Hero Cycles Ltd today said it is targeting 15 per cent growth in sales in the current financial year on the back of manufacturing expansion and focus on high-end products.
The company’s annual turnover for the fiscal 2012-13 was Rs 1,450 crore.
“Hero Cycles has been aggressive on growth in numbers, especially in the premium segment with its new high-end brand ’Hero Sprint’ driving the growth. The company is targeting a robust 15 per cent growth this year,” the company said in a statement.
Hero Cycles plans to double its sales to 10 million by 2018. In the current financial year it is looking at selling six million units of bicycles.
“With the increased production numbers to meet the increased demand, Hero Cycles has now improved its market share to 43 per cent amongst the organised sector bicycle manufacturers,” Hero Cycles Ltd Co-Chairman and Managing Director, Pankaj Munjal said in a statement.
Hero Cycles is also present in the super-premium category with its brand Urban Trail. Sprint and Urban Trail are strategically positioned in the top two highest growth segments and would be the key drivers in achieving Hero’s mid to long term growth and profitability plan, the company said.