Kitex Garments Q2 profit up 8 percent to Rs 26 crore
Kerala-based Kitex Garments Limited saw its profits rise 8 percent to Rs 26 crore ($3.6 million) for the second quarter of the fiscal year ended September 2018, as compared to Rs 24 crore it had posted in the same period last fiscal.
The company’s revenue witnessed a 20 percent jump to Rs 181 crore from Rs 151 crore it had reported in the corresponding period last year.
Total revenue for the half year ended September 30, 2018, stood at Rs 313 crore, as compared to Rs 282 crore a year ago while its net profit was at Rs 45 crore for the first six months as compared to Rs 42 crore a year ago.
Commenting on the financial performance, MD and CEO Sabu M Jacob said, “The growth for the second quarter is as per our expectation. We are happy that we are able to achieve what we have projected earlier.”
Kitex Garments is one of the largest apparel manufacturers of infant wear in the country and exports about 95 percent of infant wear to the United States and the rest to Europe. The company also engages in contract manufacturing for private labels such as Jockey, Carter, Babies R Us, Gerber, and Mothercare.
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