Home / Knowledge / News / Textiles / Q1FY16 net climbs steeply by 35% at Nandan Denim
Q1FY16 net climbs steeply by 35% at Nandan Denim
06
Aug '15
Net profit at India's second largest integrated denim fabric manufacturer Nandan Denim Limited climbed steeply by 35 per cent year over year for the first fiscal quarter ended June 30, 2015.

Nandan Denim reported a net profit of Rs. 15.50 crore for the first quarter of fiscal 2016, up a massive 35 per cent as against Rs 11.47 crore in the corresponding period of fiscal 2015.

Net sales for the reporting period at Rs 280.50 crore were higher by 6 per cent over Rs 263.68 crore in the prior fiscal first quarter.

The denim maker reported EBITDA of Rs 46.23 crore during the first quarter of current fiscal, a rise of 12 per cent compared to Rs 41.13 crore in the same quarter of the earlier fiscal.

During the quarter under review, the Company was able to garner 14 per cent of revenues from export markets, which came from shipments to 28 countries.

CEO Deepak Chiripal said, “The Company is following its well defined charter of growth and we are pleased with the performance so far.”

“A disciplined approach in line with the long term strategy would enable us to further cement our position in the industry,” he added.

“We are investing towards creation of machine and manpower competence to build a brand that would be synonymous with the consistent quality and timeliness of delivery,” Chiripal informed.

Nandan Denim also informed that the total expenditure on the proposed capacity expansion of Rs 612 crore is progressing as per plan.

“Major Capex orders have already been finalised and civil activities are in full swing, albeit slow due to the monsoon, but we expect to commission complete facilities in the first quarter of 2017,” it observed.

Nandan Denim Limited is currently engaged in manufacturing and marketing of denim fabrics, cotton fabrics and khakis and is part of the Chiripal Group.

Nandan Denim has expanded its capacity from 6 MMPA to the intended capacity of 110 MMPA over the period of last 10 years.

Post expansion, Nandan Denim will become the largest denim manufacturer in the country and the fourth largest in the world and has a state-of-the-art manufacturing facility unit near Ahmedabad.

For the year ended March 31, 2015, Nandan Denim posted net profit of Rs 51.4 crore on net sales of Rs 1,096.5 crore.

In the last five years, the denim manufacturer has managed strong growth with CAGR of 21 per cent in sales and 31 per cent in net profit. (AR)

Fibre2Fashion News Desk – India

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