Business Standard

Vikas Ecotech scouts for acquisition, expects Rs 360 crore revenue in FY23

Vikas Ecotech Ltd is looking to log Rs 360 crore revenue in the next financial year on the back of resumption of exports which were stalled due to Covid-19 pandemic, a top company official has said.

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Press Trust of India New Delhi
Specialty chemicals and polymer products maker Vikas Ecotech Ltd (VEL) is looking to log Rs 360 crore revenue in the next financial year on the back of resumption of exports which were stalled due to Covid-19 pandemic, a top company official has said.
Vikas Ecotech (VEL) is also scouting for manufacturing facilities in the western region as it is drawing expansion plans. As part of diversification, the company is also looking at new businesses in order to broad-base business interests, newer materials or products, geographical locations and market segments.
Stating that VEL is looking out for suitable manufacturing facilities/going businesses in the western region, Vishal Ecotech CEO Dinesh Bhardwaj said the company has a provision to invest Rs 200 million (Rs 20 crore) and upwards for expansion and diversification plans. The provision can be increased if needed, he added.
The company, listed on NSE and BSE, is expecting revenue of Rs 360 crore in the next financial year against the estimated revenue of Rs 295 crore in the current financial year.
It had reported revenue of Rs 116 crore in FY2020-21 as business was hit by the deadly coronavirus pandemic.
The company had recently announced that its specialty compounds division had secured fresh orders valued at about Rs 65 million (Rs 6.5 crore), adding to the healthy order book with more than 700MT of orders which would be contributing to the performance for the current financial year, closing the current fiscal with exciting numbers.
The New Delhi-based company has also expanded into new business segments such as infrastructure products like steel pipe fittings, and MDPE pipes for gas applications.
Vikas Ecotech Ltd. is engaged in the business of Speciality Polymers & Specialty Additives and Chemicals for Plastics & Rubbers industries, catering to a wide horizon of applications in Agriculture, Infrastructure, packaging, electrical, footwear, pharmaceuticals, automotive, medical devices and components and other consumer goods.

(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: Mar 27 2022 | 5:52 PM IST

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