Latest News | Zeiss Group Expects to Maintain Double-digit Growth in India This Fiscal
Get latest articles and stories on Latest News at LatestLY. Global optical lenses major Zeiss Group expects to carry on with its double-digit growth in India in the ongoing fiscal on the back of boost in the healthcare and manufacturing sectors in the country, according to a senior company official.
New Delhi, Dec 17 (PTI) Global optical lenses major Zeiss Group expects to carry on with its double-digit growth in India in the ongoing fiscal on the back of boost in the healthcare and manufacturing sectors in the country, according to a senior company official.
The group, which has four primary businesses in India -- vision care, medical technology, industrial quality systems, and research microscopy -- had ended last fiscal exceeding its target to clock over Rs 1,800 crore turnover. It follows the October to September financial year.
"We ended the last fiscal year on a high note, achieving an impressive double-digit growth rate and setting new records in both orders and revenues...We expect to maintain the same growth momentum in the coming year, primarily boosted by robust growth in the Healthcare and Manufacturing sectors in the country," Carl Zeiss India (Bangalore) Pvt. Ltd CFO (India) Dhaval Radia told PTI.
He was responding to a query on the growth prospects for the new fiscal year and what will be the primary growth drivers for the company in India.
Radia further said the group's all four primary businesses in India "experienced double-digit growth in revenues".
Two macro-economic growth trends in India -- rapidly expanding healthcare and the manufacturing sector getting a much-needed upgrade -- provide major growth opportunities, he added.
"Zeiss' medical technology product range is suitably positioned to take advantage of the improving healthcare sector. India has witnessed an astounding increase in myopia cases in urban children aged between 5 to 15 years, from 4.4 per cent in 1999 to 21.2 per cent in 2019. It is expected to reach 50 per cent by 2050 due to high screen time exposure among children and young adults," Radia said.
The company's medical equipment, intraocular lenses, and long-term partnerships with the entire healthcare ecosystem in India bode exceptionally well for future growth in this segment, he added.
The optical lenses segment has recorded robust, profitable double-digit growth, achieving all-time high revenues last year, Radia said, adding, "it is expected to continue showing a strong growth trajectory this year.
"Indian consumers are becoming more discerning and are demanding higher quality eyeglass lenses than ever before."
In addition, the group also sees a huge opportunity with industrial quality and measurement systems, where it is a market leader in providing coordinated measurement systems for high-quality manufacturing plants to achieve precision in all its operations.
"We have predominantly served large-scale automotive manufacturers in India," he said, adding the government's 'Make in India' initiative has made several large conglomerates consider India an efficient, long-term manufacturing partner.
The rapid growth in the manufacturing sector and increasing awareness towards building high-quality products is a sustainable trend that will further boost Zeiss' presence beyond the automotive industry, Radia added.
On the overall outlook on India, he said the country has been "identified as one of the global strategic focus markets for the Zeiss Group. We will continue to increase our scale and the breadth of activities being done out of India in the years to come".
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)