Textile manufacturer Indo Count Industries (ICIL) is eyeing 15-20 per cent growth in business on the back of capacity expansion and strengthening business in the domestic market.
The company, which gets 90 per cent of its revenue from exports, is also looking at expanding export markets as well strengthening presence in other markets, including Australia, Japan, South Africa and the Middle East.
"In 2015-16, our total revenue stood at Rs 2,213 crore, mainly through exports. We have now launched 'Boutique Living' through our subsidiary Indo Count Retail Ventures (ICRVL) in India catering to the premium and high-end segment.
"We have also invested in capacity expansion to establish our brand in the domestic market. Following these developments we are expecting 15-20 per cent revenue growth in FY17," ICIL Managing Director Mohit Jain told PTI.
The company's revenue stood at Rs 1,782 crore during 2014-15.
He said the company, which has three manufacturing units in Kolhapur in Maharashtra, is spending around Rs 475 crore in two phases on capacity expansion.
The investment will be funded by internal accruals and debt, he said.
The company, which is focused on home textiles, gets 90 per cent of its revenue from exports and 10 per cent from the domestic business. The company exports home textiles mainly to countries in Europe and the US.
The domestic textile market in the country is about Rs 40,000 crore, of which only 10 per cent falls under the organised retail.
"Going forward we are looking at expanding our existing export markets as well look at strengthening presence in other markets including Australia, Japan, South Africa and the Middle East," he said.
The company, which employs 3,000 people currently, will add another 1,000 taking the total workforce strength to 4,000 after the capacity expansion is completed. PTI SM ARS MR SBT ABK .
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