GSP Plant Science projects revenues of Rs. 1,800 crore for FY20 and three to four years of 6-7% market share

GSP Plant Science projects revenues of Rs. 1,800 crore for FY20 and three to four years of 6-7% market share

GSP Plant Science projects revenues of Rs. 1,800 crore for FY20 and three to four years of 6-7% market share

Our yearly income in 2022–2023 was Rs 1,600 crore. In FY 2025, we project revenue of Rs 1,800 crore. Our overall goal is to expand international business, particularly in Brazil, and achieve Rs 2,500 crore in the next three to four years. to attain Rs crore," GSP Crop Science managing director Bhavesh Shah said to PTI.

Following its development into both local and international markets, agrochemical manufacturer GSP Crop Science is targeting sales of Rs 1,800 crore in 2024–2025, according to a senior company executive.

Our yearly income in 2022–2023 was Rs 1,600 crore. In FY 2025, we project revenue of Rs 1,800 crore. Our overall goal is to expand international business, particularly in Brazil, and achieve Rs 2,500 crore in the next three to four years. to attain Rs crore," GSP Crop Science managing director Bhavesh Shah said to PTI.

Shah said that the business intends to manufacture the intermediates needed to build agricultural solution products and is striving to lessen its reliance on China for raw materials.

"We want to eventually create the intermediates needed to make our goods in order to lessen our reliance on China for raw material supply. With a 100–110 crore investment, we want to establish our manufacturing plant in Dahej, Gujarat.We're establishing a third production facility. We will first create four mediators in this unit."

In order to lessen reliance on China for raw materials—primarily intermediaries—and the creation of novel, cutting-edge goods, Shah said that the firm is putting more of an emphasis on research and development (R&D) and has two centers, one for technical and one for formulation.

According to him, the firm has two R&D centers: one for formulation in Jammu and another for technology and formulation in Ahmedabad, Gujarat.

R&D accounts for around 7-8% of our income. We now have patents for 70 items out of the more than 150 that we have filed for. We now operate two production facilities, one in Ahmedabad and one in Pune. And one more is on its way to Vadodara. Dowry, he said.

According to Shah, the firm already has over 1,000 workers, and 200 more will be hired after the Dahej plant is completed.

Speaking about the company's market share in the nation, Shah said that it is now between two and three percent, but in the next three to four years, with product growth, it will rise to six to seven percent.

"We want to grow, currently carrying over 50 brands in India. We are now well-established across all of India, particularly in the south of the nation. We believe that the eastern and northeastern regions have enormous potential for national growth. For the next two to three years, growing our herbal portfolio will be our main goal.

He said, "Therefore, we are expecting 6-7 per cent market share in the next 3–4 years on the back of the growing product portfolio and market."

In the meanwhile, VN Rajesh, worldwide business head and development at GSP Crop Science, said that the company's current export-to-domestic market ratio is 15:85.

According to Rajesh, we now export to over 60 nations, mostly in Asia Pacific, Latin America, and Africa. In the future, we want to grow our company into the large markets of Brazil, the US, and Europe."

GSP Crop Science has increased its market share in Brazil and plans to spend between US$2 and US$3 million in the South American nation.

It is the ideal moment for us to do both B2B and B2C business in Brazil, a market with a great deal of diversity. Brazil has great potential, and we want to establish ourselves there in three to four years. Establish a formulation unit in a nation in Latin America. But first, we must comprehend the laws and intricacies of the market," Rajesh said.