East India Securitie's report on Nitin Spinners
Nitin Spinners Ltd (NSL) witnessed a stable performance in Q1FY25. Revenue at Rs 8,030 mn ‐ up by 30.1% yoy/ 0.3% qoq EBITDA at Rs 1,188 mn ‐ up by 56.1% yoy/ 2.2% qoq EBITDA margin was 14.8% (up by 246 bps yoy/ 28 bps qoq) PAT at Rs 421 mn – up by 45.7% yoy/ 7.5% qoq Gross margin was 37.2% (up by 252 bps yoy/ 123 bps qoq). NSL reported a cash profit of Rs78 mn. Exports contributed ~64% of revenue in Q1FY25.
Outlook
We retain our Buy rating on the stock with a TP of Rs 502 (12x FY26 EPS).
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