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Nitin Spinners Ltd. Interim / Quarterly Report 2024
60728_rns_2024-01-29_5cfa4090-5f3c-495f-b0b3-9a7a6fdeb134.pdf
Interim / Quarterly Report
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REF: NSL/SG 12023-24/ January 29,2024 i
BSE Limited Department of CorPorate Services Phiroze JeejeebhoY Towers Dalalstreet Mumbai- 400 001 Company Code - 532698
Nationalstock Exchange of lndia Ltd. Exchange Plaza, Bandra Kurla ComPlex Bandra (E), Mumbai- 400 051. Company lD - NITINSPIN
and Disclosure Requirements) Regulations, 2015
Dear Sir/Madam,
pursuant to Regulation 30 & 33 of the sEBt (Listing obligations and Disclosure Requirements) Regulations , zOI5 ("Listing Regulations"), we wish to inform you that the Board of Directors of the-Company in its Meeting held on 29thJanuary,2024 inter-alia approved Unaudited Financial Results for the euarter and Nine Months ended 3t't December,2023 and took on record the Limited Review Report from the Statutory Auditors on the same. A Copy of the same are attached herewith.
Further, in accordance with the Securities and Exchange Board of lndia (Prohibition of lnsider Trading) Regulations, ZOts and Company's Code of conduct for Prohibition of lnsider Trading, the "Trading Window" for trading in the shares of the Company will open from February, 01, ZOZ4for the Directors, Designated & Connected Persons of the Company and their immediate relatives.
The meeting commenced at 12:L5 P.M. and concluded at 01:50 PM.
Thanking you, Yours faithfully t"" LT" spinners Sudhir Kumar Garg Digitally signed by Sudhir Kumar Garg Date: 2024.01.29 13:55:41 +05'30'
(Sudhir Garg) Company Secretary & VP (Legal) M. No. ACS-9684
ClN. : L17 111 RJ1 992P1C006987 Regd. Office & Plant :16-17 Km. Stone, Chittor Road, Hamirgarh, Bhilwara (Raj.)311 025 Tel. : 286'110 to113, Fax : 91-1482-286114 & 117 E-mail : [email protected], Website : www.nitinspinners .com
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NITIN SPINNERS LIMITED
Regd. Office: 16-17 Km. Stone, Chittor Road, Hamirgarh, Bhilwara - 311 025 (Rajasthan) CIN L17111RJ1992PLC006987 Tel.: +91 1482 286110; Fax: 91 1482 286117. Website: www.nitinspinners.com [email protected]
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & NINE MONTHS ENDED 31ST DECEMBER, 2023
| (RS. In Lacs) | |||||||
|---|---|---|---|---|---|---|---|
| Sr. | Particulars | QUARTER ENDED | NINE MONTHS ENDED | YEAR ENDED | |||
| No. | 31.12.2023 | 30.09.2023 | 31.12.2022 | 31.12.2023 | 31.12.2022 | 31.03.2023 | |
| Unaudited | Audited | ||||||
| Income from Operations | |||||||
| Revenue from Operations | 75042.46 | 73739.58 | 53719.83 | 210493.56 | 175191.20 | 240670.74 | |
| π | Other Income / (Loss) | 29.61 | 32.48 | 28.95 | 163.11 | $-194.53$ | 330.95 |
| Ш | Total Revenue (I+II) | 75072.07 | 73772.06 | 53748.78 | 210656.67 | 175385.73 | 241001.69 |
| IV. | Expenses | ||||||
| a. Cost of Materials Consumed | 50271.35 | 46569.25 | 35495.37 | 138671.75 | 123796.11 | 164106.42 | |
| b. Purchase of Stock in Trade | 316.60 | 316.60 | |||||
| c. Changes in Inventories of Finished Goods, WIP & Stock in Trade | (1785.83) | 3930.57 | 422.72 | 644.19 | (6649.49) | (1006.70) | |
| d. Employees Benefits Expenses | 4635.72 | 4288.12 | 3412.98 | 12894.95 | 9824.89 | 13316.31 | |
| e. Finance Cost | 2515.88 | 1519.21 | 741.07 | 5547.06 | 2739.86 | 3768.24 | |
| Depreciation and Amortisation Expenses | 3478.19 | 2441.10 | 2182.43 | 8222.05 | 6550.79 | 8680.87 | |
| g. Power & Fuel | 6890.10 | 6095.88 | 4823.72 | 18892.13 | 13844.41 | 18941.73 | |
| h. Other Expenses | 4757.89 | 4341.07 | 3552.46 | 12992.71 | 11766.07 | 15607.32 | |
| Total Expenses | 70763.30 | 69501.80 | 50630.75 | 198181.44 | 161872.64 | 223414.19 | |
| v | Profit before Exceptional Items and Tax (III-IV) | 4308.77 | 4270.26 | 3118.03 | 12475.23 | 13513.09 | 17587.50 |
| VI | Exceptional Items | ۰. | |||||
| VII | Profit before Tax (V-VI) | 4308.77 | 4270.26 | 3118.03 | 12475.23 | 13513.09 | 17587.50 |
| VIII | Tax Expenses - Current Tax | 558.40 | 588.46 | 754.62 | 1809.81 | 3405.86 | 4375.32 |
| - Earlier Year | (0.03) | (0.30) | (0.03) | (42.10) | (42.10) | ||
| - Deferred Tax | 575.67 | 511.94 | (794.53) | 1431.00 | (2478.15) | (3226.77) | |
| 1X | Profit/(Loss) for the period from Continuing Operations (VII-VIII) | 3174.73 | 3169.86 | 3158.24 | 9234.45 | 12627.48 | 16481.05 |
| $\times$ | Other Comprehensive Income /(Loss), Net of Income Tax | ||||||
| a) Item that will not be reclassified to Profit or (Loss) | (1.64) | (1.64) | 96.30 | 274.38 | |||
| b) Item that will be reclassified to Profit or (Loss) | 90.46 | (96.38) | 17.33 | (4.10) | (177.63) | (40.52) | |
| Total Other Comprehensive Income /(Loss), Net of Income Tax | 90.46 | (98.02) | 17.33 | (5.74) | (81.33) | 233.86 | |
| XI | Total Comprehensive Income for the period, Net of Tax (IX+X) | 3265.19 | 3071.84 | 3175.57 | 9228.71 | 12546.15 | 16714.91 |
| XII | Paid-up Equity Share Capital (Face Value of Rs. 10/- each) | 5622.00 | 5622.00 | 5622.00 | 5622.00 | 5622.00 | 5622.00 |
| Total Reserves i.e. Other Equity | 97268.11 | ||||||
| XIII | Earning Per Share in Rupees (for Continuing Operations) | ||||||
| (a) Basic | 5.65 | 5.64 | 5.62 | 16.43 | 22.46 | 29.32 | |
| (b) Diluted | 5.65 | 5.64 | 5.62 | 16.43 | 22.46 | 29.32 |
Notes:-
The company's business activities constitute a single operating segment (Textiles), in terms of Indian Accounting Standard - 108. $\overline{1}$
$\overline{2}$ The Finance Cost during the quarter ended 31st December, 2023 increased substantially due to enhanced borrowings for Expansion Projects. The Company is eligible and applied for Interest Subsidy and Other Incentives under Rajasthan Investment Promotion Scheme, 2022. (RIPS). Approval of the same is pending with appropriate authority of the State Government. The Company will account for the benefits of RIPS after receipt of formal approval.
3 Effective from 1st April, 2022 the company has exercised the option of Income Tax rates as permitted under Section 115BAA of the Income Tax Act, 1961. Accordingly, it has remeasured its deffered tax liabilities during FY 2022-23 as per rates prescribed in the said section.
The previous period figures have been regrouped / reclassified, wherever necessary, to confirm with the current period presentation. $\overline{4}$
5 The above financial results have been reviewed by the Audit Committee & approved by Board of Directors at their meeting held on 29th January, 2024 The Statutory Auditors have carried out "Limited Review" of the Results for the Current Quarter and Nine Months ended 31st December, 2023.
| $-1.75$ | For and on behalf of Board of Directors For Nitin Spinners Limited (Dinesh Nolkha) |
|
|---|---|---|
| Date: 29th January, 2024 Place: Hamirgarh Bhilwara |
Managing Director DIM: 00054658 |
|
KALANI AND COMPANY CHARTERED ACCOUNTANTS
INDEPENDENT AUDITOR'S LIMITED REVIEW REPORT
To.
Chartered $_{ccountants}$
The Board of Directors, Nitin Spinners Limited, Bhilwara
-
- We have reviewed the accompanying Statement of Standalone Unaudited Financial Results for the Quarter and Nine Months ended 31st December, 2023 (herein after referred to as "Statement" and initialled for the purpose of identification) of NITIN SPINNERS LIMITED ("the Company") being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("the Regulations")
-
- This Statement is the responsibility of the Company's Management and has been approved by the Board of Directors and prepared in accordance with recognition and measurement principals laid down by the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our Responsibility is to issue a report on these financial statements based on our review.
-
- We have conducted our review of the statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the financial statements are free from material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provide less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
hop No.114 to 116, Om Textile Tower, Pur Road, Bhilwara-311001 01482-241501-02-03, È: 94141-12367, 98298-88820 [email protected], [email protected]
': Bhilwara :29.01.2024
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,lt KALANI AND COMPANY
CHARTENTO ACCOUNTANTS
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying statement read with notes thereon, prepared in accordance with the applicable tndian Accounting Standards specified under section L33 of the Companies Act, 20L3 read with relevant Rules and other recognized accounting practices and policies generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
I
FOT KALANI AND COMPANY
Chartered 22C
Partner M. No. 07+414
'Shop No.1l4 to I16, om Textile Tower, pur Road, Bhilwara-311001 01482-241 501 -02-0 3,il: 94141-12367 ,98298_88820 kal ani bhl@rediffmai l. com, bhl@kalanico. com