Vikas Ecotech Board Approves Debt Reduction Program Phase-II Marching Towards Zero Debt Regime

New Delhi (India), January 26: BSE (560961)& NSE (VIKASECO) listed Vikas Ecotech Ltd an emerging player in the global arena of the high-end speciality chemicals players, offering eco-friendly and technologically superior products to the world, has announced that on persistence and support extended by the promoters of the Company, it has initiated 2nd Phase of the Debt Reduction Program, wherein overall bank debt shall further get reduced by another 20% from the peak exposure. Rs. 100 million has been paid back already, and another minimum Rs. 250 million shall be paid before the close of this quarter (Q4_FY22).

After completion of both these phases, bank debt shall get reduced by approx. 40% from the peak exposure, paving the way towards becoming a ‘ZERO debt company’ in the next financial year i.e. 2022-23 Recently, Vikas Ecotech had informed exchanges that it has been diversifying to newer markets with innovative products.

As a measure of backward integration, the Company has commissioned a Steel Pipe Fittings plant, which after trial production, went into commercial production  almost 2 months ahead of schedule.

With increasing economic activities and governments thrust on infrastructure development, there is a huge demand for fittings by all major steel tube manufacturers like APL Apollo, Jindal, Hi-tech, etc. They prefer sourcing from the vendors who have inhouse steel tube fitting manufacturing facilities.

Considering it as a long-term opportunity, which not only enhances the company’s revenues, product basket, profitability but also mitigates concentration risk, the company has successfully bagged commercial-scale orders. Since the production of fittings and their supplies are much ahead of their scheduled targets, Vikas is expecting a good revenue contribution of this newly added business segment.

The company has been most recently empanelled as an approved vendor with the U.P. State Horticultural Co-Operative Marketing Federation (HOFED), a UP Govt. Enterprise.

It’s the first of its kind of empanelment for Vikas Ecotech that too alongside other industry conglomerates like Supreme Industries, Advance Biocare, Stellar Polyplast etc.

Enhancements in Intellectual Property: Successful registration of a patent for the use of Nano CaCO3 in Plastic & Rubber Compounds The company’s ultra-modern latest state of the art R&D laboratory undertook research for Nano Composites and their use in the plastic and rubber industry, the company has filed a patent for the use of Nano Calcium Carbonate (CaCO3) as a multi-role additive and modifier.

Leave a Reply

Your email address will not be published.

Business

Asian Granito India Ltd reports Consolidate Net Profit of Rs.91.8 crore, Cons. Net Sales of Rs.1563.8 crore in FY 22

Mr Kamlesh Patel, CMD and Mr Mukesh Patel, MD, Asian Granito India Ltd  Company recommends 7.00% dividend, Rs. 0.70 per share for FY 22; Led by volume growth and higher realization, company reported its highest ever Yearly Sales, EBITDA and Net Profit for the FY ended 31stMarch 2022  FY22 Results Highlights:– (Consolidated) ·         Net Profit […]

Read More
Business

MSME Home Textile Sector Deeply Impacted With Spiralling Cotton Yarn Prices

Mumbai (Maharashtra) [India], May 26: Prospects for the Home Textile Sector to achieve the target set this year is extremely difficult despite the fact that the Industry had opened up entirely after the second wave of the Covid-19 Pandemic. The Home Textile Sector mainly comprises MSMEs. The Government of India has been highly Supportive. It […]

Read More
Business

Empyrean Cashews betting big on growth

Mumbai, May 25: Empyrean Cashews Limited, a leading firm engaged in processing raw cashew nuts into finished cashew kernels with different grades and flavours aim to create a strong brand presence and hence is planning to set up 4 COCO outlets in Goa in Q2 FY23. In a bid to capture higher retail customers, the company is planning […]

Read More