 15 leading global and domestic brands.

With the new plant, Videotex said it is also looking to expand into the export market, initially targeting neighbouring countries, the Middle East and Africa.