Categories: Business

GX Group expects 66% revenue growth to Rs 500 crore in 2 years, to double exports

NEW DELHI: Telecom gear maker GX Group expects its revenue to grow by 66 per cent to Rs 500 crore by financial year 2026, on account of growth in domestic business as well as exports, a top company official has said. The company makes Gigabit Passive Optical Network (GPON) gears that are required to run fibre-based broadband networks. GX Group also makes routers and switches as well as Internet of Things (IoT) devices in India.
GX Group CEO Paritosh Prajapati told PTI that the company is looking to expand its manufacturing unit in India with an investment of Rs 100 crore in the current financial year.
According to him, benefits from the telecom production-linked incentive (PLI) scheme are one of the key growth drivers for the company.
“We have achieved a 40 per cent year-on-year (YoY) growth in consecutive years, supporting us to grow from a Rs 300 crore to a Rs 500 crore company within the next two financial years.
“We are planning to build India as our Global hub, therefore, we are transferring technology and knowledge and investing in our new research and development centre in Chennai,” Prajapati said.
GX Group was the first telecom gear maker to meet PLI targets and receive the incentives from the government.
“We anticipate a 120 per cent export increase to major telcos in Africa, Europe and South East Asian countries, primarily by shifting from software to hardware export,” Prajapati said.
He said that GX Group production capacity has increased nearly five times since the day of the inception of our manufacturing facility.
“This financial year we are looking around and finding a facility. It will cost around Rs 100 crores, for the land, machinery and building.
“We are growing our production capacity to support new markets, along with new product lines where the new facility is under evaluation. Here we are in talks with State governments like Gujarat, Tamil Nadu and UP for the best possible access to the export market, along with skilled manpower availability,” Prajapati said.
When asked about local value addition, he said that the company is increasing local value addition to enable it to reduce cost and timely delivery of products.
“We believe in growing together, and to that end, we are partnering with SMEs and sub-vendors for consumables and raw materials and by training them with our European Union manufacturing team, we aim to build an ecosystem focused on components for broadband equipment to become Atmanirbhar,” Prajapati said.
AD
News Today

Recent Posts

Kareena Kapoor’s Next Untitled Film With Meghna Gulzar Gets Prithviraj Sukumaran On Board

Kareena Kapoor is working with Raazi director Meghna Gulzar for her next film. The project,…

2 weeks ago

Purdue basketball freshman Daniel Jacobsen injured vs Northern Kentucky

2024-11-09 15:00:03 WEST LAFAYETTE -- Daniel Jacobsen's second game in Purdue basketball's starting lineup lasted…

2 weeks ago

Rashida Jones honors dad Quincy Jones with heartfelt tribute: ‘He was love’

2024-11-09 14:50:03 Rashida Jones is remembering her late father, famed music producer Quincy Jones, in…

2 weeks ago

Nosferatu Screening at Apollo Theatre Shows Student Interest in Experimental Cinema – The Oberlin Review

2024-11-09 14:40:03 A silent German expressionist film about vampires accompanied by Radiohead’s music — what…

2 weeks ago

What Are Adaptogens? Find Out How These 3 Herbs May Help You Tackle Stress Head-On

Let's face it - life can be downright stressful! With everything moving at breakneck speed,…

2 weeks ago

The new Mac Mini takes a small step towards upgradeable storage

Apple’s redesigned Mac Mini M4 has ditched the previous M2 machine’s SSD that was soldered…

2 weeks ago