Smart Card IT targets Rs 4,000 cr revenue by 2020

By | May 12, 2017

Smart Card IT targets Rs 4,000 cr revenue by 2020

Mumbai based Smart Card IT Solutions expects four fold growth in business to about Rs 4,000 crore by 2020 on account of digitisation drive in the country.

“We have charted growth vision for 2020. As per our road map, we are expecting to have our top line growth at around Rs 4,000 crore by 2020,” Smart Card IT Solutions (SCIT) Chairman and MD Deven Mehta told PTI.

SCIT manufactures smart cards for telecom, banking and government verticals in India like kisan credit card, driving licence etc. Currently, the company has a production capacity of 1.2 million cards per day.

The company has two facilities in Pune and an upcoming super factory in Navi Mumbai. The combined capacity in Pune is 400 million cards per year.

Mehta, who is also an angel investor in various companies, said the smart card market in India is estimated to be around Rs 3,000 crore at present, which is expected to grow five fold to around 15,000 crore in next 3-4 years with major push from the government, banking and telecom vertical.

“We ended march 2016 with Rs 275 crore but major expansion happened in last six months. Based on the expansion that we have done, my turnover for this fiscal would be Rs 1,000 crore. This will only because of banking, telecom, driving licence and other smart card,” Mehta said.

Smart Card IT is doubling capacity of its smart card manufacturing in the country for banking vertical.

“We are investing Rs 200 crore to expand out smart card manufacturing unit for banking business. The expansion would be complete in one year,” Mehta said.

He said that the government plans to issue Aadhaar enabled smart card to senior citizen, issue of smart chip embedded passports and demand from state governments are going to be major driver for smart card business.

“Government has plans to issue electronic chip embedded e-passports. There are two tenders for it — one is for foreign players for 15 million passports and other of 7.5 million for Indian firms. We have tied up with Germany based Smart Trek which is eligible to bid for 15 million passport tender. SCIT is confident of getting business in both tenders,” Mehta said.

Mehta said that he has requested Prime Minister Office for giving preference to firm which can make e-passport in the country under its objective to promote ‘Make in India’.

“The 15 million passport tender does not has Make in India clause. I have written to the Prime Minister demanding that in 15 million passport tender, indigenous players should be given preference. We have set up facility here and also expanding it. I believe that such clause will be made part of the big passport tender,” Mehta said.

He also said that the government push to promote local manufacturers will add to SCIT business.

Source: Money Control

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