Nitin Fire Protection Industries has posted almost a three-fold jump in its standalone net profit at Rs 26.3 million for the quarter ended March, 2015 as against Rs 09.3 million in the same period last year.

Total income for the quarter dropped 28% to Rs. 1.12 billion for the quarter ended March, 2015 against Rs 1.55 billion in the corresponding quarter last year.

Commenting on the results, Nitin Shah, Chairman of the Board said, 'Despite the weak macroeconomic conditions, we are pleased to report yet another positive financial year. Our UAE business is picking up and the order book is increasing consistently. We are looking at spreading our wings and constantly upgrading our product offerings for expanding our customer base.'

He further added, 'With improving sentiments and increase in demand for our products we foresee the growth trend to improve going forward and become a billion dollar company by the year 2020.'

Shares of the company declined Rs 0.15, or 0.46%, to trade at Rs 32.40. The total volume of shares traded was 17,542 at the BSE (11.03 a.m., Tuesday).