Topics
Crystal Crop | Agrochemicals | sales
Press Trust of India |
Last Updated at November 6, 2022 11:44 IST
https://mybs.in/2b26pAp
Agro-chemicals firm Crystal Crop Protection Ltd is expecting 15 per cent growth in its turnover this fiscal to around Rs 2,600 crore on better sales, its MD Ankur Aggarwal said.
The Delhi-based company last week raised Rs 300 crore from IFC to fund its expansion and growth plans.
"We will utilise the fund for future growth including capacity expansion of existing plants, and working capital requirements," he told PTI.
Crystal Crop, which has seven manufacturing plants across various states, posted a turnover of Rs 2,283 crore during the previous financial year.
"We are expecting the revenue to reach around Rs 2,600 crore this fiscal year," Aggarwal said, when asked about the outlook.
The sales in rabi (winter sown) season are expected to be strong because of the late monsoon, he added.
On acquisition of new brands, Aggarwal said the company keeps looking for suitable opportunities in regular course of business.
To expand its business, Crystal Crop has made nine acquisitions to date, with six in the last five years.
The company has four operational formulations manufacturing plants — two in Jammu, one in Sonipat, Haryana and another in Anand, Gujarat. With its recently commissioned technical manufacturing facility at Nagpur, and a greenfield technical plant in Dahej, Gujarat, Crystal now has three technical plants, the first being at Sonipat.
Crystal Crop is also into the seeds business, which is currently very small compared to its agro-chemicals vertical.
Last week, Crystal Crop said the "investment of Rs 300 crore (approx USD 37 million) by IFC and IFC Emerging Asia Fund (EAF)" will help the company boost farm productivity, reduce supply chain disruptions, and set up a robust infrastructure for sustainable production of crop protection products.
International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. The IFC Emerging Asia Fund, launched in 2016, makes equity and equity-like investments across all sectors in emerging markets in Asia alongside IFC.
IFC has invested the amount in the form of compulsorily convertible debentures (CCDs) and those will be converted into equity at a later stage, Aggarwal said.
The fund will support Crystal's growth plans, enabling it to focus on innovation and strengthening its research and development (R&D) capacity.
"This investment will further consolidate the company's position in the Indian market and strengthen its commitment towards sustainable crop solutions to increase farm profitability of Indian farmers by leveraging R&D and technology," said Aggarwal.
The investment will also help the company improve its IT infrastructure and automation in its plants.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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First Published: Sun, November 06 2022. 11:44 IST
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