NITCO Limited announces Q3 FY2021-22 results

NITCO Limited (NITCO), India's most venerable tiles brand, has announced the financial results for the third quarter ended on December 31, 2021, as approved by its Board of Directors.

NITCO's sales increased to INR 118.94 Cr in Q3 FY 22, an increase of 12.11% from Q3 FY 21 (INR 106.09 Cr). EBITDA stood at INR -6.25 Cr as compared to INR -2.00 Cr in Q3 FY 21.

Q3 FY2022: Challenging for the Tiles industry

The unprecedented increase in natural gas prices resulted in a substantial increase in production costs. As a result, several vendors at Morbi undertook shutdowns, impacting availability of products.

The export business has been impacted due to the resurgence of COVID Omicron across Europe and the Americas, high production costs and by the all-time high container freight rates.

The triumvirate of high prices, product unavailability and lower imports significantly impacted the sector's throughput and profitability.

Shares of Nitco Limited was last trading in BSE at Rs. 31.95 as compared to the previous close of Rs. 30.45. The total number of shares traded during the day was 45861 in over 538 trades.

The stock hit an intraday high of Rs. 31.95 and intraday low of 29.35. The net turnover during the day was Rs. 1411988.00.

Source : Equity Bulls

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Nitco INE858F01012 Q3FY22 ResultUpdate