RACE Eco Chain Ltd. reports Standalone Financial Results for the Year ended 31st March, 2021

NEW DELHI, June 25, 2021 /PRNewswire/ -- Standalone Financial Results for the Year ended 31st March, 2021.

Highlights:

• The sale of plastic waste grew exponentially by more than 500% from 195 MT between November 2020 to 1300 MT in March 2021.
• Revenue from plastic scrap in November 2020 stood at INR 7.1 million, and rose to INR 52.4 million in March 2021, marking a growth of more than 600%.
• Within a span of 4 months, the Company has been able to monetize 4600 MT of PET scrap that has generated us revenue of INR 233 million.
• Generated a revenue of INR 155 million from 'RESTORE' division with exports accounting a share of 33%. The 'RESTORE' division is engaged in selling of recycled products under the same brand name.
• RACE Eco Chain Ltd. is at the forefront of the industry by being a leading organized player targeting a niche segment i.e., Packaging Plastic Waste within this recycled plastic's market. The Company is currently undergoing transformation to capitalize the existing market of plastic waste that is estimated around INR 55,000 CR per annum (over 10% CAGR), which can grow up to INR 80,000 CR with technology interventions. 

Organizational overview:

RACE Eco (Recycling And Circular Economy) Chain Ltd. is an environmentally conscious initiative with a mission to reduce the Carbon footprint caused by waste plastics. The Company is involved in aggregation of packaging plastic waste and channelizing it for recycling into consumer friendly products. Further, the Company is establishing its network by converting existing unorganized constituents into an organized one. The vertical setup is responsible from the collection and audit of the waste, from end-to-end to enable product traceability. As an added innovative initiative, RACE has built an Artificial Intelligence enabled mobile application to connect the recyclers with the sellers, for better transparency and ease of doing business.

Organizational revamp underway: RACE Eco Chain Ltd., a BSE Listed Company (SME Segment) is undergoing a major transformational revamp since November 2020, and is reporting its yearly numbers.

Robust growth and reflection in numbers: The sale of plastic waste grew exponentially by more than 500% from 195 MT in November 2020 to 1300 MT in March 2021. The revenue from plastic scrap in November 2020 stood at INR 7.1 million which surged to INR 52.4 million by March 2021, marking a growth of more than 600%. Within a short span of four-months, the Company was able to monetize 4600 metric tonnes of PET scrap that generated a revenue of INR 233 million.

Brand store for recycled products: The recycled division of the Company has been selling recycled  products under the brand 'RESTORE'. The Company's marketing efforts have been able to generate significant business interest locally and internationally as a result of which, within a short span of five-months, the Company has been able to generate a revenue of INR 155 million from recycled division with exports accounting a share of 33%.

Management quote: "Our company is currently planning to invest its resources to establish and expand its collection network and IT efforts. While the future trajectory remains challenging, we remain confident of the business scenario improving in the short to medium term. By leveraging over 150 years of experience of our founding team and the positive momentum that our business has witnessed so far, we are confident enough to overcome all the challenges and emerge as the industry frontrunner," said Mr. Sunil Malik, Managing Director, RACE Eco Chain Ltd.,

Organizing the unorganized: The very nature of the industry remains largely unorganized and this is where the Company is working with unorganized constituents who do not have access to either investment or technology. Also, the unorganized players/constituents do not take pride in their profession. RACE Eco Chain Ltd. has taken the initiative to convert them into an organized ecosystem of players and thereby creating a massive opportunity for industry and its players.

Massive industry opportunity: As per the Central Pollution Control Board (CPCB), the data of the existing market of plastic waste is around INR 55,000 CR per annum, growing at over 10% CAGR, and has the potential to grow up to INR 80,000 CR per annum via technology innovativeness. RACE Eco Chain Ltd. is aiming at immense scope for growth as the current market opportunity is a fraction of immense opportunity that the emerging industry offers.

The Board of Directors, at its meeting on 25th June 2021, approved the financial results for the year ended 31st March 2021, which are enclosed.

About RACE Eco Chain Ltd.

We at RACE Eco Chain Ltd. aim at generating wealth & pride from waste for the entire ecosystem involved in the plastic waste management business. The two sides of the RACE coin:

- Organizing the disorganized sector & increasing the volume of recycled waste
- Channelizing plastic waste to create downstream recycled products for consumer connect

RACE is currently focused on a niche segment i.e., Packaging plastic waste within the recycled plastic's waste market. However, considering the still untapped potential of the recycled plastic waste market, the opportunity for RACE to channelize the existing unorganized business into an organized waste management chain is tremendous.