Medical technology firm Trivitron Healthcare is aiming for over 25 per cent increase in revenues to Rs 700 crore in the current financial year.
The company is banking on its usual manufacturing operations and joint ventures to drive the growth apart from the acquisitions.
“We plan to achieve sales of Rs 700 crore for the current fiscal year. We had revenues of Rs 550 crore in the previous fiscal,” Trivitron Healthcare Managing Director G S K Velu told PTI.
Laboratory medicine and imaging presently contribute nearly 80 per cent of the profits, he added.
For the Chennai-based company other segments that are growing are devices used in intensive care and operation theatres.
“We are looking at all the three models — manufacturing, joint ventures and acquisitions for growth,” Velu said.
The company currently has 8 manufacturing facilities, including one in Helsinki and employees around 1,500 people.
It is also focusing on enhancing its research and development capability.
“We are making lots of investment in R&D. We have research and development centres in Chennai and Helsinki and now we are looking to set up such centres in the US,” Velu said.
The key markets for the company are Brics countries, South Asia, South East Asia, Middle East apart from the developed markets such as US, Europe and Japan among others.
“At present around one third of our revenues and almost half of our profits are coming from exports. We sell our products in nearly 167 countries,” he added.
When asked if the company planned to raise funds for its future requirements, he said it had already raised equity of over Rs 400 crore and future expenses would be financed through internal accruals and the available fund.
On the challenges being faced by the domestic medical technology companies in the country, Velu said: “Inverse duty structure that promotes imports of finished products should be removed to boost manufacturing in the country.”