Kitex Garments Q4 net profit down 53 percent to Rs 8 crore
Kitex Garments witnessed a 53 percent decline in its net profit for the fourth quarter ended March 2021 to Rs 8 crore ($1.1 million), as against a net profit of Rs 18 crore it reported in the year-ago period.
The company’s revenue for the quarter declined 24 percent to Rs 112 crore, as against a net profit of Rs 146 crore it reported in the corresponding period the previous fiscal year.
For the financial year 2020-21, the company reported a net profit of Rs 54 crore as against the previous fiscal’s Rs 103 crore, while its revenue for the year was down to Rs 455 crore Rs 739 crore it reported during the previous year ended March 2020.
Kitex attributed the decline in net profit and revenue to the Covid-19 pandemic and resultant lockdowns as it impacted its normal operations by way of interruption in production, supply chain disruption, and customer order deferrals.
Kerala-based Kitex Garments, the third-largest infant garment brand in the world at present, is planning to grab the top spot by 2025. The company also engages in contract manufacturing for private labels such as Jockey, Carter, Babies R Us, Gerber, and Mothercare.
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