PNN
New Delhi [India], January 24: Responsive Industries Limited a leading name in the world of innovative solutions, has announced its selection as a key partner for several prestigious hospitality and other projects currently under construction in the holy city of Ayodhya. The Company anticipates a significant positive impact on its revenue as a result of these partnerships.
In another filling to exchange, Company has informed that Board of Directors is scheduled to meet on Monday, February 05, 2024, inter alia, to consider and approve the Unaudited Financial Results (Standalone and Consolidated) of the Company for the third quarter and nine months ended December 31, 2023.
Responsive Industries has emerged as strong player in Railway sector recently. Co has recently secured a contract for the Garib Rath initiative from the Indian Railways. Prior to this, the company secured orders from Indian Railways for the 'Vande Bharat' Project.
Responsive Industries is a leading manufacturer of PVC products and one of the company's products is Luxury Vinyl Plank (LVP), a 100% waterproof flooring solution that mimics the appearance of wood and tile while replacing traditional materials like laminate, hardwoods, engineered woods, carpet, and ceramic tiles.
According to company, the global vinyl flooring market is valued at US$45.1 billion in 2022 and growing at a CAGR of 12%, is projected to reach US$65.6 billion by 2027. This growth is attributed to factors such as increasing consumer demand for residential floorings, rising purchasing power, technological advancements, and the cost-effectiveness and longevity of vinyl flooring.
Amid this backdrop, the company aims to capture a 3% global market share, targeting revenue potential growth from US $70 million in FY22 to US$185 million by 2027.
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