Kitex Garments aspires to be top international player of infantwear by 2025
Currently, the third largest infantwear brand in the world, Kitex Garments aims to grap the top slot by 2025.
As per Fashion Network, the company reported a 53 per cent decline in its Q4 net profit 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 also declined by 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, Kitex Garment’s net profit declined to Rs 54 crore from the previous fiscal’s Rs 103 crore while its revenue for the year declined to Rs 455 crore from Rs 739 crore it reported during the previous year ended March 2020.
Kitex attributed this 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. The company also engages in contract manufacturing for private labels such as Jockey, Carter, Babies R Us, Gerber, and Mothercare.
