Gravita India has installed a total of 1,300 KW of Solar Energy Generation systems at its manufacturing facilities situated in India.

This solar installation is expected to generate nearly 20 Lakh KWh of energy per year and reduce carbon emissions by around 1,550 tonnes per year. This solar installation will fulfill 7-8% of Gravita Group total energy requirement.

The Company has incurred capital expenditure of approximately Rs 6 crore for installing this solar system which has been funded through by internal accruals.

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Net profit of Gravita India rose 93.63% to Rs 41.34 crore in the quarter ended March 2022 as against Rs 21.35 crore during the previous quarter ended March 2021. Sales rose 52.04% to Rs 666.39 crore in the quarter ended March 2022 as against Rs 438.30 crore during the previous quarter ended March 2021.

For the full year,net profit rose 165.66% to Rs 139.39 crore in the year ended March 2022 as against Rs 52.47 crore during the previous year ended March 2021. Sales rose 57.18% to Rs 2215.87 crore in the year ended March 2022 as against Rs 1409.75 crore during the previous year ended March 2021.

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Gravita India announced that its step-down subsidiary in Ghana, Recyclers Ghana has started commercial production and recycling of waste rubber with an annual capacity of around 6,000 MTPA. The company has incurred an expenditure of Rs 3.80 crore for setting up the facility which has been funded through internal accruals.

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Gravita India will hold a meeting of the Board of Directors of the Company on 19 May 2022.

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