Ascent Meditech Ltd., which is into Orthopedic Soft Goods (OSG), healthcare-related mobility, wound-care and healthcare products, said its new manufacturing facility at Valsad in Gujarat will commence production from April next thus helping it to meet the target of tripling its revenue to ₹600 crore in four years.
The company had invested ₹100 crore to expand capacity to 100,000 units per day in the first phase to cater to growing demand from domestic and international markets. The company markets its products under the Flamingo brand. About 20% of its products are exported to more than 50 countries.
“We have invested in this new integrated facility as part of our five-year growth plans,” said Rajiv Mistry, MD, Ascent Meditech.
“Our target is to achieve topline of ₹600 crore in four years and we are on track. We are shifting from Silvassa to this integrated facility which will go into operation in April 2021.”
“In FY21, the growth will be impacted due to Corona but we will still have 10% growth. From next year we expect steady growth,” he said.
Considering the current situation, the company recently introduced face masks and sanitisers to broad- base its product offering. It has also unveiled a new advertising campaign.