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Nitin Spinners Q1 PAT rises 9% YoY to Rs 65.58 cr

Nitin Spinners standalone net profit rose 9.3% to Rs 65.58 crore on 28% jump in net sales to Rs 708.83 crore in Q1 FY23 over Q1 FY22.

August 08, 2022 12:17 IST | capital market
The companys profit before tax tumbled 17.6% to Rs 76.52 crore in the first quarter as against Rs 92.89 crore reported in Q1 FY22. Total expense surged 37.34% YoY to Rs 633.13 crore in Q1 FY23. Cost of materials consumed was at Rs 539.29 crore (up 64.88% YoY) and employee expenses stood at Rs 34.84 crore (up 5.19% YoY). EBITDA dropped 15% to Rs 108.94 crore in Q1 FY23 as against Rs 128.62 crore posted in Q1 FY22. EBITDA margin declined to 15.4% in Q1 FY23 as compared to 23.2% reported in the corresponding quarter previous year. Nitin Spinners is engaged in manufacturing of cotton and blended yarn, knitted fabrics and woven fabrics. Shares of Nitin Spinners slipped 3.22% to Rs 205.70 on the BSE. Powered by Capital Market - Live News

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