Growington Ventures India Ltd aims for a strong growth going forward

PNN

Mumbai (Maharashtra) [India], May 15: Mumbai based BSE listed company Growington Ventures India Limited (BSE - 539222) promoted by CA Vikram Bajaj aims for a strong growth momentum in the time to come. Company has posted excellent results for the Q3 & Nine months of FY24 ended December 2023 is expected to continue the growth momentum going forward.

Highlights:-

* November 2023, Company was migrated to main board of BSE Ltd from SME Platform of BSE.

* Company has sub-divided equity share with Rs. 10 face value in to 10 shares of Rs. 1 face value

* Company has recently incorporated a wholly owned subsidiary - Elementures Foodstuff Trading L.L.C, Dubai, U.A.E.

* Company is engaged in the business of supply chain from import of Fresh Fruits and distribution to corporate in hospitality and E-commerce with brand named as "GROWFAMIO"

For Nine months of FY24, company posted total revenue of Rs. 23.81 crore, 163% growth Y-o-Y as compared to revenue of Rs. 9.04 crore in nine months of FY23. Net Profit during nine months of FY24 surged 328% to Rs. 1.75 crore as against net profit of Rs. 40.88 lakh in the corresponding period last year.

In November 2023, Company was migrated to main board of BSE Ltd from SME Platform of BSE. Company also received the shareholders' approval for the same. Company in the board meeting dated July 15 had approved the migration of listing/trading of equity shares of the company from SME platform of BSE to main board of BSE Ltd. The resolution was passed through postal ballot by the shareholders.

Company has sub-divided its equity share having face value of Rs. 10 each, fully paid-up into 10 equity shares having face value of Rs. 1 each fully paid-up, as approved by the shareholders through Postal Ballot on January 17, 2024. Company had fixed January 31, 2024 as the Record Date for the stock split.

Growington Ventures Ltd is engaged in the business of supply chain from import of Fresh Fruits and distribution to corporate in hospitality and E-commerce. The Company is professional managed with the vision to serves the fresh fruits in pan India market by sourcing of fruits from farms with tie up in Turkey, Vietnam, South Africa, Greece, Chile etc. Company's USP is to source the fresh fruits from farm with quality check with international standard packaging and quick logistic facility to deliver finest of quality fruits to valued customers. We have developed the goodwill and brand for quality fruits. The Company has established a brand named as "GROWFAMIO"

Company has wide portfolio of fruits like Apple, Orange, Mandarin, Pear, Kiwi, Dragon Fruit, Avocado, Red Globe Grapes, Plum, Nectarines, Peaches, Cherries, Blueberries, Grape Fruit, Mangosteen, Ram Bhutan, Longan, Dates, Tamarind, Dates and so on. Considering the health awareness and life style of Indian public, demand for variety of imported fruits has increased such as avocado, blueberry & dragon fruits. Company has created a highly Competent, Strong Procurement & Distribution Support team within and outside the India.

Company in the current financial year has incorporated a wholly owned subsidiary - Elementures Foodstuff Trading L.L.C, Dubai, U.A.E. Company is engaged in sourcing of fresh fruits from Turkey, Vietnam and South Africa, has made arrangement and tie up with agri Commodity Company based in Vietnam for regular supply of Dragon fruits, Coconut, Guava, Lime and other agri product from 1st quarter of Calendar year 2024.

Company has tied up with Vietnam & Turkey based company to source fresh fruits on long term basis. It is also planning to do a long-term business in Joint Venture with Company of Vietnam. It has developed the regular customers in India to provide regular supply in Wholesale Market, Retail Stores, Hotels, Chain of Restaurant and online distributors of fresh fruits.

Considering the growth in business, management has plans for business expansion by having leased cold storage facility and setting up of Fruit Processing and Packaging nearin MIDC, Navi Mumbai. It has plans to become supply chain partner to cater company like Reliance, Big Basket, Godrej Fresh, More, Amazon and others for fruits, spices powder under own brand name.

For the FY23, company has reported multi-fold growth in the business. Sales for FY23 grew to Rs. 19.63 crore as compared to sales of Rs. 1.23 crore in FY22. Company earned net profit of Rs. 1.26 crore as compared to loss of Rs. 3 lakh in FY22. Company has performed well post covid and also declared bonus shares (24:100) in March 2023.

In January 2024, Company has issued the resolution and has given his consent to its Debtor Yaduka Agrotech Private Limited for the Scheme of Amalgamation of Yaduka Agrotech Private Limited with Deboshmita Constructions Private Limited, Fastwheel Roadlines Private Limited, Forward Carriers Private Limited, Srijita Constructions Private Limited, Karunanjali Transports Private Ltd.

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