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Zeiss Group forecasts continued double-digit growth in India
Industry News- Dec 18,23
Despite the challenges of the previous fiscal year, the group exceeded its target, achieving a turnover of over Rs 1,800 crore.
Zeiss Group, a leading global optical lenses company, anticipates sustaining its double-digit growth in India during the current fiscal year. This optimistic outlook is fuelled by the flourishing healthcare and manufacturing sectors in the country, as outlined by a senior official from the company.
The Zeiss Group operates across four primary sectors in India, namely vision care, medical technology, industrial quality systems, and research microscopy. Despite the challenges of the previous fiscal year, the group exceeded its target, achieving a turnover of over Rs 1,800 crore.
CFO Dhaval Radia of Carl Zeiss India (Bangalore) expressed satisfaction with the past fiscal year, highlighting the remarkable double-digit growth rate, record-breaking orders, and revenues. He asserted that the momentum is expected to persist in the upcoming year, primarily driven by the robust growth in the healthcare and manufacturing sectors.
Radia emphasised that all four primary businesses of the group in India experienced double-digit growth in revenues. The macro-economic trends of an expanding healthcare sector and an upgraded manufacturing industry in India present significant growth opportunities for Zeiss Group.
He specifically noted the potential for Zeiss' medical technology products, citing the increasing prevalence of myopia cases in urban children. The company's medical equipment, intraocular lenses, and strong partnerships within the healthcare ecosystem position it favourably for future growth.
In the optical lenses segment, Zeiss has witnessed robust, profitable double-digit growth with record-high revenues in the previous year, and this trend is expected to continue. Radia highlighted the discerning nature of Indian consumers, who now demand higher quality eyeglass lenses.
Additionally, Zeiss sees substantial opportunities in the industrial quality and measurement systems sector, where it holds a market leadership position. The company has primarily served large-scale automotive manufacturers in India, and the 'Make in India' initiative has further encouraged conglomerates to view India as an efficient, long-term manufacturing partner.
The rapid growth in the manufacturing sector, coupled with a focus on building high-quality products, is considered a sustainable trend that will expand Zeiss' presence beyond the automotive industry. Radia concluded by affirming that India has been identified as a global strategic focus market for the Zeiss Group, with plans to increase scale and broaden activities in the coming years.
Source: PTI
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