MAM
boAt audio leads in TWS earphones category: Counterpoint Research
NEW DELHI: Homegrown consumer tech brand boAt Lifestyle has been ranked number one in the True Wireless (TWS) earphones category, as per the latest report by Counterpoint Research (Q3 CY2020). The brand sailed through the pandemic to break all records and has seen 385 per cent growth as compared to Q2 CY2020 in the TWS category.
According to Counterpoint Research, boAt has captured 18.3 per cent market share (in terms of volume) in the TWS Category (Q3, CY2020), overtaking brands like Xiaomi, Realme, JBL, Apple amongst others to become number one overall. The TWS category has grown by 172 per cent since the earlier quarter, while boAt has grown by 385 per cent during the same period.
Counterpoint Research analyst Shilpi Jain said, "Aggressive marketing backed with strong product line-up at affordable prices, strong channel partnerships, portfolios across various price tiers and building a strong consumer base are some of the strategies that worked in its favour. Its Airdopes 441 model became the second best-selling model in Q3 2020 with its features like water resistance and up to 25 hours battery life coming at an affordable price point".
Rise in ‘from Home’ culture like ‘Work from Home’, ‘Study at Home’ and ‘Stadium at Home (with IPL) has acted as a catalyst this festive season for consumers to buy boAt audio products. The rise in sales this year comes on the back of new customers coming in mainly from tier-2 cities at the recently concluded Diwali sales by Flipkart and Amazon. boAt has also witnessed a positive shift in demand for the wireless category. Specifically, in the TWS Earphones (Airdopes) range the brand has created a well-rounded portfolio of products with best in class features like Bluetooth 5.0, IPX capabilities, and long battery life. In January 2020, boAt sold around 40 per cent of wired and 60 per cent wireless products. As of November 2020, the sales for wireless have increased to 70 per cent with wired at 30 per cent.
boAt audio co-founder Aman Gupta said, “Being an Indian brand boAt understood the requirement of its TG i.e. the millennials who cannot be influenced through traditional marketing strategies but through quality experience. The Counterpoint report is a result of our commitment towards boAtheads, to provide them a product that isn't just fashionable and aspirational but affordable.”
boAt has been challenging the status quo in a sector dominated by established global brands. It has ramped up quickly in a short span of just over four years, through its core high-quality, smart, efficient, stylish and durable line of audio products.
The company has witnessed a 20 per cent surge in demand for its products in Covid2019 times and today sells more than 15,000 units a day as against 8,000-10,000 in pre-Covid2019 times.
In 2019, boAt audio was the leading brand with more than 20 per cent market share in the earwear category as per the market data released by leading IT market research and advisory firm International Data Corporation (IDC) in 2019.
Brands
Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI:Â Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
