Gandhinagar manufacturer ventures into solar energy
Gujarat Raffia Industries Ltd (GRIL) has set a target of exporting more than 40% of its production, having established markets in the US, the UK, Israel, Yemen, Hungary, and Romania among others.
For FY22-23, the Gandhinagar company reported export turnover of Rs.10.33 crore, over 25% jump from Rs.8.23 crore exported in FY21-22.
Along with expanding capacity in its core business and expanding export footprints, GRIL said on 25 Dec that it is working on plans to foray in solar energy, having raised borrowing for purchase of machinery and plant.
By adopting world class technologies in manufacturing, quality control and R&D, GRIL has strengthened product portfolio ever since its inception in 1984.
For FY22-23, the company reported income of Rs.41.28 crore and 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 it 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,” said the company which has completed expansion work at the plant recently.
GRIL makes 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. fiinews.com
