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Nagarjuna Agrichem is targeting an annual turnover of ₹1,000 crore in the next financial year. The firm, which registered a turnover of ₹774 crore during 2015-16, is hoping to touch the ₹800-crore mark this financial year.
“We expect a demand for exports next year. Also, we are planning to sell branded products in some African countries and increase sales to Myanmar,” said V Vijay Shankar, Managing Director .
Addressing a press conference here to announce the results for the third quarter ended December 31, 2016, he said the company was setting up a ₹150-crore unit at Pydi Bhimavaram (Andhra Pradesh).
He said demonetisation had not shown impact on the sales in the third quarter.
“We have signed an agreement with the Andhra Pradesh Government in the recent CII partnership summit for investing the amount over the next three years in the greenfield production site,” he said.
The firm registered a turnover of ₹179 crore in the third quarter against ₹168 crore in the same quarter last year. The net profit fell to ₹1.38 crore from ₹2 crore last year.
Meanwhile, the firm informed the Bombay Stock Exchange (BSE) that it received a total claim of ₹45.65 crore from the insurance company for the losses due to a fire mishap at its Srikakulam plant in June 2012.
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