The Pashupati Group is leading initiatives in renewable energy and sustainability

PNN

Ahmedabad (Gujarat) (India), June 29: In an era marked by severe environmental challenges, Ahmedabad-based Pashupati Group has emerged as a leader in environmental protection and sustainability. Under the strategic leadership of founder and promoter Saurin Parikh, the group’s groundbreaking initiatives in solar and wind energy underscore its unwavering commitment to a sustainable future.

* Solar initiatives generate about 19 million units per year, while wind energy projects generate 17 million units per year

* With a focus on sustainability and quality, Pashupati is committed to creating a responsible supply chain with a “Farm to Fabric” approach

Recognizing 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. In addition, the group has established a 2.7 MW wind-solar hybrid project and a 2.7 MW stand-alone wind project, producing 17 million units of green energy annually. These initiatives significantly reduce dependence on non-renewable energy sources and set the standard for corporate environmental responsibility.

Elaborating on the group’s initiatives, Saurin Parikh, Founder and Promoter, Pashupati Group, said, “These solar projects go beyond power generation to set the standard for corporate environmental responsibility. Integration of wind power not only increases energy efficiency but also ensures stable and substantial power generation, in line with the company’s strategic goals for sustainable energy use. These initiatives are key in mitigating the environmental impact of industrial activities.”

Pashupati Group is a leader in sustainable fiber production, working with over 50,000 farmers in 46 villages. The group farms over 25,000 acres of land and produces over 11,000 tons of raw cotton. This extensive network underlines the Pashupati Group’s commitment to sustainability and quality in the textile industry.

Pashupati is committed to creating a responsible supply chain through a 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 the highest quality cotton fabrics at an affordable price, while maintaining zero emissions through solar and wind energy projects. The company’s clients include some of the world’s biggest brands, such as IKEA and Primark.

Green projects of the Pashupati Group

The company works with farmers and producer organizations to increase sustainable cotton production and provides the 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 farming to source and produce sustainable fabric.

Pashupati Cotspin Ltd, the flagship company of Pashupati Group, has announced solid financial results for the second half of the financial year and fiscal 2024. For the six-month period ended March 31, 2024, the company reported a 141 percent increase in net profit to reach Rs 8.08 crores, as compared to Rs 3.35 crores for the same period in the previous year. Total revenue for the second half of fiscal 2024 increased by 48 percent to reach Rs 402.87 crores, compared to Rs 271.86 crores in the second half of fiscal 2023. The company also reported earnings per share (diluted) of Rs 5.29 for the second half of FY2024, which is a significant increase from Rs.2.20 during the same period last year.

For the financial year ended March 31, 2024, Pashupati Cotspin Ltd has reported a 114 per cent year-on-year growth in net profit at a total of Rs. 8.30 crore as compared to Rs. 3.87 crores in the previous fiscal year. Total income for FY24 also registered a 48 per cent growth at Rs. 669.09 crores as compared to Rs. 451.87 crores in FY23. EPS (diluted) for FY24 stood at Rs. 5.43 as compared to Rs. 2.54 a year earlier. The company has recommended a final dividend of Rs. 500 thousand 0.75 per share (7.50%) for the financial year ending May 31, 2024.

Pashupati Group, in addition to its renewable energy initiatives, is involved in comprehensive environmental management. The group uses advanced waste management techniques to reduce greenhouse gas emissions and recycle waste, including converting biological waste into 35,000 kg of fertilizers per year. The company also focuses on water conservation through rainwater harvesting and wastewater treatment. It also promotes biodiversity by planting over 2,000 trees on its premises.

The Group focuses on sustainability, governance and social responsibility through various initiatives including community outreach, cancer awareness, educational support and employee well-being. Additionally, the Group’s animal welfare programs are an example of its comprehensive approach to corporate social responsibility. Its continued focus on renewable energy and sustainability sets a strong precedent for industries around the world. Under Saurin Parikh’s leadership, the Group continues to drive a future where economic growth and environmental protection are mutually inclusive.

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