RICO targets Rs 1,000 cr turnover this fiscal

Diversified auto component maker RICO Auto is looking to achieve Rs 1,000 crore turnover this fiscal on the back of investment in new models and sales growth in both domestic and overseas market.

"We are looking at a turnover of Rs 1,000 crore in this fiscal up from Rs 700 crore in the last fiscal. We hope to achieve this on the basis of good performance in both domestic and overseas market," RICO Auto Industries Managing Director Arvind Kapur said on the sidelines of ACMA annual convention. 

He said, the company has so far invested Rs 60 crore in this fiscal and plans to invest another Rs 40 crore in the remaining half on the new models.

The investments would come from company's internal accruals and debts, he added.  

"In our plant, we are running short of capacity because we didn't accept demand to take off. Therefore, we will add 25 per cent additional capacity this year," Kapur said. 

The company, which specialises in brake systems and dye-castings is also looking to increase its exports by 30 per cent in 2009-10.  

"Exports contributes to 40-45 per cent to our total sales and we are hoping to achieve good numbers from this segment," Kapur said.     

The company is is aiming to achieve an overall margin of four per cent this fiscal, up from last year's two per cent, he added.