Nitin Spinners Ltd Q2 net profit rises 33 percent to Rs 42 crore

Nitin Spinners Ltd, a leading textile company reported a 33 percent increase in net profit to Rs 42 crore ($5 million) for the second quarter ended September 30, as against Rs 32 crore in the year-ago quarter.

The company’s revenue for the quarter rose by 12 percent to Rs 823 crore, as against Rs 737 crore in the corresponding quarter of the previous fiscal year.

Majority of the company’s revenue came from exports which stood at Rs 522 crore while the domestic sales contributed Rs 300 crore to the overall revenue.

Commenting on the results, Dinesh Nolkha, chairman managing director in a statement said, “Our strategic focus on value added segments, optimum utilization of expanded capacities and cost efficiencies, helped us achieving encouraging performance during the quarter despite global challenges.”

“Looking ahead, we are optimistic about the upcoming quarters, with cotton prices at lower end. We are poised to seize new opportunities in the sector and evaluating various options for growth,” he added.

Founded in 1993, the Bhilwara-based company offers a complete range of fabrics for fashion, apparel and work wear industry.