Finolex eyes doubling revenue to Rs 5,000 crore in 3-4 years

NEW DELHI: Finolex Industries is aiming to double its turnover to Rs 5,000 crore in the next 3-4 years on the back of strong demand expected from both agri and non-agri segments.
"The government is planning to expand irrigation network and bring more land under irrigation, so this is expected to fuel the demand for PVC pipes and fittings," company's Executive Chairman Prakash Chhabria told PTI.

Besides this, the Housing For All initiative and low-cost housing projects are also expected to create huge demand for pipes and fittings, Chhabria added.

In fiscal 2015, the company's annual turnover stood at Rs 2,476.15 crore and it reported a profit of Rs 47.78 crore.

"We are aiming in next 3-4 years our turnover would double to Rs 5,000 crore and we are confident on strong demand expected for our all products from both agriculture and non-agriculture segments," Chhabria said.

He also informed the company recently organised 60 meets across the country to train 3,000 plumbers. The meets were conducted in 26 states and 58 cities.

"Following Prime Minister Narendra Modi's Skill India mission we are aiming to train one lakh plumbers across the country and provided them all required skills, which may cost more than Rs 10 crore to the company," Chhabria said.

The company manufactures PVC-U pipes and fittings, prominently in agriculture and also in non-agriculture sector including housing, telecom, construction and industries.

The Pune based company has three plants in Baroda, Pune and Ratnagiri with a combined capacity 2.5 lakh tonnes of PVC pipes and fittings.