Gujarat Raffia Industries Ltd forays entry in Solar

Gujarat Raffia Industries Ltd, a leading manufacturer and exporter of HDPE Tarpaulins, Plastic Sheeting and Ground Sheeting is eying foray in the solar power. As per the release, along with expanding capacity in its core business and expanding export footprints, the 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.

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 enable Food Corporation of India and other agencies to pack food grains in HDPE/PP Bags. The HDPE/ PP Bags sector is the biggest sector in India for packaging. 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 connected with proximity to major Sea ports. By adopting world class technologies in manufacturing, quality control and R&D companies have strengthened product portfolio ever since its inception in 1984. Also the company is well equipped with the latest testing laboratory and R & D Centre to ensure quality of products.

For FY22-23 the company reported export turnover of Rs. 10.33 crore, over 25% jump from exports of Rs. 8.23 crore reported in FY21-22. Company reported total income of Rs. 41.28 crore and earned net profit of Rs. 1.03 crore in the Fy 22-23. Promoter Group holding as on September 2023 stands at 39.56%. The Company has successfully initiated its efforts for increasing exports and has set a target of exporting more than 40% of its production.

In spite of the economic slowdown, the company is quite positive of better results as the Company has a sizable presence in the fertilizer and agriculture sector. The opening up of the 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.