Nitin Spinners has recorded a 21 per cent rise in its revenues for FY24 to 2,905.65 crore from Rs 2,406.71 crore in FY2023. However, the company’s Profit After Tax (PAT) declined to Rs 131.52 crore compared to Rs 164.81 crore in the previous year due to higher tax rate during the current year.
Demonstrating consistent and dependable project execution capabilities, the company recently completed its Rs 955 crore expansion project within the designated timelines. The project involved increasing the capacity of Nitin Spinners to 434,832 spindles, 5,864 rotors, 222 airjet weaving machines, 77 circular knitting machines, and 264 airjet spinning positions.
Dinesh Nolkha, Managing Director, Nitin Spinners, says, the growth demonstrates the company’s unwavering commitment to seizing opportunities and expanding our market presence. The company has improved its operating margins significant by leveraging technology, streamlining processes and investing in its workforce. With its constant pursuit of innovation, operational excellence, and sustainable growth, the company aims to capitalise on the emerging opportunities and navigate any challenges that may arise.
Nitin Spinners has also increased its solar power capacity to 23 MW from 10 MW in the last year. Underscoring its commitment to sustainability and operational efficiency, the company continues to invest in renewable energy.
