Safex Chemicals aims Rs. 1,800 crore revenue in FY23-24

Safex Chemicals aims Rs. 1,800 crore revenue in FY23-24

The revenue for FY22-23 is Rs. 1,437 crore compared to Rs. 787.95 crore in FY21-2022

  • By ICN Bureau | May 05, 2023

Agrochemicals company Safex Chemicals has set its sights on achieving a revenue target of Rs. 1,800 crore in FY23-24. The company achieved annualised revenue of Rs. 1,437 crore in FY22-23, which included 59% contribution from India and 41% share from the rest of the world, with Germany contributing 24%, UK 10%, followed by Switzerland, Australia and others.

Commenting on the new revenue target, Piyush Jindal, Group Director and CFO, Safex Chemicals Ltd., said, "We are delighted to set this ambitious target for the company. It is a testament to the hard work and dedication of our employees and the loyalty of our customers. The fact that we have grown at a CAGR of 35% over the last 5 years, reiterates the value we provide to our customers, across all our business portfolios. We are confident that with our exceptional products and services, we can achieve this target and continue to grow as a company."

In the last 5 years, the Group has grown at a CAGR of 20% organically and 35% with the latest acquisition. The company has been growing steadily over the years, and this new target is a testament to its commitment to providing high-quality chemical products and exceptional customer service.

Over the years the group has created a well-spread portfolio of business segments across Brand Formulation which contributes to around 51%; Specialty Chemicals, 5%; and CDMO contributes 44% to the overall revenue. The growth has been fueled by organic and inorganic expansions with 3 acquisitions over the last 3 years. The most recent was the acquisition of Briar Chemicals for 73 Million GBP, in October 2022. Over the next three years, the company will be launching an interactive tech platform and will be setting up a new manufacturing unit.

Currently, the company has 7 state-of-the-art manufacturing facilities, and a 12,000+ dealer network across the country.

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