GSP Crop Science eyes Rs 1,800 crore revenue in FY25; aims for 6-7% market share in 3-4 years

financialexpress.com:

Agrochemicals manufacturer GSP Crop Science is eyeing Rs 1,800 crore in revenue in 2024-25, following its domestic as well as overseas market expansion, a top company executive has said. “In 2022-23, our annual revenue was at Rs 1,600 crore. We are looking at Rs 1,800 crore revenue in FY25. Overall our target is to reach Rs 2,500 crore in next 3-4 years with the addition of overseas business especially in Brazil,” GSP Crop Science Managing Director Bhavesh Shah told PTI.

Shah said the company is working towards reducing its dependency on China for raw materials and planning to produce intermediaries needed to develop crop solution products. “In order to reduce our raw material dependency on China, we are planning to gradually produce intermediaries needed for manufacturing our products. We are setting up our third manufacturing unit in Dahej in Gujarat with an investment of Rs 100-110 crores. In this unit we will initially produce 4 intermediaries,” he added.

The company is focusing more on research and development (R&D) and has two centres, technical and formulation, in order to reduce its dependency on China for raw materials, mainly intermediaries, and also for developing new innovative products, Shah added.

He said the company has two R&D units, one for formulation in Jammu and one each for formulation and technical in Ahmedabad in Gujarat. “Almost 7-8 per cent of our revenue is spent on R&D. We have applied for over 150 patents and we have patents for 70 products. Currently, we have two manufacturing units, one each in Ahmedabad and Vadodara and another one coming up in Dahej,” he said. The company currently employs over 1,000 workforce and will add another 200 after the completion of Dahej unit, Shah noted. 

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