"We are looking at 20-25% growth this fiscal:” Jain Irrigation Systems' managing director Anil Jain said.
Pune-based Jain Irrigation Systems said it hopes to maintain first half's growth momentum and end the current fiscal with 20-25% topline growth at over Rs5,000 crore.
"We are looking at 20-25% growth this fiscal. In the first half, our overall topline growth was 23%. We hope to maintain the tempo and end the fiscal with 20-25% growth," Jain Irrigation Systems' managing director Anil Jain told PTI here.
The company had reported Rs4,157 crore revenue last fiscal, and around 67% of that came from the domestic market. The rest was mostly from Europe and the US.
The contribution from overseas markets might improve in the current fiscal as income from the US operations is set to grow given the double-digit growth in irrigation business there, more than 20% growth in food business and around 25% growth in the plastic business.
"However, revenue ratio between India and the overseas markets is likely to be 65:35. India is going to remain the major market for us," he said. Jain said the company would foray into Africa and start marketing products across the baskets with emphasis on micro irrigation and pipes.
"First we plan to establish our presence n the ground in Africa with distribution of all our products, mostly in micro irrigation and pipes. We need to understand the local market and then setting up a manufacturing plant would be looked after at the second stage," he said. Asked whether the company would look for inorganic route for expansion in Africa, he said there was always opportunity, but nothing is on the company's radar, as of now.
Jain said the company's capital expenditure in the next fiscal would be around Rs200 crore, almost half of the amount it spent in the current fiscal.
"We might go slow for one year in next fiscal. It's because, we were investing a lot for the last 2-3 years. So next year, we will go for lesser capex. It may be around Rs200 crore," he said.
In the early afternoon, Jain Irrigation Systems was trading at around Rs101.80 per share on the Bombay Stock Exchange, 1.44% up from the previous close.
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