Methodex Systems diversifies into new verticals.
24042013
Methodex Systems diversifies into new verticals.
Accelerates expansion plans for the next five years
New Delhi, April 24, 2013: India’s leading diversified solutions company for banks, offices and commercial establishments, Methodex Systems Ltd. today announced the company’s diversification into new verticals and business expansion plans. With a business heritage of 53 years and highly credible experience in physical security products, fire resistant equipment, currency handling products, office furniture and high end educational products – Methodex Systems Ltd. now moves into Design Consultancy-“Kaavin”, a logical extension of their successful service offering of turnkey project implementation. With this Methodex adds another line of services where space design ties in with the company’s proven expertise in turnkey interiors solutions for various sectors including commercial, retail, institutions and office.
Commenting on the launch of the new design consultancy vertical Priytosh Wali, CEO Methodex Systems Ltd. said “With Kaavin we are now well positioned to provide end-to-end solutions to clients right from conceptualization to execution. Our decision to move into this service vertical was based on very encouraging data received from recent market surveys that clearly indicated the huge market potential for such design consultancy service. The new service offering will undoubtedly give us a definitive edge over competition and enable us to grow our market share and catapult us into a much bigger league”.
Present in 75 locations with 39 branches across the country, Methodex aims to be aRs1000 plus crore Company by the year 2020. Currently debt-free, the company plans to currently fund its proposed expansion through internal accruals and tap the equity market at a later date, if required. Manufacturing at its existing manufacturing units is to be stepped up by adding new production lines at its latest state of the art facilities at Indore and Pithampur in Madhya Pradesh. In the near & medium-term, the company is looking at organic growth with expansion in their core business segments planned for the next phase.
Regarding the company’s expansion Mr Priytosh Wali went on to add “The growth impetus started 3 years ago and in this time span Methodex doubled its turnover crossing INR 200 crore ( March ’13). Our thrust in the last few years has been to effectively chart out new growth paths and pursue opportunities vigorously. Recently, we have witnessed robust growth in our Banking sector products and similarly the company has been actively working with retail chains – from malls to high street retail and standalone stores and presently in the process of strengthening operations and focusing on large formats in the commercial and retail space. We expect to cash in on greater demand here too, especially now with the addition of Kaavin. Our renewed vision and commitment are already beginning to show positive outcomes and I am confident that despite the challenging economic environment Methodex will continue doubling its turnover every three years”.
The demand for Methodex’ Physical Security Equipment for the Banking sector – Safes, Bank Lockers, Strong Room Doors etc to banks, the sophisticated Note Counting, Sorting & Fraud Detection equipment has grown exponentially partially fuelled by Government policy of financial inclusion the RBI directive for compulsory usage of Note Sorting Machines by banks . The new banking licenses that are to be issued will also provide an added impetus to this business vertical.
About Methodex Systems Limited:
Methodex Systems Limited, an ISO 9001:2008, ISO 14001: 2004 and OHSAS 18001:2007certified Company, set up in 1960, is a professionally managed organization engaged in manufacturing, supplying, distributing and retailing of physical security products, office furniture, interactive workspaces, school furniture, currency handling machines and turnkey interiors. Methodex was co-founded by late Mr. S.N. Katariya and Mr. H.O Gandhi through a partnership company called Methodex Business Systems, with a manufacturing unit at Indore, M.P. Since its inception Methodex has strived to achieve excellence by providing total solutions to its customers
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