Kitex Garments Q4 profit soars 136 percent to Rs 24 crore
today May 22, 2019
Kitex Garments Limited net profit for the fourth quarter jumped 136 percent to Rs 24 crore ($3.5 million) from Rs 10 crore it had reported during the previous quarter ended March 2018.
The company’s sales also grew 37 percent to Rs 180 crore as against Rs 131 crore it had reported during the corresponding quarter last fiscal.
For the full year, Kitex Garments net profit rose 16 percent to Rs 81 crore in comparison to Rs 70 crore it had reported during the previous year. Sales jumped 9 percent to Rs 607 crore as against Rs 557 crore it posted last year.
Kitex has invested heavily on the expansion of its manufacturing units and has increased its production capacity which has led to higher sales and profits this year.
"By 2025, our target is to attain a total revenue of Rs 2165 crore from Kitex Garments Limited and Rs 1000 crore from Kitex Childrens Wear Limited”, Sabu M Jacob, managing director and CEO said in a statement.
Kerala-based Kitex Garments is one of the largest apparel manufacturers in the country and exports its products to the United States and 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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