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Kitex Garments fiscal Q2 profit climbs 64.9% YOY

Kitex Garments Ltd said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 2.79 Indian rupees per share, an increase of 65.2% from 1.69 rupees per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 185.2 million rupees, an increase of 64.9% from 112.3 million rupees in the year-earlier period.

The normalized profit margin increased to 15.3% from 11.9% in the year-earlier period.

Total revenue rose 28.5% year over year to 1.21 billion rupees from 941.3 million rupees, and total operating expenses increased 17.0% year over year to 924.8 million rupees from 790.7 million rupees.

Reported net income increased 61.2% on an annual basis to 193.2 million rupees, or 2.91 rupees per share, from 119.9 million rupees, or 1.80 rupees per share.

As of Oct. 16, US$1 was equivalent to 61.79 Indian rupees.