One of the leading Indian apparel exporters, Kitex Garments Ltd., has reported a net loss of Rs. 4 crore for the third quarter of FY ’23 compared to the net profit of Rs. 35 crore during the same period of last fiscal year. Similarly, the company’s revenue for the Q3 of the current fiscal declined by 66 per cent to Rs. 68 crore, as against Rs. 203 crore during the Q3 of last fiscal.
The company said that the key reason for the negative results is global recession fears and this is a temporary phenomenon only. It expects normalcy by the start of the next fiscal. The company’s order booking in queue for 2023-24 indicates achieving a better performance in Q1 and normal performance by Q2
“Globally, all businesses are facing recession and turnover has come down drastically across major business houses. It may be noted that among global leading companies in wholesale and retail segments, while some have shown slight increase in turnover, for majority of them, profits are drastically down,” said Sabu M Jacob, MD of the company .
Bharat Tex Special Report 2026 
