Home textiles maker Welspun India is eyeing about 50 per cent of its revenue from innovation-based products by FY2021-22, a top company official said.
The company, which offers bath, bedding and flooring solutions, has 29 active patents globally.
“We expect revenue from innovation-based products to grow significantly in the years to come. We see at least 50 per cent of our revenue from innovation-based products. We see this happening by year 2022. Our innovation-based products are relevant to the customers,” Welspun India CEO and Joint Managing Director Dipali Goenka told agencies.
At present, around 25-30 per cent of Welspun India’s sales come from innovation-based products.
For the half-year ended September 2018, the company had reported a total income of Rs 3,375.6 crore.
When asked if the company has any major capital expansion plans for the textiles business, Goenka said: “Not for Welspun India. We have had a great share of investments. Now we are looking at optimising… for the next 2-3 years.”
Earlier this month, in an investors’ presentation, the company said it plans to invest around Rs 900 crore in the current fiscal. Of this, Rs 320 crore has been invested in the first half of this financial year.
A major chunk of the investment will be towards flooring solutions project, it added. The company recently commissioned flooring textile facility in Telangana.