Kitex Garments reported a return to consolidated profit for the July-September quarter, while its shares rose 16.55% in early trade Nov. 3, with the filing also disclosing uncertainty over a U.S. investment.
The unaudited results for the quarter ended Sept. 30, filed with the Bombay Stock Exchange (BSE), showed revenue from operations of ₹203.04 crore. That was up 66.3% from ₹122.10 crore a year earlier and 28.2% from ₹158.43 crore in the April-June quarter. Consolidated profit was ₹13.71 crore, compared with losses of ₹6.22 crore a year earlier and ₹17.12 crore in the preceding quarter.
At 4:07 a.m. UTC (9:37 a.m. IST) on Nov. 3, Upstox listed the shares at ₹134.93, up 16.55% from the previous close of ₹115.77. The stock opened at ₹126 and reached an intraday high of ₹137.09. The quoted price was an intraday snapshot, not the session’s closing price.
The filing says Kitex USA LLC has continued to incur losses and that its entire net worth has been depleted. Kitex Garments’ management considers the ₹27.76 crore carrying amount recoverable. Statutory auditor MSKA & Associates LLP said it could not offer a view on whether the investment can be recovered.
