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| Man Industries eyeing Rs 2,000 cr turnover in FY10 |
| Press Trust of India / Mumbai Aug 24, 2009, 11:59 IST |
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Backed by an order-book of Rs 2,500 crore, a huge bid-book and growing export markets, SAW pipes-maker, Man Industries, is aiming to breach the Rs 2,000 crore turnover mark this fiscal.
"We are confident of achieving a CAGR of 20-25 per cent over the next three to four years. We are eyeing a Rs 2,000 crore-plus turnover in FY'10," Man Industries' Senior Vice-President, Corporate Affairs, K G Mantri, told PTI here.
In FY 09, the company which primarily caters to the oil and gas sector, clocked a turnover of Rs 1,900 crore and PAT of Rs 47 crore. "We will clock a significant rise in our PAT in FY 10," Mantri said.
The company has recently upped its pipes manufacturing capacity from the earlier six lakh tonnes per annum (tpa) to one million tpa comprising of half-a-million tonnes each of HSAW and LSAW pipes.
Man Industries presently has a robust order-book position of Rs 2,500 crore and a bid-book size of Rs 5,000 crore.
The company is focusing strongly on overseas markets and earns 75-80 per cent of its total revenue from these markets with the domestic market contributing only around 20-25 per cent to its total revenue.
"There are more opportunities in overseas markets. Margins in the domestic market are low because of unhealthy competition," Mantri said.
The company's overseas markets are primarily in the Middle-East, South-East Asia, the US and Africa.
"There is a tremendous growth opportunity in Africa. India has emerged as a major global hub for large diameter pipes and in the last six-years, India has captured more than 30 per cent of the global export market," Mantri said.
The company has no fund-raising plans and while it was interested in inorganic expansion, there was no acquisition proposal on its radar presently, he said.
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