Kitex FY22 profit more than doubles to Rs129 cr

Kitex FY22 profit more than doubles to Rs129 cr


BBN Bureau

Board proposes 150 pc (Rs1.50) final cash dividend

KOCHI/May 20-2022: Kitex Garments Ltd (KGL) has recorded standalone net profit of Rs44.34 crore for the fourth quarter (Q4) ending March 31 2022.

This is three and a half times the profit recorded by the company in the same period last year and 27.74 per cent more than that in the immediate previous quarter ending December 31, 2021.

Kitex board of directors has recommended a final dividend of Rs1.50 per equity share of Re1 each (150 per cent) of the company subject to the shareholders’ approval at its ensuing Annual General Meeting (AGM).

For the full year, FY22, the profit recorded by the company was Rs128.28 crore representing a growth of 114.16 per cent compared with the net profit recorded by the company for the previous year.

Kitex Apparel share capital

The company said the designated subsidiary, Kitex Apparel Parks Ltd, incorporated on November 18, 2021. with a proposed investment of Rs730 crore has decided to issue and allot equity shares to the tune of Rs100 crore subsequently to its subscribers.

Kitex, on a standalone basis, generated a total income of Rs267.17 crore for the fourth quarter whereas the full-year income was at Rs818.29 crore, far larger than that of the previous year at Rs465.49 crore

KGL, with a share capital of Rs6.65 crore, has a total shareholders’ equity of Rs854.72 crore as of March 31, 2022, Total standalone assets of the company have grown by 25.34 per cent during FY22, from Rs826.75 crore to Rs1036.24 crore.


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