Latest News | Ajanta-Orpat Group Expects Flat Growth This Fiscal

New Delhi, Oct 4 (PTI) Consumer Electronics maker Ajanta-Orpat Group is expecting a flat growth in its revenue at Rs 1,250 crore in the current fiscal due to the COVID-19 impact.

The company, which saw dismal sales in the first quarter of the current fiscal due to the nationwide lockdown, is counting on the upcoming festive season to drive sales.

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"We are looking at clocking revenue of Rs 1,250 crore, same as the previous fiscal, due to impact of COVID-19. If there was no pandemic, we would have reported 15-20 per cent revenue growth," Ajanta-Orpat Group Director Nevil Patel told PTI.

Ajanta-Orpat's plans for new product launches, especially fans which accounted for about 18 per cent of total revenue, and appointing more distributors were impacted due to the pandemic.

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Patel said the company expects festive season sales, which begin with Navratri every year, to contribute about 35 per cent to its overall revenue.

"We are extremely bullish about the upcoming festive season and expect good sales. We expect festive sales to contribute 35 per cent to our revenue this financial year," he said.

Navratri this year will begin on October 17.

The company is also planning to introduce new products in existing categories over the next few months.

When asked if the privately held company has any plans to raise funds to drive its expansion plans, Patel said: "We are a zero debt company. There is no such plan for the next three years".

Ajanta-Orpat, which has 500 distributors at present, plans to add 300 more into its fold by December 2022.

The group, which fully manufactures its products in the country, has a unified manufacturing facility at Morbi in Gujarat.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)