Nitin Spinners Ends FY24 With Remarkable Achievements And Strength
Nitin Spinners, India’s leading manufacturer of cotton & blended yarn, knitted fabrics, greige and finished woven fabrics, concluded its fiscal year 2024 on a high note, reporting significant growth and strategic advancements. Under the leadership of Dinesh Nolkha, Managing Director, the company has demonstrated resilience, agility, and a commitment to excellence, resulting in substantial gains across various key performance indicators.
Reflecting on the year’s accomplishments, Dinesh Nolkha stated, “The past year has been pivotal for our industry, characterized by strategic execution and relentless pursuit of growth opportunities. We are proud to announce that Nitin Spinners has successfully implemented its expansion plan, resulting in a commendable increase in revenue. This growth underscores our dedication to seizing opportunities and expanding our market presence.”
Key Highlights from Fiscal Year 2024:
- Strategic Expansion: Nitin Spinners achieved a remarkable Rs 955 crore in capital expenditure, adhering to designated timelines, showcasing consistent and dependable project execution capabilities.
- Sustainability Initiatives: Emphasizing sustainability, Nitin Spinners integrated organic and BCI cotton, as well as recycled fibres into its product lines, promoting eco-friendly practices and contributing to a greener future.
Financial Performance Overview:
- Revenue: Nitin Spinners reported a revenue of Rs 2,906 crore, marking a significant increase of 21% year-on-year, reflecting the success of its strategic initiatives and market expansion efforts.
- EBITDA: The company’s EBITDA stood at Rs 377 crore, representing a notable growth of 27% year-on-year, indicating improved operational efficiency and profitability.
- Profit After Tax (PAT): The company reported a PAT of Rs 132 crore, underscoring its ability to generate sustainable profits and create value for its stakeholders.
- Earnings Per Share (EPS): The EPS for the fiscal year stood at Rs 23.39, reflecting the company’s strong financial performance and growth trajectory.
