TTK Prestige is eyeing to double its turnover by 2024-25. The kitchen appliances maker, whose growth rate has come down to single-digit, aims to get back to its double-digit growth journey again across the segments, including pressure cooker, cookware, gas stoves, rice cookers and induction cooktops.
Apart from this, TTK Prestige is planning to expand its distribution network further and expecting higher sales from fast-growing online channels.
TT Jagannathan, Chairman of TTK Group, said, “We are expecting to double our turnover by FY 2024-25. This fiscal, we are expecting (a turnover of) Rs 2,100-Rs 2,200 crore. The growth of TTK Prestige has come down but the company is still growing. Last year, we had double-digit growth.”
As part of its plans for 2020, TTK Prestige is aiming at increasing market share across geographies and getting back to double-digit growth in mature categories like 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 endeavor to increase our share in the kitchen appliance space also,” Jagannathan stated.
Currently, TTK Prestige’s online sales contribute about 10% of its total sales, and a higher contribution is expected from this channel in the coming year.
He added, “This channel is evolving but the freight is expensive compared to the value of our products.”
In August 2017, the firm had bought the UK-based Horwood Homewares and had launched Judge Brand in the Indian market.