Kitex Garments, one of the largest producers of children's apparel in the world, will invest Rs 200 crore each in two of its new wholly owned subsidiary companies. These two facilities will help to increase the manufacturing capacities of the company to meet rising future demand. Kitex will invest in the facilities from borrowings and internal accruals and will engage KPMG in total implementation of the project, adding to its revenue growth.
Kitex Garments exports about 95 per cent of infant wear to the United States and the rest to Europe. The company also engages in contract manufacturing for private labels such as: Jockey, Carter, Babies R Us, Gerber and Mothercare. the company’s net profit dropped 44.59 per cent to Rs 17.62 crore on 2.42 per cent fall in total income to Rs 145.88 crore in Q3 December 2017 over Q3 December.
