Chemical manufacturer Rossari Biotech eyes 10-12% revenue growth in FY24

Mumbai-based specialty chemical manufacturing company Rossari Biotech is targeting revenue growth of 10-12% for the current financial year (FY24). In an interview with CNBC-TV18, Sunil Chari, Co-founder & MD of Rossari Biotech, said the company is keeping a conservative approach due to the uncertainties in the world market, particularly the ongoing shipping crisis. Despite these challenges.

Currently, the textile sector contributes about 20% to the company's total sales. Chari said despite a decline in raw material prices affecting sales, the volumes have improved compared to the previous year. Rossari Biotech is optimistic about the textile market's future and has aggressive plans for expansion in this sector.

The company's laboratory at IIT Powai has been a hub of innovation, consistently launching new products. Chari sees substantial growth possibilities stemming from these innovations. He also anticipates positive developments in its Bangladesh business.