Nitco Limited (Nitco), India’s most venerable tiles brand, announced the financial results for the third quarter and nine months ended on December 31, 2020, as approved by its Board of Directors.
Nitco’s revenue from sale of products for Q3 FY21 stood at Rs 106.09 crore. Operating EBIDTA for tile, marble, mosaic business excluding provisions for current assets and one-off items stood at Rs 1.70 crore as compared to negative Rs 3.15 crore in Q2 and negative Rs 12.35 crore last year Q3. Nitco has been able to prudently manage its cost structure and has managed to curtail operating losses despite the pandemic-led sales de-growth. The company appointed 66 new dealers in Q3.
Nitco’s sales volume during Q3 FY2021 witnessed significant increase as the economic activities improved post-pandemic related lockdown was lifted. Nitco’s sales volume had dipped considerably during Q1 FY2021 due to the Nation-wide lockdown. During the quarter, Nitco managed a 37% improvement in tile sales volume over Q2. Sales volume in the month of November 2020 was the highest so far in this financial year.