12 February 2022, Mumbai:
Denim maker Nandan Denimposted a net profit of Rs 20 crore ($2.7 million) for the quarter ended December 2021, as against a net profit of Rs 3 crore it posted in the year-ago period.
The company’s revenue in the third quarter of the current financial year rose to Rs 583 crore as against Rs 312 crore revenue posted in the corresponding quarter of the previous fiscal year.
Jyotiprasad Chiripal, Managing Director, says, despite being obstructed by headwinds of Covid-19 and higher raw material prices, the company reported healthy revenue growth. Further, with the increase in capacity utilization of denim and shirting division coupled with rationalization of cost helped to sustain operating margins.
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Going forward, the company aims to ensure the sustainability of the growth in turnover and profitability, he adds
As part of Ahmedabad-based industrial conglomerate Chiripal Group, Nandan Denim commenced its operations in 1994 with textile trading business and forayed into textile manufacturing in 2004. The company currently engages in manufacturing of denim fabric, shirting fabric and yarn.
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*Figures mentioned in the above article have been sourced from FASHION NETWORK article.
