Nandan Denim’s net sales up 41%

Nandan Denim Limited (NDL), poised to be Asia’s leading denim fabric manufacturer has reported a net profit of Rs 16.31 crore for the quarter ended June 2017 as against Rs15.98 crore in the corresponding period of previous year, a rise of 2.06 per cent. Net sales for the Q1 FY 18 were at Rs 423.70 crore higher by 41 per cent over corresponding net sales of Rs 300.50 crore. Company reported healthy EBITDA and PAT margin in Q1 FY18 at 14.44 per cent and 3.84 per cent respectively. EPS for Q1 FY 18 stood at Rs 3.39 (Face value of Rs 10 per share). 

Commenting on company’s financial performance, Deepak Chiripal, CEO, Nandan Denim Limited said, “Overall performance during the quarter was satisfactory inspite of rollout of GST. Company has successfully completed the capacity expansion plan and expect to get the full realisation and synergies of the expansion in the current financial year. Post expansion, Nandan Denim has become India’s largest denim fabric manufacturer with installed capacity of 110 million meter per annum. Spinning capacity is increased to 141 Tons per day and in addition, Company has created yarn dyed shirting capacity of 10 MMPA.”

Company has informed stock exchanges that Vedprakash Chiripal, Chairman, Nandan Denim Ltd has bought 4.30 lakh shares of Nandan Denim Ltd. from open market during June and July 2017. Company has recommended dividend of 16 per cent for the year 2016-17. Pledge by promoter group is reduced to 10 lakh shares (3.56 per cent of promoter group holding) from 1.34 crore pledge shares in Dec 2016 (47.97 per cent of the promoter group holding). Nandan Denim Ltd was ranked at 198 in the Fortune India latest ranking of The Next Fortune 500. Nandan Denim Ltd.’s rank improved from 208 from the 2016 ranking.