Nandan Denim posts 24% rise in Q3 net; eyes top spot in Asia

Denim fabric maker Nandan Denim (NDL) today reported a 23.8 per cent rise in net profit for the third quarter at Rs 15.65 crore.
It had registered a net profit of Rs 12.63 crore in the corresponding period of previous fiscal.
Net sales for the October-December period stood at Rs 287.37 crore, higher by 3.5 per cent from Rs 277.60 crore in the third quarter of FY15, said the company which has unveiled a plan to become the largest denim manufacturer in Asia.
The company reported EBITDA (earnings before interest, tax, depreciation and amortisation) and profit after tax margin for the third quarter at 16.7 per cent and 5.4 per cent respectively.

The earnings per share stood at Rs 3.44 (face value of Rs 10 per share).
For the nine months ended December 2015, Nandan reported 29.6 per cent growth in net profit at Rs 46.75 crore from Rs.36.06 crore in the same period last fiscal.

Net sales at Rs 862.41 crore were higher by 5.4 per cent from Rs 818.22 crore in the same period of the previous fiscal.
For the nine months of 2015-16, EBITDA margin stood at 16.7 per cent and profit after tax margin at 5.4 per cent.
The company has unveiled a capacity expansion plan to strengthen its domestic market share, expand exports business and focus more on value-added segments, the company's CEO Deepak Chiripal said.

Post-expansion, NDL expects to become the largest denim manufacturer in Asia and the fourth largest in the world, he added.