Nahar Spinning Mills has undertaken an expansion plan of 31200 spindles. The building for the project is under construction. The orders for the machineries have already been placed and it is expected that the project will be implemented in full by May/June, 2023. After the completion of the project, Company’s spindles capacity will stand increased to 5,73,376 spindles and 1080 rotors.
Further, the Company is also adding 8 Vortex machines of 96 positions each at its spinning unit. The orders for the machineries have already been placed. It is expected that the project will be completed by March, 2023.
Besides, Company’s modernization of the spinning and Garment units is also moving ahead as per plan. The company under this plan is replacing the 33 old Ring Frames with the New Ring Frames. Further, new Speed Frames, new Card Machines and new Contamination and control machines are also being installed. The orders for the machineries have already been placed and the modernization is likely to be completed by March, 2023.
Nahar Spinning Mills recorded highest ever income from operations of Rs. 3608.37 crores as against Rs. 2118.83 crores showing an impressive increase of 70.30% over the previous year. Likewise, the export at Rs. 2175.53 crores has also shown an impressive increase of 89.78% over the previous year.
The significant increase in the prices of Yarns not only helped the Company to increase its top line but also substantially improved its Profitability too. The company earned a profit before tax of Rs. 674.73 crores as against profit of Rs. 53.53 crores in the previous year. After providing tax of Rs. 172.54 crores, Company earned a net profit of Rs. 502.18 crores as against profit of Rs. 41.41 crores showing an impressive increase of 1112.70% over the previous year.