Titan plans to grow its revenue to Rs50,000 crore by 2022-23 and hopes to get to that revenue goal by touching 50 million customers across all its businesses.
Tata Group firm Titan today said it is looking at a gross income of Rs 50,000 crore by Financial year 2022-23, and anticipates that its wedding jewellet business will keep driving deals for the organization.
“Titan now tries to touch 50 million clients over every one of its organizations and accomplish the UCP (uniform consumer price) income of Rs 50,000 crore by 2022-23,” Titan Company Ltd said in a BSE documenting.
Gems and jewellery business will keep on being the biggest supporter of incomes of the organization. The objective income is Rs 40,000 crore with roughly 10 for each penny piece of the pie of the business, it included.
UCP is the most extreme retail value (MRP) of the items sold. UCP incomes are a whole of the MRP of the considerable number of items sold by the organization and is gross of rebates and channel and franchisee accomplice payouts which are gotten off to touch base at the detailed income of the organization.
Titan said watches and embellishments, eyewear, frangrances, International sales (watches and adornments) and new organizations including Taneira are relied upon to add to whatever is left of the incomes required to accomplish the expressed aspiration.
For fiscal 2016-17, Titan reported a net profit of Rs 761.86 crore and net sales of Rs 12,717 crore. Out of this, Titans jewellery business net sales stood at Rs 10,237 crore in financial year 2016-17.
Titan, be that as it may, has pushed back a before target, set by it, for its gems business.
“The company has already stated its ambition of growing the jewellery business 2.5 times its financial year 16-17 revenues by 2021-22. This ambition… is now being extended by one more year,” Titan said.
Shares of Titan were trading at Rs 990.65 apiece, up 1.43 per cent, on Bombay Stock Exchange.