more-inHit by the effects of demonetisation, toymaker Funskool India has turned its attention towards exports to sustain growth momentum, said a top executive. “Due to demonetisation, we took a big hit,” said K. John Baby, CEO, Funskool (India) Ltd. “Fortunately, we were working [in a major way] on exports and that’s paying off now.”Funskool, a joint venture between MRF and U.S. based Hasbro, recorded a turnover of ₹220 crore in FY17, of which exports accounted for ₹41 crore. This fiscal, it is aiming to export toys worth up to ₹60 crore on a turnover of ₹250 crore. ‘₹25 crore investment’To help meet its growth projections, Funskool India is planning to set up a third manufacturing plant exclusively for exports. Talking on the market condition, he said while the industry grew by 10%, Funskool posted over 20% growth for the last six years.

Source: The Hindu October 10, 2017 15:11 UTC