Kitex Garments reported a 44% rise in its net profit to Rs 26 crore ($3.6 million) for the second quarter ended September 26, as against Rs 18 crore in posted in the year-ago period.
The company’s revenue for the quarter rose by 34 percent to Rs 178 crore, as against Rs 133 crore it posted in the corresponding period of the previous fiscal year.
Kitex Garments attributed the strong growth during the quarter to an increase in production, supply chain, and boost in customer orders post the easing of restrictions that were imposed last year to curb the spread of Covid-19. The company expects strong growth in the coming quarters on the back of festive season sales.
The company said that the new expansion plan at Telangana is progressing as per the schedule. It plans to set up two mega projects with a total investment of Rs 2,400 crore in Telangana.