Tata Group company Titan said on Friday that it is eyeing gross sales of 500 billion rupees by the 2022-23 financial year and expects its jewelery business to continue to boost sales. company sales.
“Titan now aspires to reach 50 million customers across its businesses and achieve UCP (Uniform Consumer Price) revenue of Rs 500 billion by 2022-23,” Titan Company Ltd said in a statement. BSE folder.
The jewelry business will continue to be the main contributor to the company’s revenue. The target revenue is 400 billion rupees with around 10% industry market share, he added.
UCP is the maximum retail price (MRP) of the products sold. UCP revenue is a sum total of the MRP of all products sold by the company and is gross of rebates and payments from distribution and franchise partners that are offset to arrive at the company’s reported revenue.
Titan said watches and accessories, eyewear, fragrances, international sales (watches and jewelry) and new businesses, including Taneira, are expected to contribute the remainder of the revenue needed to achieve the stated ambition.
For the 2016-17 financial year, Titan reported net profit of Rs 7.61 billion and net sales of Rs 127 billion. Of this amount, the net sales of Titan’s jewelry business amounted to Rs 102.37 billion in FY 2016-17.
Titan, however, pushed back on an earlier goal, set by him, for his jewelry business.
“The company has previously stated its ambition to grow the jewelry business by 2.5x its FY16-17 revenue by 2021-22. This ambition…is now being extended for another year” , said Titan.
Shares of Titan were trading at 990.65 rupees each, up 1.43%, against BSE.