Modi Group's Indofil eyes higher share of global biz this financial year

Date:04-15-2021

Indofil Industries, a part of Bina Modi-led Modi Enterprises will be eyeing a larger share of international business in its portfolio.

A company statement said, “The domestic business contributed 41 per cent of the revenue (in financial year 2019-2020). Going forward, we expect 46 per cent revenue contribution from the international business. Indofil has an export presence in over 120 countries. We are expecting further growth by brownfield and greenfield expansions and acquisitions.”

Indofil Industries has reported a consolidated profit before tax at Rs 300 crore for financial year 2020-2021. A company official said the firm's total debt stood at about Rs 800 crore as on March 31, 2021. “We generated more than Rs 350 crore cash and plan to repay the debt from internal accruals,” the official added.

Indofil Industries said that it has achieved the sales worth Rs 1,000 crore from in the domestic market during FY21. The company focuses on agrochemicals and specialty chemicals.

Modi Enterprises was founded by Rai Bahadur Gujarmal Modi in 1930s and was expanded by his eldest son K K Modi. Bina Modi took over the reins on K K Modi's demise in 2019. The Group is estimated to have a net worth of $1.5 billion. The group companies include Modicare (direct selling), Modi Academic International Institute and K K Modi University (education), 24Seven (retail) and Colorbar (cosmetics). Enterprises like Godfrey Phillips India (FMCG) and Indofil Chemicals (agro, specialty and performance chemicals) are also part of the group. The Group also has interest in specialty restaurants, fashion, entertainment and travel.