Kitex Garments' net profit in the second quarter increased by 44% to Rs 26 crore
11 November 2021, Mumbai:
Kitex Garments, situated in Kerala, saw a 44 percent increase in net profit to Rs 26 crore ($3.6 million) in the second quarter ended September 26, compared to Rs 18 crore the year before.
The company's sales for the quarter increased by 34% to Rs 178 crore, up from Rs 133 crore in the previous fiscal year's similar period.
Kitex Garments credited the high quarter-over-quarter rise to an increase in production, supply chain, and customer orders following the lifting of limitations imposed last year to combat the spread of Covid-19.
On the heels of holiday season sales, the firm anticipates excellent growth in the future quarters.
The new growth strategy in Telangana, according to the corporation, is moving forward as planned. It intends to invest Rs 2,400 crore in two big projects in Telangana.
Kitex Garments is a prominent maker of children's clothing that also provides contract manufacturing services to private labels such as Jockey, Carter, Babies R Us, Gerber, and Mothercare.
