Kitex Garments Ltd has registered a net profit of Rs 29.38 crore in 2012-13 fiscal against Rs 27.11 crore achieved in the previous year.
Announcing the audited annual results, Sabu M. Jacob, managing director, said the company has garnered a sales turnover of Rs 317 crore during the period against Rs 312 crore of the previous fiscal.
With a comfortable growth rate, the company is looking at a sales turnover of more than Rs 425 crore in the current financial year with corresponding increase in profits, he said.
The company has become stronger during the year with reserves of Rs 117.6 crore and an increased book value of Rs 25.76. The directors also propose to pay a dividend of 80 per cent as against 60 per cent paid earlier.
Plans are also afoot to introduce its own Brand of Toddler wear during the third quarter of this fiscal. The process of registration in this regard is in the final stage, he added.
At present, the company’s products are available in almost 16,000 retail outlets across the US and Europe in different brand names. Kitex is also planning to open own outlets in New York and New Jersey during this year.
The company aims to be the number one in infant wear manufacturing in the next three years, he said, adding that it recently received the ‘Best Vendor of the Year Award’ from the US wholesaler Gerber International.