Buy Nitin Spinners, target price Rs 310: Emkay Global

Emkay Global has buy call on Nitin Spinners with a target price of Rs 310. The current market price of Nitin Spinners is Rs 193.15. Nitin Spinners Ltd., incorporated in the year 1992, is a Small Cap company (having a market cap of Rs 1096.29 Crore) operating in Textiles sector.

Nitin Spinners Ltd. key Products/Revenue Segments include Yarn, Fabric, Others, Other Operating Revenue, Sale of services for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-09-2022, the company reported a Standalone Total Income of Rs 506.72 Crore, down -28.60 % from last quarter Total Income of Rs 709.65 Crore and down -23.84 % from last year same quarter Total Income of Rs 665.32 Crore. Company reported net profit after tax of Rs 29.11 Crore in latest quarter.



Promoter/FII Holdings
Promoters held 56.36 per cent stake in the company as of 30-Sep-2022, while FIIs owned 4.26 per cent, DIIs 5.57 per cent.