Glass maker Borosil group is aiming to be a Rs 2,000-crore company in the next five years, helped by good double-digit growth coming from its consumer products division and solar glass business, said a top company official.
The Borosil group, which comprises two listed entities Borosil Glass Works Ltd and Gujarat Borosil Ltd, expects to attain a combined turnover of around Rs 1,000 crore in the current financial year and from there, it hopes that it has "potential" to double it in the next 4-5 years.
Besides, Borosil, which has a network of around 15,000 retail outlets in the general trade, is expanding its retail footprint further by adding 1,000 retailers every year pan India.
"We expect to be a Rs 2,000-crore company by 2025," Borosil Chief Executive Officer Shreevar Kheruka told PTI.
Borosil Glass Works and Gujarat Borosil has a combined turnover of Rs 770 crore last year.
"This year, our target is to take the combined turnover to Rs 1,000 crore," said Kheruka adding that "in the next 4-5 years, we would double it".
The company senses a good growth opportunity emerging from the anti-plastic sentiments across the country, which will ultimately benefit its consumer product division selling glass and steel-based kitchenware. Besides, increasing the rate of adoption of solar panels would fuel the growth of its solar glass business further.
"We are trying to capture the anti-plastic sentiment, which is prevalent across the country today," he said.
The Borosil group expects to grow its consumer division and solar division in double-digits between 15 and 20 per cent in the next three years. However, it expects a slower growth rate of 8-10 per cent for its scientific division in the same period.
Borosil Glass Works has two divisions consumer and scientific product, while Gujarat Borosil is into manufacturing glasses used by the solar panels.
While in the scientific segment, in which Borosil manufactures laboratory glassware, it has a turnover of Rs 210 crore and expected to grow 10 per cent this year.
"Consumer segment, which had a turnover of Rs 350 crore last year, grew over 30 per cent in the first half of this year, and solar, which contributed Rs 220 crore, expects to end the year with 35 per cent growth," Kheruka said.
Borosil also has a presence through large-format stores, e-commerce and institutional sales besides general trade. The company may also consider to have exclusive brand outlets for its range of products, he added.
"Our vision is to be a customer-centric company in India. For that, we are consistently engaging with the consumers and developing new products," he said.
The Borosil group also expects contribution from exports, mainly from the solar segment, to increase further in its total fold.
Over the capital expenditure, Kheruka said that in the last three years, Borosil has already put close to Rs 600 crore across different divisions of the companies and does not require any additional capacity for the next 12 months.
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