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Net profit for Q2FY16 soars 40.52% at Kitex Garments
23
Oct '15
Net profit for the second fiscal quarter ended September 30, 2015 at India based exporter of garments, Kitex Garments Ltd soared 40.52 over the prior fiscal's second quarter

In a BSE filing, the Kerala based apparel exporter said its net profit surged 40.52 per cent year over year to Rs 27.15 crore.

Kitex's net profit for the reporting quarter was supported by lower material cost which fell 16 per cent year on year to Rs 51 crore.

However, total income from operations in the second quarter of fiscal 2016 rose slower at 4.71 per cent over the second quarter of earlier fiscal to Rs 134.25 crore.

The clothing manufacturer who claims to be the biggest private sector employer in Kerala had reported a net profit of Rs 19.3 crore on sales of Rs 121 crore in the second quarter of fiscal 2015.

At the Kitex Garments' board of directors meeting held on October 19, 2015, the board recommended a first interim dividend of 75 per cent.

Kitex currently employs over 7,000 people at its facility and having started with a turnover of Rs 1.8 crore in fiscal 1996, revenue has climbed to Rs 524 crore in fiscal 2015.

The company is currently the second largest producer of children's apparel in the world and is also in the process of setting up operations in the United States. (AR)

Fibre2Fashion News Desk – India


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