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Q3FY16 net soars 23.8% at Nandan Denim
15
Feb '16
Net profit for the three months to December 31, 2015 at Nandan Denim Limited (NDL), which is poised to be Asia's largest denim fabric manufacturer soared 23.8 per cent year over year.

Nandan Denim has reported a net profit of Rs 15.65 crore for the third quarter of fiscal 2016 as against Rs 12.63 crore in the corresponding period of earlier fiscal, up 23.8 per cent.

According to a Nandan Denim press release, net sales for the reporting quarter were higher by 3.5 per cent from a fiscal ago period at Rs 287.37 crore.

In the quarter under review, the company reported healthy EBITDA and PAT margin at 16.7 per cent and 5.4 per cent, respectively, while EPS stood at Rs 3.44.

For the nine months ended December 2015, the denim fabric producer reported a net profit of Rs 46.75 crore, a year on year surge of 29.6 per cent.

Net sales in nine months of fiscal 2016 were at Rs 862.41 crore, higher by 5.4 per cent compared to Rs 818.22 crore in the same period of previous fiscal.

“For the reporting period, EBITDA margin stood at 16.7 per cent and PAT margin at 5.4 per cent,” the company said.

Nandan Denim further added that for the current fiscal, its board of directors have recommended 8 per cent interim dividend.

During the quarter, Nandan has received from an amount from Polus Global Fund towards 2.5 million fully convertible warrants.

This entitles the warrant holder to acquire equivalent number of equity shares of Rs 10 each of the company at a conversion price of Rs 200 per equity share.

“This is however, pursuant to shareholders approval in the AGM and post in-principal approval from BSE and NSE,” the company informed.

CEO Deepak Chiripal said, “Denim, despite being a staple fabric has got negligible penetration in the Indian market as compared to other economies, offering huge untapped market opportunities.”

“Post completion of our expansion plans, Nandan Denim, with much larger production capacities and product baskets would be optimally placed in a competitive position,” he too added.

Nandan Denim Limited is the world's fifth largest integrated denim fabric maker and currently engages in manufacturing of denims, cotton fabrics and khakis.

The company has a state-of-the-art manufacturing facility unit near Ahmedabad, Gujarat and exports its denim fabric to over 28 countries. (AR)

Fibre2Fashion News Desk – India

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