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The Kerala-based Kitex Garments Ltd has registered a 79 per cent increase in its net profit in Q1 at Rs 12.97 crore against Rs 7.22 crore in the corresponding quarter.
The total income has also gone up by 58 per cent to touch Rs 100.48 crore against Rs 63.56 crore during the period. The main contributors for this growth are the quantitative increase in sales and the increase in dollar rates, a statement issued here said.
The company expressed the hope that this growth trend would more or less continue for the rest of the year. The company has set a projected turnover of over Rs 430 crore for 2013-14 as against Rs 317 crore achieved in 2012-13.
The finance cost has also come down due to repayments of term loans and decrease in the interest cost. The company was depending more on own funds for operations during the period.
Kitex Garments Ltd manufactures toddler wear for most of the international brands such as MotherCare, Toys R Us, Gerber etc and is ranked as the third best company of such type in the world.
The company has to its credit the Best Vendor Award from Toys R Us and Gerber for the past couple of years.
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