Tata Group firm Titan on Friday said it is eyeing a gross revenue of Rs 500 billion by the financial year 2022-23, and expects its jewellery business to continue driving sales for the company.
"Titan now aspires to touch 50 million customers across all its businesses and achieve the UCP (uniform consumer price) revenue of Rs 500 billion by 2022-23," Titan Company Ltd said in a BSE filing.
Jewellery business will continue to be the largest contributor to revenues of the company. The target revenue is Rs 400 billion with approximately 10 per cent market share of the industry, it added.
UCP is the maximum retail price (MRP) of the products sold. UCP revenues are a sum total of the MRP of all the products sold by the company and are gross of discounts and channel and franchise partner payouts which are netted off to arrive at the reported revenue of the company.
Titan said watches and accessories, eyewear, fragrances, international sales (watches and jewellery) and new businesses including Taneira are expected to contribute to the rest of the revenues required to achieve the stated ambition.
For financial year 2016-17, Titan reported a net profit of Rs 7.61 billion and net sales of Rs 127 billion. Out of this, Titan's jewellery business' net sales stood at Rs 102.37 billion in the financial year 2016-17.
Titan, however, has pushed back an earlier target, set by it, for its jewellery 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, to BSE.