Indian agrochem firm Dhanuka Agritech eyes 30% revenue growth

City based agrochemicals firm Dhanuka Agritech has said it is expecting a 30 per cent jump in turnover this fiscal to touch the Rs 500 crore mark.

"Our turnover grew by 20 per cent to Rs 409 crore in 2009-10 even though a severe drought hit half of the country. I believe our topline might increase by 30 per cent this year with the prospects of a normal monsoon,” Dhanuka Agritech Group Chairman, Mr RG Agarwal said.

The Met department has predicted a normal monsoon this year after the worst drought in 40 years, last year.

"The Rs 10,000 crore agrichemical market grew by around 13 per cent last fiscal, while we grew by 20 per cent. This year, our growth rate will be around 30 per cent compared to the projected industry growth of 15 per cent,” he said.

The company has four formulation-making plants at Sohna and Gurgaon in Haryana, Sanand in Gujarat, and Udhampur in Jammu & Kashmir, with an annual capacity of 1.22 lakh tonnes.

To double capacity, the company plans to embark on a Brownfield expansion at its Sanand facility with an investment of Rs 41 crore, including the cost of the land. The work will start by the end of July, Mr Agarwal said, adding “the expansion to produce formulations will start by July-end and the first phase of work will be completed by March next.”