The fiscal under review was another year of exciting growth for Nitin Spinners Limited.
We recorded our highest ever sales and earnings in FY22.
Dear Shareholders,
It gives me great pleasure to present to you the annual performance report of the
Company.
The year FY22 was a challenging yet exciting year for us. The macro and the
microeconomic situation continued to be uncertain because of the repeated COVID waves and
the runaway inflation ,an high energy and commodity costs due to the geopolitical
conflict. It impacted the growth revival of the economy, which had started becoming
visible towards the second half of the year under review.
Notwithstanding the uncertainties, we saw exciting growth in the fiscal. We recorded
our highest ever sales and earnings in FY22. These robust results were due to the new
business opportunities we have capitalised on and almost doubled our export business
during the financial year. This reflects our strong spirit of entrepreneurship and
sustainability.
Strengthening our capacities
Amid the pandemic, we acted swiftly to stay on track with our business goals and
invested strategically in the most critical areas of our long-term growth.
We introduced new initiatives and measures across functions, while systems and
processes were strengthened manifold to create an enabling environment for the Company to
pursue growth.
Our organisational capabilities delivered a strong performance.
We have also been successful in almost doubling our international business. While the
COVID outbreak was undoubtedly a catastrophic event, we saw in it the opportunity to
fast-track our growth process to emerge as a globally recognised player in the textile
industry. We focused on enhancing our research and development (R&D) capabilities in
such a way that it helps us in creating an innovative portfolio of products that fulfils
the unmet and unarticulated needs of our customers.
Pursuing sustainability
We undertook several targeted measures during the year to help us remain on track
toward our goal of sustainable, long-term growth. The infusion of new technologies and
talent pool across different levels and functions has ushered a new level of dynamism into
the organisation as we gear up to become future-ready across functions, systems,
processes, and people.
We are excited by the growth opportunities in our textile industry, underpinned by the
increasing demand for e-commerce and more sustainable clothing solutions.
We focused on offering products made from sustainable fibres like organic and BCI
cotton or recycled fibres. Our unique product portfolio, expertise in understanding the
best material choices, and customer- focused innovation capabilities help us deliver
textile solutions that are sustainable by design. This helps us to contribute to a
sustainable ecosystem and allows us to grow our existing customer base as well as service
new customers.
Road ahead
Our ability to create value is a direct result of the significant efforts and
resilience of our people. To capitalise on growing demand and further strengthen our
product range ,we are undergoing capacity expansion at our existing facilities at a cost
outlay of ~H955 crore enhancing capacity of all the three segments. The expansion plans
will complete in year 2023-24.
I would like to take this opportunity to extend my gratitude and appreciation to all
our employees for their dedicated contribution towards building a business entity that is
synonymous to trust and reliability.
As I conclude, I would like to express my gratitude to all our stakeholders for their
unwavering faith in us We hope to enter the new phase of growth with the same values and
focus on sustainability that has been our foundation for over three decades.
Regards,
R. L. Nolkha
Chairman.