Business

Fineotex Chemicals Invested, Expanded, Diversified During The Pandemic

Fineotex Chemicals Ltd. has registered phenomenal growth during 2020-21. The company's revenue from operations increased to Rs 21,851 lakh from Rs 19,634 lakh, an increase of around 11%. The profit after tax of the company registered a growth of 211%, to to Rs 4,456 lakh from Rs 1,431 lakh. Speaking at a recent webinar, Aarti Jhunjhunwala, Executive Director, Fineotex Chemicals talked about how the company aggressively diversified, expanded, invested during the pandemic, to be ready to cater to the spurt in demand expected from 2022. Fineotex expanded its production facilities in the third quarter of 2020. "This was the right time to expand. 2021 is for building, and by 2022 we will be ready to cater to the demand growth that we expect," said Aarti. During the pandemic, demand for industrial chemicals has shifted to India, from China. "So we realised that we need to grow aggressively and fast, in terms of production, stocks." The company has invested in a brownfield plant in additional Ambernath. The company had initially scheduled the plant to be ready in the second quarter of 2022. "The plant will now be ready by the third quarter of 2021 itself. For Fineotex, speed of delivery is of absolute importance. With this expansion we will further increase our product lines," said Aarti. Fineotex Chemicals has specialised in textile chemicals for the last 40 years. "During the pandemic, we saw this demand going down. But demand for personal and hygiene care range is growing substantially. In March 2020, we decided to introduce these new products, create a new division, invest in the best R&D, appoint the best teams. And have a good brand to offer to India in this segment." Fineotex has also added a number of markets to its portfolio. "We today export to 69 countries. We bagged 10 new markets in the last one year. We have worked out many international collaborations, cracked some pretty tough markets, during this pandemic, and that too without travelling anywhere. At Fineotex, we passionately believe in growth and speed of deliveries. And so, all our plans and actions are geared to achieve this goal." Fineotex ensures that its products meet all the requisite quality and sustainability standards, and has in place a number of certifications for the same.