Nitco rallies on strong business update

Nitco jumped 5.12% to Rs 17.45 after the company said that its sales volume improved significantly during Q2 September 2020.

The company announced on Thursday (8 October) that the sales volume for the month of September 2020 is almost at 80% of the sales volume achieved in September 2019.

Nitco's sales volume dipped considerably during Q1 June 2020 due to the nationwide lockdown. The company managed to turn the tide from July 2020 onwards and managed three-fold improvement in sales volume during the second quarter.

The firm said it is witnessing tangible improvement in business volumes and a gradual pick-up in refurbishment demand. With Nitco's brand being well-entrenched as a preferred choice of architects and designers, the company hopes to clock in larger volumes in the coming months.

Nitco makes ceramic wall and floor tiles. On a consolidated basis, Nitco reported net loss of Rs 36.46 crore in Q1 June 2020 compared with net loss of Rs 13.74 crore in Q1 June 2019. Net sales tumbled 83.2% to Rs 23.50 crore in Q1 June 2020 over Q1 June 2019.

The scrip has zoomed 61.57% from its 52-week low of Rs 10.80 hit on 25 March 2020.

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