The net profit of India’s biggest kidswear manufacturing exporter Kitex Garments rose by 196 percent during the third quarter of the current fiscal. Net profit increased to Rs 36.57 crore in the quarter ended December 2019 as against Rs 12.35 crore during the previous quarter ended December 2018.
Similarly, the company’s sale during the same period increased by 84.28 per cent to Rs 250.86 crore in the quarter ended December 2019 as against Rs 136.13 crore during the previous quarter ended December 2018.
So far, first 9 months of the current FY have proved good for the company; compared to the same period of previous FY, the company has noticed surge of 55 per cent in its net profit. During the same period, the total income grew by 41 per cent.
During the current quarter, in view of Ministry of Textile’s notification, the company has reversed total export incentives (MEIS) of Rs 10.31 crore for the period from March 7, 2019 to September 30, 2019 in the standalone financial results.
Further, the company has not accrued export incentives of Rs. 8.78 crore for the current quarter in the standalone financial results.