Ray-Ban Sun Optics India said on Wednesday that it posted over 50 per cent bottomline growth in 2003 to Rs 37 million on a Rs 400-million sales turnover and would strive to achieve similar growth rates this year.

While the company's sales grew by only about 20 per cent last year, it has effectively installed several cost reduction measures so that net profit growth outpaced sales spurt, a senior company official said in New Delhi.

"We hope to sustain these growth levels. There is increasing awareness of the brand. Besides, we have initiated several cost reduction measures. This should help profitability growth," managing director Harsh Chopra said.

Asked about the dispute between Ray-Ban's parent company Luxottica SpA and market watchdog Sebi (Securities and Exchange Board of India), Chopra said whether an open offer will be made by the Italian parent would be decided by the Supreme Court.

Luxottica holds 44.1 per cent stake in Indian operations and has been asked by Sebi to make an open offer for another 20 per cent to Indian shareholders after its worldwide acquisition of Ray-Ban Sun Optics in 1999.

However, the Italian company has stuck to its ground that no open offer is needed, even after the case went to the Sebi Appellate Tribunal. In addition to the price of Rs 104.30 per share, Luxottica has been asked to also pay interest of Rs 70.68 per share since April 1999.