Consumer discretionary firm Nitin Spinners has a market valuation of ₹1,413.09 Cr as of Friday's close. The company is a top producer of woven fabrics, grey knitted fabrics, and cotton and blended yarns.
The Board of Directors have “Recommended Dividend @ 25% i.e. Rs. 2.50 per share of Rs. 10/- each for the year ended 31st March, 2023, subject to approval of Shareholders,” said Nitin Spinners in a stock exchange filing.
The company has reported a total income of Rs.656.15 crores during the quarter ended March 31, 2023 as compared to Rs.769.58 crores during the period ended March 31, 2022, down by 14.74% YoY. During Q4FY23 the company reported a net profit of ₹38.53 Cr down by 54.91% YoY from ₹85.47 Cr during Q4FY22 whereas its EPS stood at ₹6.85 down by 54.93% YoY from ₹15.20 recorded during the year-ago quarter.
During FY23, the company recorded a net income of ₹2410.01 Cr down by 10.55% YoY from ₹2694.15 Cr recorded in FY22. Nitin Spinners said its net profit stood at ₹164.81 Cr in FY23 down by 49.47% YoY from ₹326.13 Cr in FY22 whereas its EPS reached ₹29.32 down by 49.46% YoY from ₹58.01 in FY22.
On Friday, the shares of Nitin Spinners closed on the NSE at ₹251.80 apiece level down by 2.37% from the previous close of ₹257.90. In the last 1 year the stock has gained 9.79% and on a YTD basis, it has gained 21.97% so far in 2023. The stock touched a 52-week-high of ₹265.00 on (11-Apr-2023) and a 52-week-low of ₹181.90 on (20-Jun-2022). During Q4FY23, the company reported a promoter shareholding of 56.41%, FIIs stake of 2.40%, DIIs stake of 6.30%, and a public stake of 34.88%. As per the shareholding pattern of Nitin Spinners, ace investor Dolly Khanna held 7,47,793 shares or 1.33% stake in the company.
