Kitex Garments Q4 net profit jumps to Rs 44 crore
Kitex Garments witnessed a 434 percent surge in its net profit to Rs 44 crore ($5.7 million) for the fourth quarter ended March 2022, as against a net profit of Rs 8 crore it reported in the year-ago period.
The company’s revenue for the quarter rose by 127 percent to Rs 254 crore, as against Rs 112 crore in the corresponding period of the previous fiscal year.
For the full financial year, the company’s net profit rose 130 percent to Rs 125 crore as against Rs 54 crore during the previous year ended March 2021.
Kitex’s sales rose by 73 percent to Rs 788 crore during the year, as against Rs 455 crore it posted in the previous year ended March 2021.
Commenting on the results, Sabu M Jacob, chairman and managing director of Kitex Garments Ltd in a statement said, “Strong growth access to infants garments segment despite the inflationary trends in materials costs, the company achieved record turnover and through effective cost control measures been able to achieve higher profits.”
Kitex Garments is one of the leading manufacturers of kid’s apparel and engages in contract manufacturing for private labels such as Jockey, Carter, Babies R Us, Gerber, and Mothercare among others.
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