Goodluck India Limited, on Sunday inaugurated its hydraulic tubes manufacturing plant on September 15, 2024 having an installed capacity of 50,000 MT at Bulandshahr in Sikandrabad at an estimated investment of over Rs 200 crore.
The hydraulic tubes, which will find applications in construction machinery, light commercial vehicles and other industrial equipment, will act as a replacement for seamless tubes and help substitute imports.
M. C. Garg, Chairman & Managing Director, Goodluck India Limited, noted that the greenfield project, which will commence trial production immediately and commercial production tentatively scheduled in the first week of January next year, is likely to shore up the company’s revenues as there is a high demand for indigenously manufactured hydraulic tubes and there not too many players in the segment at present. The project will be completely funded through internal accruals.
Hydraulic tubes, being a very specialised and niche product, will command a premium and help shore up the company’s margins. The company is also looking to export nearly 40 per cent of its total production from the plant in markets such as US and Europe where there is a good demand.
“The project is a step in line to become a billion-dollar company in the next three-to-four years,” he added.
For the year ended March 31, 2024, Goodluck India’s total revenues stood at Rs 3524.78 crore and reported a profit after tax of Rs 130.54 crore.