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Titan Eye targets 30% growth this fiscal; break-even by 2016

Published: 22nd November 2013 06:26 PM  |   Last Updated: 22nd November 2013 06:26 PM   |  A+A-

By PTI

Titan Eye Plus, part of Titan Company Ltd, is targeting 30 per cent revenue growth in the current fiscal and is aiming to break even by 2015-16.

"We are targeting revenue growth of 30 per cent this financial year. We are seeing good growth coming from all segments. We expect to break-even by year 2015-16," Titan Eye Plus CEO S Ravi Kant told PTI.

In 2012-13, the eye wear (Titan Eye Plus), accessories and precision engineering businesses contributed Rs 414 crore to Titan Industries' total revenue of Rs 10,213 crore, an increase of 25.9 per cent over the previous year.

The company, which is in the sixth year of operations, will also add 40 new stores to the existing network of over 260 stores across India. Most of the new stores will be franchised, Kant added.

Titan Eye is also looking at setting up new manufacturing facility in north India by next year to improve faster delivery of finished products.

At present, all of Titan Eye Plus lenses are sourced from its manufacturing plant in Bangalore. The company does not rely on local suppliers to maintain quality, Ravi Kant said. He, however, did not share details about the new plant.

In June, the firm added a new range of mid-to-high end sun glasses under the 'Titan Glares' brand priced between Rs 1,500 and Rs 3,000, over and above its existing low-to-mid segment range Fastrack, which is priced between Rs 500 to Rs 1,500.



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