State-owned MMTC Limited is expecting more than 30 per cent growth in gold retail sales during this fiscal.
“Our bottomlines are high in retail sales, so we are concentrating on this. In the current year, the company is aiming for a turnover of Rs 650 crore on gold retail sales, as against Rs 490 crore in the preceding year,” Ravi Kishore, general manager - precious metals, MMTC, told mediapersons here on Wednesday.
MMTC's retail sales crossed Rs 610 crore as on March 15 and the company hopes to add Rs 40-50 crore by the end of this month. Next fiscal, it is looking at Rs 800-900 crore from this segment, he said, adding, for this MMTC had proposed to open five own retail showrooms in market places across the country.
It also has a joint venture with Gitanjali Gems. The JV operates 17 retail stores across the country and plans to set up another 63 over the next three years, he said. MMTC, the leader in the bullion market in the country, imported 245 tonne gold (25 per cent of the total imports), and 880 tonne silver last fiscal. The precious metals division sales turnover was Rs 50,680 crore in 2010-11, he said.
On Wednesday, the company inaugurated a five-day gold and silver jewellery exhibition in Visakhapatnam. Exhibition sales accounted for Rs 125 crore of the total retail sales of Rs 490 crore last fiscal, he said.