Kitex Garments Ltd

About

Kitex Garments is engaged in the manufacture of fabric and readymade garments.(Source : 201903 Annual Report Page No: 105)

  • Market Cap 689 Cr.
  • Current Price 104
  • High / Low 171 / 74.2
  • Stock P/E 7.73
  • Book Value 107
  • Dividend Yield 1.45 %
  • ROCE 20.7 %
  • ROE 17.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 0.97 times its book value

Cons

  • The company has delivered a poor growth of 7.66% over past five years.
  • Earnings include an other income of Rs.38.74 Cr.
  • Dividend payout has been low at 11.89% of profits over last 3 years
  • Debtor days have increased from 101.41 to 124.22 days.
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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
147 131 123 168 136 180 146 196 251 146 90 133
113 113 95 132 111 136 115 157 198 136 68 105
Operating Profit 35 18 28 36 25 44 30 39 53 11 22 28
OPM % 23% 14% 22% 21% 19% 24% 21% 20% 21% 7% 24% 21%
Other Income 1 1 9 13 4 2 1 13 8 22 4 4
Interest 2 1 0 1 1 1 1 1 2 2 1 1
Depreciation 6 6 7 7 7 7 7 7 7 6 7 6
Profit before tax 28 12 30 41 21 37 23 44 52 24 19 25
Tax % 37% 12% 38% 37% 42% 35% 38% 12% 30% 21% 26% 24%
Net Profit 18 10 19 26 12 24 15 38 37 19 14 19
EPS in Rs 2.65 1.55 2.79 3.93 1.86 3.66 2.18 5.77 5.50 2.89 2.12 2.89
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
182 247 242 312 317 442 511 546 546 557 607 739 620
164 224 208 253 255 345 340 357 376 423 468 607 507
Operating Profit 18 24 34 59 62 97 171 189 170 134 139 132 113
OPM % 10% 10% 14% 19% 19% 22% 34% 35% 31% 24% 23% 18% 18%
Other Income 20 26 19 6 4 13 13 20 3 2 22 44 39
Interest 16 15 15 19 13 12 21 16 9 6 4 7 6
Depreciation 6 7 7 7 9 10 21 21 22 23 27 26 25
Profit before tax 16 28 31 40 44 88 142 171 142 107 130 143 121
Tax % 38% 33% 34% 32% 33% 35% 30% 34% 35% 35% 37% 24%
Net Profit 10 18 21 27 29 57 99 112 92 70 81 109 89
EPS in Rs 1.50 2.78 3.10 4.08 4.42 8.63 14.82 16.86 13.87 10.53 12.25 16.34 13.40
Dividend Payout % 12% 8% 9% 11% 13% 8% 6% 6% 8% 14% 12% 9%
Compounded Sales Growth
10 Years:12%
5 Years:8%
3 Years:11%
TTM:-6%
Compounded Profit Growth
10 Years:19%
5 Years:2%
3 Years:6%
TTM:-1%
Stock Price CAGR
10 Years:14%
5 Years:-27%
3 Years:-30%
1 Year:7%
Return on Equity
10 Years:23%
5 Years:19%
3 Years:16%
Last Year:17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
5 5 5 5 5 5 5 5 5 7 7 7 7
Reserves 34 50 69 93 118 169 259 363 451 510 585 669 702
Borrowings 138 70 108 102 101 134 161 110 8 8 90 96 7
37 58 68 69 71 95 110 101 102 93 104 97 89
Total Liabilities 214 183 250 267 295 404 535 579 566 617 786 868 804
123 119 122 123 117 181 188 173 173 172 164 169 160
CWIP 1 1 1 0 2 1 0 1 16 34 40 21 20
Investments 0 0 0 0 0 0 0 5 12 27 29 35 35
90 63 127 144 175 222 347 400 366 385 552 643 588
Total Assets 214 183 250 267 295 404 535 579 566 617 786 868 804

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1 87 -16 63 24 115 128 135 45 29 10 59
-15 -2 -11 -7 -5 -72 -30 -10 -41 -51 -80 -34
9 -81 24 -27 -15 18 2 -78 -120 -15 72 -25
Net Cash Flow -5 4 -2 29 4 62 101 47 -116 -38 1 -0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 20% 29% 30% 31% 27% 38% 45% 42% 32% 23% 22% 21%
Debtor Days 111 8 59 37 58 44 45 64 88 81 99 124
Inventory Turnover 5.56 6.17 3.59 3.43 3.66 8.91 20.78 18.91 8.00 3.72 2.51 2.69

Shareholding Pattern

Numbers in percentages

Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020
54.24 54.80 54.82 54.87 54.96 55.27 55.27 55.46 55.57 55.57 55.57 55.57
4.74 4.93 4.71 2.40 1.80 1.58 1.63 1.45 0.10 0.11 0.10 0.10
0.18 0.05 0.15 0.13 0.11 0.11 0.10 0.11 0.03 0.11 0.13 0.00
40.83 40.21 40.32 42.60 43.13 43.04 43.00 42.98 44.30 44.20 44.20 44.33

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