Stock Market update: Kitex Garments share price surge by 5% post strong Q3 results

Stocks of Kitex Garments rise by 5.45% and 12.25 points, January 6, 2022, 02:55 PM IST.

The share price of a clothing manufacturing company, Kitex Garment’s surge by 5.45%, and the share price went up to Rs 232.15 per equity share which was far higher than the share price of last month. Last month, on December 06, 2021, the share price drastically went down to Rs 169.75 per unit. However, since then the company has witnessed a constant rise in its share price.

Kitex Garments Limited is a flagship company of Kerala-based conglomerate company, Anna Kitex Group. Kitex Garments is the world’s second-largest infant wear producer. It is also a major supplier to Walmart and Amazon. The leading company has a market capitalization of Rs 1200 crore and has more than 5500 workers and employees.

The total revenue of Kitex Garments in the year 2020 was estimated to be around INR 778.40 crore with a net profit of INR 103.37 crore. However, the total revenue significantly decreased in the year 2021. The total revenue in 2021 is estimated to be INR 459.70 crore and a net profit of INR 54.27 crore. Therefore, the revenue decreased by almost 40%. However, the total income generated as of September 2021 was INR 180.85 crore. Whereas, it was just INR 135.62 crore in September 2021.

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