The Hindu Business Line : MRO-TEK targets 20-25 pc growth

LAST mile access solutions provider MRO-TEK said it was targeting a top line growth of 20-25 per cent in the current fiscal even as it unveiled a new corporate identity on Tuesday.

"We are targeting a revenue growth of about 20-25 per cent over the Rs 101 crore recorded in the last fiscal," said Mr S. Narayanan, Chairman and Managing Director, MRO-TEK.

Mr Narayanan, unveiling the company's new corporate identity, said the targeted growth would come from the company's new products and increased exports.

The company expects to grow its exports even as it plans to release seven new products to the market in the coming years. MRO-TEK is aiming at export revenue of Rs 60 crore over the next years, he said.

The company's export revenue in 2003-04, stood at Rs 10 crore, up nearly 200 per cent over Rs 3.6 crore in 2002-03.

For fiscal 2003-04, the company's top line after taking into consideration the excise duties is estimated to be around Rs 101 crore, a 16-per cent growth over the previous year's Rs 87 crore, said the company CFO and Company Secretary, Mr R. Ramaswamy.

However, he did not reveal the net profits for 2003-04, saying the results would be announced sometime in May.

MRO-TEK has embarked on an aggressive marketing campaign to strengthen its brand in the Asia-Pacific and the US region, Mr Narayanan said.

The company also plans to increase its thrust on the research and development efforts by investing Rs 5 crore in current fiscal. .

Mr Ramaswamy said the company expected to resolve the dispute over the alleged customs duty evasion on imports of products by the year-end.

"The case is still being heard and we are hopeful that by end-2004, the outcome will be known," Mr Ramaswamy said.

He added that the amount under dispute was Rs 4.5 crore and it had already paid Rs 1 crore to the customs department.