Kitchen appliances maker TTK Prestige on Friday said it aims to double its turnover by 2024-25, according to a top company official.
According to a PTI report: The firm, whose growth rate has come down to single digit, is aiming to get back to its double-digit growth journey again across the segments, such as pressure cooker, cookware, gas stoves, rice cookers and induction cooktops.
Besides, TTK Prestige has plans to expand its distribution network further and expects higher sales from fast-growing online channels.
“We are expecting to double our turnover by FY 2024-25,” T T Jagannathan, Group Chairman, TTK told PTI.
“This fiscal, we are expecting (a turnover of) Rs 2,100-Rs 2,200 crore,” he further told PTI
On the growth rate, Jagannathan said growth of TTK Prestige has come down but the company is still growing. “Last year, we had a double-digit growth.”
TTK Prestige on Friday also unveiled plans for 2020 aimed at increasing market share across geographies and getting back to double-digit growth in mature categories such as pressure cookers.
“We are committed to growing our presence and aim to be the number one for consumers in India. As market leaders in the pressure cooker category, we endeavour to increase our share in the kitchen appliance space also,” Jagannathan told PTI.
He also said that online sales currently contribute about 10 percent of its total sales, and higher contribution is expected from this channel in the coming year.
However, he also told PTI, “This channel is evolving but the freight is expensive compared to the value of our products.”
In August 2017, the company had acquired the UK-based Horwood Homewares and had introduced Judge Brand in the Indian market.