Growington Ventures India Ltd aims for a strong growth going forward

Business MInutes

Mumbai based BSE listed company Growington Ventures India Limited  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. As per the release, 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. Growington Ventures Ltd  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. The Company has established a brand named as “GROWFAMIO”

Company in the current financial year has incorporated a wholly owned subsidiary - Elementures Foodstuff Trading L.L.C, Dubai, U.A.E.  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 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 near in 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.

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