Ray-Ban Sun Optics India said today that with a range of products and marketing initiatives in place, it is targeting to achieve two-digit growth in the current year.
The company had posted over 50 per cent bottomline growth in 2003 to Rs 3.7 crore on Rs 40-crore sales turnover.
According to senior company officials, while the company's sales grew by about 22 per cent last year, it has effectively installed several cost reduction measures so the net profit growth outpaced the sales growth.
"We hope to sustain these growth levels. We have initiated several cost reduction measures, which should help profitability growth," Mr Harsh Chopra, Managing Director of Ray Ban Sun Optics India, said.
On the dispute between Ray-Ban's parent company Luxottica SpA and the SEBI, Mr Chopra said that whether an open offer is to be made by the Italian parent company would be decided by the Supreme Court.
Luxottica holds 44.1 per cent stake in its India subsidiary and had been asked by the SEBI to make an open offer for another 20 per cent after its worldwide acquisition of Ray-Ban Sun Optics in 1999.
The company today also announced the launch of over 140 new models of eyewear under various brands to improve its share in the domestic market.