High-end specialty chemicals provider Vikas Lifecare has secured a major order for its agro products division. The company has informed exchanges that the order worth Rs 155 million will help in boosting the agro products business.
The new order will be executed in the second quarter of the financial year 2023-24. With this, the agro division has achieved Rs 480 million sales. The company is targeting a goal of Rs 3,600 million for the agro division for the current fiscal year, as compared to Rs 2,000 million in the previous financial year.
"The Agro Products Division has bagged fresh orders worth Rs 155 million to be executed within the Q2 2023-24," the company said in a filing.
The firm is also eyeing export orders in FY24 as the management looks for opportunities for backward integration for the agro products.
Vikas Lifecare is primarily engaged in trading and manufacturing of polymer, rubber compounds and additives for plastics, synthetic and natural rubber. It recently forayed into B2C segment with products including FMCG, agro and Infrastructure. It is also a Del-Credere agent of public sector undertaking Oil and Natural Gas Corporation (ONGC).
The firm recently acquired subsidiary Genesis Gas Solutions which is engaged in the business of Smart Gas Meters. It supplies meters to all the major gas distribution companies for domestic and commercial consumers. Genesis Gas Solutions has a pact with Indraprastha Gas to set up an integrated smart meter manufacturing plant for Rs 110 crore. The agreement is touted to be a game changer as company claims that it will revolutionize the smart metering technology in the country and will be a step forward towards AtmaNirbahar Bharat.