To,

June 11, 2021

Corporate Service Dept.	The Listing Department,
BSE Limited	National Stock Exchange of India Limited
Jeejeebhoy Towers	Exchange Plaza, Bandra Kurla Complex,
Dalal Street,	Bandra (E),
Mumbai - 400 001	Mumbai- 400051
Script code: 532722	Script code: NITCO

Dear Sir / Madam,

Sub: Nitco Limited - Update on Financial Results for year ended March 31, 2021 and other developments in F.Y. 2020-21

Please find enclosed herewith further update on the Financial Results of Nitco Limited for the year ended March 31, 2021 and other developments happened during the FY 2020-21.

We request you to take note of the same.

Yours faithfully, For NITCO Limited

Mumbai, June 11, 2021: Nitco Limited (Nitco), India's most venerable tiles brand, today announced the financial results for the fourth quarter and year ended on March 31, 2021, as approved by its Board of Directors.

Nitco's sales volume during Q4 FY2021 witnessed significant increase as the economic activities improved post pandemic related lockdown was lifted. Nitco's sales volume had dipped considerably during Q1 F.Y. 2020-21 due to the nation-wide lockdown. During Q4, Nitco managed 11% improvement in tile sales volume over Q3. Sales volume in the month of March 2021 was the highest in this financial year. H2 tile sales volume more than doubled H1 volumes.

Nitco's revenue from sale of products for Q4 FY21 stood at INR 118 crore growing 49% over Q4 FY 20. Operating EBIDTA in Q4 for tile, marble, mosaic business (excluding provisions for current assets and one-off items) was INR 1.5 crore as compared negative INR 9.4 crore during Q4 of last year. The reported EBIDTA for the quarter is negative mainly due to provision created against current assets amounting to INR 15.3 cr.

Nitco has been able to achieve consistent positive operating EBIDTA since September, 2020. Cumulatively, period from September to March saw operating EBIDTA at 1.4% of sales with February month recording highest operating EBIDTA of 2.5%. Nitco has been able to prudently manage its cost structure and bring in operating efficiencies that enabled to curtail operating losses despite the pandemic-led sales de-growth. These measures, along with our focus on driving retail expansion, will enable the company to achieve consistent positive operating EBIDTA going forward.

Domestic Business

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Despite the pandemic situation, Nitco managed to add 214 new dealers in the financial year 2020-21. Along with this, 27 new franchise showrooms were opened with an increase in retail footprint by 35,064 sq. ft. Nitco launched Mosaic in Retail segments in Pune, Mumbai and Goa.

Nitco unveiled a wide range of Made in Italy tiles that are environment friendly. Globally certified as COVID-19 sanitisation resistant, these tiles have the highest durability and unique Italian designs that captivate all the senses. The collection boasts of a range in all sizes from small, medium to extra-large, covering all popular colour ranges from Marble, Stone, Cement and the Nuevo Italian Look, a modern mix typology. These are c,O ·1.. . the only full body unglazed tiles in India that can be used for heavy duty areas like ~ ~'1) hopping malls, airports etc. Nitco launched the new range of Natural Marbles from .i(. ⁰ - 11tte-41 177 urkey, Greece, Portugal and Spain.

lv:::= :;:P<'gistred office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai - 400 042. Tel.: 91-22-67302500 I 67521555, Fax: 91-22-25786484. CIN: L26920MH 1966PLC01 6547. Email : [email protected] Website: www.nitco.in

Export Business

Nitco's export business continued to rise during the financial year. In F.Y. 2020-21 there has been a tremendous growth in export on YOY basis where major contributors are USA and Africa continent. Nitco looks forward to further enhance its global presence and boost exports.

Other initiatives

Nitco managed its cost structure prudently which in turn helped to mitigate the loss on EBIDTA due to lower sales given the pandemic situation. The supply chain was strengthened, operating efficiencies brought in, SKU palettes were corrected and new SKU's were introduced that repositions Nitco correctly in the industry. IT systems were scaled up with dealer portal going live during the year.

Trainings under Pradhan Niantri Kaushal Vikas Yojana:

Nitco has tied up with Learnet Skills Limited (a subsidiary of Schoolnet India) to work jointly in the construction skill development space for establishing 3 construction sector under Centre of Excellence (COE) located at Rajasthan (Tonk), AP (Duttalur) and Chindwara (MP) and will be further extended across India. The COE offers array of employability linkedjupskilling programs in construction sector catering skilled workforce need across entry and mid-level.

Learnet Skills Limited in partnership with National Skill Development Corporation (NSDC) delivers skills training programmes for inclusive growth of students in school, unemployed youth, trainers, and existing workforce leading to employability, employment and/or productivity enhancement. These programmes have yielded impact through improvement in income and standard of living, not only for individuals but also their families and communities.

Under this collaboration Nitco conducted its first programme at the Tonk COE in Rajasthan on 31st March, 2020 and 1st April, 2021 on "Mason Tiling". This two day "Training of the Trainers" programme was conducted to train senior Masons about Tiles, Tile Manufacturing Process, different type of Tiles and their specifications and the Tile laying process. This programme was attended by 24 masons. The sessions were a mix of classroom and practical training. At the end of the training programme:, the Masons who had successfully completed the training were awarded certificates from Nitco making them certified trainers for conducting further Mason Tiling training ',< •• :oO l..~-1? rogrammes in future. Nitco will be conducting more such programmes in future as z Mu.. ..,. ell. •VTEJA.1 m

egistred office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai - 400 042. Tel.: 91-22-67302500 I 67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected] Website: www.nitco.in

NITCO T)J..ES MAFiBLE MOSI\ICQ • • t.ovenngs exmmtwn - US

NITCO also announced that it will be participating in next month's Coverings 2021 event, scheduled to be held in the city of Orlando (US) between July 7-9, 2021. The company will showcase its unique products in the upcoming illustrious exhibition, which will also have international pavilions, show floor exhibits, live installation demos, Awards, and complimentary educational opportunities.

While the world's biggest companies in the tile and natural stone space will be present in the exhibition to display their products, NIT CO will launch its new range of wall tiles and mosaics for the first time in the US. It is the only company in India which has such a wide range of products and designs encompassing tiles, marble & mosaic.

Coverings is the largest tile and natural stone event in North America, featuring exhibitors from more than 40 countries and attracting thousands of distributors, retailers, fabricators, contractors, specifiers, architectural and design professionals and builders and real estate developers. Coverings offers custom tile & stone solutions to architects & designers on the show floor and beyond. Further, updated & latest trends and design inspirations across the world of ceramic space can be seen at Coverings.

About Nitco Limited:

Nitco Limited (NSE: NITCO, BSE: 532722), established in 1953 by Late Mr. Prannath Talwar, is India's prominent floor and wall solutions company. NITCO, one of the most widely recognised brands, is the only company in the world with presence in all three surfaces: namely, tiles, marble, and mosaic, with a comprehensive product range in each category. The prime mission of the Company is to always offer cutting-edge designs and products that are the choice of discerning architects and consumers. The Company differentiates itself by being a creative surface partner to its clients, by suggesting the most appropriate functional designs and product solutions that match specific applications. The Company also prides itself as the provider of the best natural marble slabs in the industry, with unique capabilities for processing natural marble to opt:mise form factor and costs. Headquartered in Mumbai, NITCO's pan-India presence is facilitated through display centres, franchisees, retail network spread across the country. NITCO enjoys a sizeable client base overseas and exports to over 40 countries. For more information, please visit www.nitco.in.

Disclaimer:

orne of the statements in this communication may be forward looking statements

egistred office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai- 400 042. Tel.: 91-22-67302500 I 67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email: [email protected] Website: www.nitco.in

TILES MAR~LE MOSAICO affect the Company's operations include changes in the industry structure, significant changes in political and economic environment in India, tax laws, litigation and labour relations.

For further information, please contact:

Ramesh Iyer	Mehul Mehta
Chief Financial Officer	Director
Nitco Limited	Dickenson World
+91 93213 39199	+91 98202 80325
[email protected]	[email protected]

Registred office: NITCO Limited, NITCO House, Sheth Govindram Jolly Marg, Kanjur Marg (E) Mumbai - 400 042. Tel.: 91-22-67302500 I 67521555, Fax: 91-22-25786484. CIN: L26920MH1966PLC016547. Email : [email protected] Website: www.nitco.in

AI assistant

Nitco Ltd. Annual Report 2021

62410_rns_2021-06-11_37e6a45f-6782-444f-9551-218d1241af26.pdf