Biofuel manufacturer and supplier Jiya Eco Products on Thursday said it will soon commence operation of its new pellet facility in Gandhidham, Gujarat.
Spread over three acres, the new facility has a total capacity of 54,400 tonnes per annum and will initially have a capacity utilisation of 35 per cent, it said in a statement.
The company manufactures quality biofuel briquettes and pellets from agricultural and forest waste, which are used as substitutes for commonly used fossil fuels like coal, charcoal, firewood, diesel, LPG and CNG.
"We remain bullish about the future of biofuels as a cost efficient, sustainable and cheaper alternative. Keeping in line with this bright outlook, we have outlined exciting expansion plans including a new manufacturing facility, expanding to newer domestic markets and export opportunities," Jiya Eco Products Managing Director Bhavesh Kakadiya said.
To increase company's topline, Jiya Eco said it is looking at exploring new domestic markets through franchise route and export opportunities.
The company is targeting 10 per cent jump in its topline on year-on-year basis to Rs 235 crore in the 2019-20 fiscal with sale volume of 2.55 lakh tonnes.
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In the first quarter of this fiscal, the company posted a net profit of Rs 7.46 crore as against 6.14 crore in the year-ago period.
Total income rose by 10 per cent to Rs 52.58 crore from Rs 47.63 crore in the said period, the company added.