Thursday, July 18th, 2024

Gujarat Raffia Industries Ltd forays entry in Solar

Export grows 25% in FY22-23 to Rs. 10.33 crore; Company aims to increase export to 40% of total business

Gandhinagar (Gujarat) [India], December 26: Gujarat Raffia Industries Ltd (GRIL), a leading manufacturer and exporter of HDPE Tarpaulins, Plastic Sheeting, and Ground Sheeting is eying foray in the solar power. Along with expanding capacity in its core business and expanding export footprints, company is working on plans to foray in solar energy. Company in its annual report of 2022-23 has mentioned that company has raised borrowing for purchase of Machinery and Solar plant

Established in 1984, Gujarat Raffia Industries Limited is one of the major manufacturers of PE Tarpaulin, Plastic Sheeting, Ground Sheeting, Geomembrane, Tents, Shelters, Pond Lining, Canal Lining, Fumigation cover, HDPE Woven Bags, PP Woven Bags, Vermibed and Ropes etc. Company’s plants have all the latest manufacturing facilities and have top quality measures for good working environment. The products that company offer like Tarpaulins, Tents, Geomembrane, Vermibed, Agro sheets, Fumigation covers, PP Bags etc. are completely maintenance free.

For FY22-23 company reported export turnover of Rs. 10.33 crore, over 25% jump from exports of Rs. 8.23 crore reported in FY21-22. The Company has successfully initiated its efforts for increasing exports and has set a target of exporting more than 40% of its production. Company currently exports to countries including USA, UK, Israel, Yemen, Hungary, Romania among others.

Company has a state-of-the-art manufacturing facility located in the lush green industrial area on a land measuring 26000 Sq. yards. The plant is also well conncted with proximity to major Sea ports. By adopting world class technologies in manufacturing, quality control and R&D company have strengthened our product portfolio ever since its inception in 1984. Also company is well equipped with latest testing laboratory and R & D Centre to ensure quality of products we deliver to our valued customers.

The HDPE/PP woven Sacks/ Bags industry as a whole will be benefited by relaxation of Jute Mandatory and Packaging order subject to which will be enable Food Corporation of India and other agencies to pack of food grains in HDPE/PP Bags. HDPE/ PP Bags sector is the biggest sector in India for packaging.

For FY22-23, company reported total income of Rs. 41.28 crore and earned net profit of Rs. 1.03 crore. Promoter Group holding as on September 2023 stands at 39.56%.

In spite of economic slowdown, the company is quite positive of better results as the Company has sizable presence in fertilizer and agriculture sector. The opening up of food grains sector will enable the woven sacks industry to see better times again. Company has completed expansion work at the plant which has increased its production capacity. We are expecting growth in Domestic market for Tarpaulin, fabric and sacks also.

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