Mangal Industries, a subsidiary of Amara Raja Group is aiming at a 20 per cent growth in revenue in the current financial year with about 10–15 per cent profitability.
“We have plans to leverage and integrate digital technologies like IoT, Artificial Intelligence into our core offerings to provide products and services to our partners,’‘ Harshavardhana Gourineni, Director Mangal Industries told newspersons here on Tuesday.
In the year 2021-22 the company posted a turnover of ₹1,400 crore as against ₹950 crore in the previous year. “Our profitability in the last fiscal was at 10 per cent compared to 8 per cent in the previous year,’‘ Gourineni said.
The company, which operates in the verticals of auto components, metal fabrication, storage solutions, battery components and toolworks, plans to invest about ₹300 crore in capacity building, its director said without mentioning any further details.