Nitin Spinners has successfully completed its ambitious Rs. 955 crore expansion project within the designated timelines, demonstrating consistent and dependable project execution capabilities. Post-investment and expansion, the company’s current capacity includes 4,34,832 spindles, 5,864 rotors, 222 airjet weaving machines, 77 circular knitting machines, and 264 airjet spinning positions.
For the fiscal year 2024, Nitin Spinners recorded revenues of Rs. 2,905.65 crores, marking a 21% increase from FY23’s revenues of Rs. 2,406.71 crores. However, the Profit After Tax (PAT) for FY24 stood at Rs. 131.52 crores, compared to Rs. 164.81 crores in the previous year, reflecting a reduction due to a higher tax rate during the current year.
Commenting on the results, Mr. Dinesh Nolkha, Managing Director of Nitin Spinners, said, “The past year was a consolidation period for the industry, marked by strategic execution wherein the company successfully implemented its expansion plan, driving substantial increases in revenue. This growth demonstrates our unwavering commitment to seizing opportunities and expanding our market presence. Furthermore, our dedication to capacity optimization has yielded remarkable efficiencies across our operations. By leveraging technology, streamlining processes, and investing in our workforce, we’ve achieved significant improvements in our operating margins. Looking ahead, we remain steadfast in our pursuit of innovation, operational excellence, and sustainable growth. With a solid foundation in place, we’re poised to capitalize on emerging opportunities and navigate any challenges that may arise.”
Additionally, Nitin Spinners has significantly increased its solar power capacity, which now stands at 23 MW, up from nearly 10 MW added in the last year. This investment in renewable energy underscores the company’s commitment to sustainability and operational efficiency.
