Nitin Fire Protection Industries expects Rs 1,000-crore turnover this fiscal

MUMBAI: Nitin Fire Protection Industries, the country's leading provider of fire protection solutions, said it expects to close the current fiscal with a turnover of Rs 1,000 crore.

The Mumbai-based company said it has added inert gas products to its portfolio and secured international approvals for the new range of products based on it. The company, which recently set up a subsidiary in the UK, is "actively" planning an acquisition in the US. It has also hired senior executives from global competitors with experience in these new geographies. "Revenues from all these initiatives will start showing from the current quarter," Nitin Shah, chairman and managing director at Nitin Fire, said in an exclusive interaction with ET.

The company reported a net profit of Rs 55 crore on a turnover of Rs 669 crore in the nine months to December 2013. "We are set to achieve a $1 billion turnover in the next five years," Shah said. Partho Roy, chief marketing officer at Nitin Fire, said: "We are now the world's only company to offer all possible types of products in fire protection such as inert gases, chemical gases or water."

The company has generated around 10% returns in the last six months. Over this period, foreign institutional investors raised stake in the company to 13.9% from the earlier 13.5%. "The company's business is working capital-intensive and dependent on timely product approvals, which will be key hurdles ," said Nilesh Karani, vice-president at Magnum Broking.