Brooks Laboratories, which made its debut on the bourses today with a 10% premium, expects to almost double its net profit to Rs 12 crore this fiscal, a top official has said.
"Our PAT (profit after tax) was Rs 6.89 crore last year and we are expecting it somewhere around Rs 12 crore this year," said Rajesh Mahajan, managing director of the contract research and manufacturing services company.
Mahajan said the company was targeting an increase in its turnover to Rs 80 crore in the ongoing fiscal from Rs 53 crore in FY11 and a further jump to Rs 120 crore by FY13-end, once its new manufacturing facility in Gujarat is commissioned.
The company, which has a single manufacturing facility in Himachal Pradesh's Baddi district, will invest the entire Rs 63 crore it raised through the initial public offer over to set up the Gujarat plant, Mahajan said.
The company shares opened at a 10% premium vis-a-vis its issue price of Rs 100 on the Bombay Stock Exchange (BSE) this morning and surged to Rs 131.10 within minutes of the opening bell.
However, it quickly lost momentum amid a bearish trend in the broader market and was trading at Rs 86.70, more than 13% lower than its issue price, on the BSE at 1115 hours. The BSE benchmark Sensex was down 1.11% at 16,634 points at the time.
Mahajan said Brooks was looking to export its products to overseas markets and expects to start getting orders from African and South-East Asian countries this fiscal.
The new Gujarat plant will cater to the European and North American markets, which have stricter regulations, he added.