Reporting results for the year ended March 31, the firm stated that exports had leaped up by 55%. It already sells to the Middle East, Thailand, Africa and a few other countries and it confirmed it was planning to set up offices in various locations abroad.
Managing director Vimal Kedia said the company was commissioning a new facility in Bidadi, Bangalore, which it claims is the largest polyethylene terephthalate (PET) perform manufacturing plant in South Asia. It expects the factory to drive up production capacity from 50,000t a year to 80,000t a year.
"The commissioning of the ... production facility has greatly enhanced our capabilities, particularly in the rapidly growing PET preform segment," said Kedia. "In addition to the significant increase in capacity, the level of automation that we have adopted in the new facility is also expected to improve efficiencies and reduce manpower costs."
15% of total PET consumption
Manjushree Technopack, which specialises in rigid plastic packaging, has invested 1.5bn Indian Rupees (€20.7m) in two newly built factories, one of which being the Bidadi plant and the other being a factory in Harohalli. The business said the Bidadi facility would enable it to cater for 15% of the total PET consumption in India and has been designed according to environmentally friendly principles.
Full-year pre-tax profit rose by 25% from 303.3m Indian Rupees (€4.8m) to 378.1m Indian Rupees (€5.2m) on consolidated revenue up 17%, from 3.1bn Indian Rupees (€42.7m) to 3.6bn Indian Rupees (€49.8m), according to the firm.
It recently commissioned four more preform manufacturing systems from Canada and four blow moulding machines from Japanese company ASB to manufacture PET bottles for beverage and bottled water processors.
Manjushree Technopack supplies global grocery giants such as Coca-Cola, PepsiCo and Nestle and makes packaging for the pharma and home care sectors as well as the food industry.