GROWiT reported a 27.6% increase in revenue, reaching Rs 35.05 crore in FY24, up from Rs 27.47 crore in FY23.
Founded in 2020 and headquartered in Surat, GROWiT India is the agricultural arm of Alpha Plastomers Private Limited. The company manufactures advanced plasticulture products such as plastic mulch films, shade nets, sticky traps, pond liners, crop covers, and agri wires to support sustainable and efficient farming practices. With a focus on climate-smart agriculture, farmer productivity, and food quality, GROWiT serves as an end-to-end solution provider for the Indian farming community.
The company has raised Rs 2.9 crore in funding from a seed round in April 2022. Co-founder Saurabh Agarwal holds a 43.09% stake in the company.
GROWiT’s expenses rose by nearly 16.5%, reaching Rs 39.55 crore in FY24 from Rs 33.94 crore in FY23. The cost of materials remained the dominant expense, increasing to 72% of total expenses in FY24 from 65% in FY23. Employee benefit costs declined to 9% of total expenses in FY24 from 11% in FY23, while advertising costs remained steady at around 6%. Depreciation and finance costs were marginal at 0.5% and 1.4% respectively in FY24.
The company’s losses narrowed by nearly 32%, reducing to Rs 4.35 crore in FY24 from Rs 6.39 crore in FY23. Its EBITDA margin improved to -10.73% in FY24 from -19.99% in FY23. Notably, ROCE saw a dramatic turnaround, rising to 401.43% in FY24 from -507.37% in FY23, reflecting stronger capital efficiency.