NEW DELHI, Dec 23: Agro-chemicals firm PI Industries expects to double its turnover to Rs 1,750 crore by 2014-15 fiscal on the back of promising growth prospects from its plant protection and custom synthesis businesses.
“We expect to double our turnover in the next 3 years as our agro-chemicals and plant protection businesses present a robust growth outlook. We clocked a net revenue of Rs 874.97 crore in the last financial year,” PI Industries Managing Director and CEO Mayank Singhal told.
In the agro-chemicals market, which is worth Rs 12,000 to 13,000 crore, PI Industries in among the top five players, he added.
“Keeping in mind the growing market for crop protection solutions, which is expected to double by 2017, we are focusing on bio plant nutrients and speciality fertilisers,” Singhal said.
In the custom synthesise segment, the company is focusing on patented products with longer life cycles, he added.
Custom synthesis involves the production of organic drug compounds according to client specification for their specific development and research needs. It includes custom manufacture of special chemicals in small quantities and producing fine chemicals, intermediates and speciality chemicals.
“We have been growing at a compound annual growth rate of 25-30 per cent and keeping in mind the robust growth in these two segments, we expect to maintain the same growth rate,” he said.
Presently, PI Industries 60 per cent revenue is from the agro chemicals business and the rest is from custom synthesis.
The company operates 3 formulation and 2 manufacturing facilities as well as four multi-product plants under its three business units across Jammu and Gujarat. It also has a research and development facility in Rajasthan.
That apart, the company is in the process of setting up a fine chemicals production plant in Gujarat with an investment of Rs 200 crore. (PTI)
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