Bengaluru: Watches and accessories company Titan Co. Ltd said it plans to grow its revenue to Rs50,000 crore by 2022-23.
The company hopes to get to that revenue goal—on a uniform consumer price (UCP) basis—by touching 50 million customers across all its businesses, it said in a filing with the BSE on Friday.
UCP revenues are the sum total of the MRP of all products sold by the company, gross of discounts and channel and franchisee partner payouts that are netted off to arrive at the reported revenue, Titan added.
In 2016-17, Titan earned Rs12,717 crore in revenue. It has not reported results yet for the year that ended 31 March 2017. But going by the 2016-17 numbers, it expects revenue to nearly quadruple by 2022-23.
This is part of a “visioning exercise" that employees and management of the firm have undergone over the past few months to craft Titan’s top-line aspiration, it said.
Of its Rs50,000 crore target, Rs40,000 is expected to come from its jewellery segment, which also has a target of achieving 10% market share by 2022-23.
Jewellery, mainly sold under the brand name Tanishq, is Titan’s biggest revenue earner. In the October-December quarter, it fetched Rs3,569.86 crore in revenue. The company’s overall revenue during that period was Rs4,296.16 crore.
Titan had set a target of growing its jewellery business to 2.5x of its 2016-17 revenue over 5 years. It has now extended the target by another year to FY 2022-23, and expanded it to the rest of the company, it said on Friday.
Other business divisions - watches, accessories, eyewear, fragrances, and new business including its handloom apparel division Taneira - are expected to contribute the remaining Rs10,000 crore in revenue by 2022-23.
At 12.46pm, Titan shares were up 1.18% to Rs988.25 on BSE, while the Sensex gained 0.49% to 34,267.20 points.