Reliance Spinning Mills Reports Record Profit of Rs. 1.48 Billion in FY 2081/82
Reliance Spinning Mills posted a net profit of Rs. 1.48 billion in FY 2081/82, up 71% from the previous fiscal year.
Reliance Spinning Mills Limited, Nepal’s largest spinning industry, has reported a net profit of Rs. 1.48 billion for the fiscal year 2081/82. The profit surged by Rs. 615 million compared to the previous fiscal year’s Rs. 865 million.
According to the company’s financial disclosure, total sales reached Rs. 10.23 billion in FY 2081/82, compared to Rs. 9.20 billion in FY 2080/81, reflecting significant growth in business performance.
Established in 1997, Reliance Spinning Mills produces cotton, polyester, viscose, acrylic, and textured yarn. Its products cater to the domestic market as well as exports to India, Turkey, and other countries, with annual exports worth approximately USD 50 million.
The company has expanded its spindle capacity from 9,000 at inception to 102,824 spindles at present, operating factories in Khanar and Duhabi of Sunsari district. It currently employs around 4,000 workers, including 1,300 women.
Led by young entrepreneur Akshay Golyan, Reliance Spinning Mills has built a strong domestic and international presence. In recognition of its contribution to Nepal’s industrial and commercial sector, the Government of Nepal honored Golyan as a “Commercially Important Person (CIP)” in Ashadh 2082.