Indian News Maker Business Pashupati Group leads the charge in renewable energy and sustainability initiatives

Pashupati Group leads the charge in renewable energy and sustainability initiatives

Ahmedabad (Gujarat) [India], June 29:  In an era marked by significant environmental challenges, Ahmedabad based Pashupati Group has positioned itself at the forefront of environmental conservation and sustainability. Under the strategic leadership of founder and promoter Mr. Saurin Parikh, the group’s groundbreaking initiatives in solar and wind energy underscore its steadfast commitment to a sustainable future.

  • Solar initiatives generate approx. 19 mn units/year whereas wind energy projects contribute 17 mn units/year
  • Focusing on sustainability and quality, Pashupati is committed to creating a responsible supply chain with its “Farm to Fabric” approach

Acknowledging the urgent need to address global environmental issues, Pashupati Group has invested significantly in renewable energy, installing 2.7 MW of rooftop solar panels and a 9.5 MW ground-mounted solar project, generating 19 million units of green energy annually. Additionally, the group has established a 2.7 MW Hybrid Wind and Solar project and a standalone 2.7 MW windmill, producing 17 million units of green energy each year. These initiatives significantly reduce reliance on non-renewable energy sources and set a standard for corporate environmental responsibility.

Elaborating the initiatives of the group, Mr. Saurin Parikh, Founder and Promoter, Pashupati Group said, “These solar projects transcend energy generation, setting a benchmark for corporate environmental responsibility. The integration of wind energy not only enhances energy efficiency but also ensures a stable and substantial energy output, aligning with the company’s strategic objectives of sustainable power utilization. These initiatives are vital in mitigating the environmental impact of industrial operations.”

Pashupati Group is a leader in sustainable fiber production, working with over 50,000 farmers across 46 villages. The group cultivates more than 25,000 acres of land, producing over 11,000 metric tons of raw cotton. This extensive network underscores Pashupati Group’s commitment to sustainability and quality in the fiber industry.

Pashupati is committed to creating a responsible supply chain with its “Farm to Fabric” approach, focusing on sustainability and quality. The group emphasizes best practices in cotton farming, ensuring the production of high-quality, sustainable cotton. Pashupati aims to offer economically priced, premium cotton cloth while maintaining zero emissions through its solar and wind energy projects. The company’s clientele includes major global brands like IKEA and Primark.

Pashupati Group Green Projects

The company collaborates with farmers and producer organizations to enhance sustainable cotton production and provides necessary training. The company adheres to global initiatives and standards, such as the Better Cotton Initiative, Primark Sustainable Cotton Program, Global Organic Textile Standard, and regenerative organic agriculture, to source and produce sustainable fabric.

Pashupati Cotspin Ltd, the flagship company of the Pashupati Group, has announced robust financial results for H2 and FY2024. For the six-month period ended March 31, 2024, the company reported a 141% increase in net profit, reaching Rs. 8.08 crores, compared to Rs. 3.35 crores for the same period in the previous year. Total income for H2FY24 grew by 48%, amounting to Rs. 402.87 crores, up from Rs. 271.86 crores in H2FY23. The company also reported an EPS (Diluted) of Rs. 5.29 for H2FY24, a significant rise from Rs. 2.20 in the same period last year.

For the financial year ended March 31, 2024, Pashupati Cotspin Ltd recorded a 114% year-on-year increase in net profit, totalling Rs. 8.30 crores, compared to Rs. 3.87 crores in the previous fiscal year. Total income for FY24 also saw a 48% growth, reaching Rs. 669.09 crores, up from Rs. 451.87 crores in FY2023. The EPS (Diluted) for FY24 was reported at Rs. 5.43, compared to Rs. 2.54 in the previous year. The company has recommended a final dividend of Rs. 0.75 per equity share (7.50%) for the financial year ended May 31, 2024.

Pashupati Group is dedicated to comprehensive environmental management alongside its renewable energy initiatives. The group utilizes advanced waste management techniques to reduce greenhouse gas emissions and recycle waste, including converting biological waste into 35,000 kg of fertilizer annually. Additionally, the company focuses on water conservation through rainwater harvesting and wastewater treatment. It also promotes biodiversity by planting over 2,000 trees on its campus.

The group prioritizes sustainability, governance, and social responsibility through various initiatives, including community outreach, cancer awareness, education support, and employee welfare. Additionally, the group’s animal welfare programs exemplify its comprehensive approach to corporate social responsibility. It’s relentless focus on renewable energy and sustainability sets a powerful precedent for industries worldwide. Under Saurin Parikh’s leadership, the group continues to drive a future where economic growth and environmental stewardship are mutually inclusive.

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