India’s biggest kidswear manufacturing exporter Kitex Garments has seen a rise in its net profit during Q3 of current fiscal.
The company’s net profit increased by 196 per cent 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.
It also informed that 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 7 March 2019 to 30 September 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.