Leading textile player T T Ltd said it is targeting revenue of Rs 1,500 crore by 2020 and aims to become more of a garment company from an innerwear company.
"We plan to launch a premium innerwear brand in the near future as part of our new strategy to move towards the fashion side of the fibre to fashion spectrum. This move will help enhance margins and build the brand equity of the company.
The company has enhanced knitwear range to become a garment company from an innerwear company," T T Ltd Managing Director Sanjay Jain told reporters on the sidelines of an event here.
T T Ltd today celebrated the completion of 25 years of public listing by ringing the bell on BSE.
The company is targeting revenue of Rs 1,500 crore by 2020. It has clocked total income of Rs 679.19 crore in FY15.
"Our yarn and fabric business is expected to grow at 10-15 per cent. However, we are focused to step the rate of growth of our branded garments by investing into distribution, brand building and product range - we look to step up rate of growth rather than a steady one," Jain said.
The company also plans to launch a premium brand in the near future.
"We are looking at launching new inner wear brand/ range in the premium segment for Indian sub continent Middle East and Africa," Jain said.
Commenting on future plans, Jain said, the company looks to be a 50:50 company in terms of exports and domestic sales. Hence, going forward, focus is going to be on more value added garments business, brand building and focusing on the domestic market - which is the fastest growing opportunity for it.
"We see our cotton based textiles business growing rapidly with Vietnam, Ethiopia and the United States also provide interesting opportunities. We shall make structural and organizational changes to target higher growth rates of 20-25 per cent per annum," he added.
