Usher Agro eyes 82% revenue growth by FY12

Rice miller Usher Agro is eyeing 82% growth in revenue at Rs 1,000 crore by the end of this financial year on the back of its recent rice milling capacity, a top company executive has said.

"We have recently expanded our rice milling capacity by 2,91,600 million tonne per annum taking the company's total capacity to 5,43,600 million tonne per annum. With this expansion we are targeting a revenue growth of around 82% at Rs 1,000 crore in FY12," Usher Agro Managing Director Vinod Kumar Chaturvedi told PTI here.

The company had spent Rs 80 crore for rice milling capacity expansion in its unit at Chhata in Mathura (Uttar Pradesh).

Usher Agro is expecting to clock around 61% growth in revenue at about Rs 550 crore in FY11 compared to Rs 342 crore in FY10.

The company is also planning to increase its wheat flour milling capacity in its plant in Buxar, Bihar, by 50,000 million tonne per annum next year taking the total to 1.25 lakh tonne, Chaturvedi said.

"The capacity expansion in our Buxar plant will take one year to complete, which will also require a captive power plant. The overall cost for this will be around Rs 50-60 crore," he said.

The company mainly procures from UP and Bihar for its rice and wheat mills.