Jupiter Engg eyes 200 per cent jump in sales

With a boom in the denim industry, Jupiter Engineering, manufacturer of textile machines, has taken an upward leap.

Last year, the turnover of the company was Rs 20 crore while, this year, it is expected to be more than Rs 60 crore, recording a jump of 200 per cent.

Gitesh Mistry, chairman of Jupiter Engineering, said the company is the only manufacturer of textile machines in the state.

"We are competing with European companies, whose market share in denim is 25 per cent, while the rest remains with us," he said.

Mistry said the company recorded a growth of 200 per cent only due to its expansion in the denim industry in Ahmedabad.

"All major denim manufacturers, including Aarvee, Jindal Group, Nandan Exim and Arvind, purchase machines from us," said Mistry.

He said the company is also manufacturing machines for bed liners and towels.

"In this sector, our market share is 50 per cent, which will be increased to 75 per cent by the next financial year," Mistry said.

The chairman said Jupiter's exports have also gone up 20 per cent and by the next year, it is expected to rise 30 per cent.

He added that the company is exporting machines to Iran, Turkey, Nigeria, Bangladesh and Asian countries. However, the company believes that there is no threat from China.

"Though manufacturers of China are offering same machines to textile industries in India at low costs, they are not able to provide the quality. Our main competitor is Europe and not China," said Mistry.

"Very soon we will start manufacturing machines used for processing denim and finishing of denim garments," he added.

Currently, Jupiter Engineering has offices in Delhi, Mumbai and Coimbatore, and is planning to spread to the East.