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CIEL HR Services expects revenue of Rs 450 crore this fiscal

CIEL HR Services expects revenue of Rs 450 crore this fiscal
outlookindia.com
1970-01-01T05:30:00+0530
Chennai, July 29 (PTI): Human resources service firm

CIEL expects a revenue of Rs 450 crore this financial year

and plans to raise between Rs 50 crore and Rs 75 crore to

meet the capital requirements, an official of the company

said on Thursday.

The city-based company also plans to enter the capital

market in 2023-24, founder of CIEL ''Ma Foi'' K Pandiarajan

told reporters.

Pandiarajan, a former Minister, said the company reported

a revenue of Rs 306 crore last year.

CIEL, started in August 2016, was growing at a compounded

annual growth rate (CAGR) of 127 per cent. The company made a

revenue of Rs 306 crore last year, he said.

"I took over as the chairman of CIEL HR services after

its management met on Wednesday," said the former Minister.

"We intend to sustain a CAGR of 100 per cent over the

next five years and we plan to achieve that through a public

issue by 2023-end or at the beginning of 2024," he said.

"This financial year, we are expecting to make a revenue

of Rs 450 crore and we intend to focus on manufacturing and

logistics besides IT service and consumer segments," he said.

Pandiarajan launched the Ma Foi HR services firm in the

1990s and started the CIEL HR Services in 2016.

PTI VIJ

NVG NVG


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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