Kitex Garments Ltd

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

Add ratio:

Pros:

Stock is trading at 1.14 times its book value

Company is expected to give good quarter

Cons:

The company has delivered a poor growth of 6.53% over past five years.

Dividend payout has been low at 11.41% of profits over last 3 years

Peer comparison Sector: Readymade Garments/ Apparells // Industry: Textiles - Products

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Detailed Comparison with:

	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019
	177	130	149	147	131	123	168	136	180	146	196	251
	130	94	106	113	113	95	132	111	136	115	157	198
Operating Profit	48	36	43	35	18	28	36	25	44	30	39	53
OPM %	27%	28%	29%	23%	14%	22%	21%	19%	24%	21%	20%	21%
	1	1	3	1	1	9	13	4	2	1	13	8
Interest	2	1	2	2	1	0	1	1	1	1	1	2
Depreciation	5	6	6	6	6	7	7	7	7	7	7	7
Profit before tax	40	30	38	28	12	30	41	21	37	23	44	52
Tax %	34%	40%	37%	37%	12%	38%	37%	42%	35%	38%	12%	30%
Net Profit	27	18	24	18	10	19	26	12	24	15	38	37
EPS in Rs	2.89	2.70	3.63	2.65	1.64	2.79	3.93	1.86	3.64	2.19	5.77	5.26
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	TTM
	176	182	247	242	312	317	442	511	546	546	557	607	773
	164	164	224	208	253	255	345	340	357	376	423	468	607
Operating Profit	12	18	24	34	59	62	97	171	189	170	134	139	166
OPM %	7%	10%	10%	14%	19%	19%	22%	34%	35%	31%	24%	23%	21%
	19	20	26	19	6	4	13	13	20	3	2	22	24
Interest	11	16	15	15	19	13	12	21	16	9	6	4	6
Depreciation	5	6	7	7	7	9	10	21	21	22	23	27	27
Profit before tax	15	16	28	31	40	44	88	142	171	142	107	130	156
Tax %	39%	38%	33%	34%	32%	33%	35%	30%	34%	35%	35%	37%
Net Profit	9	10	18	21	27	29	57	99	112	92	70	81	114
EPS in Rs	1.31	1.46	2.74	3.06	4.01	4.32	8.51	14.63	16.64	13.86	10.53	12.25	16.86
Dividend Payout %	11%	12%	8%	9%	11%	13%	8%	6%	6%	8%	14%	12%

* Sales is net of excise duty and discounts

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Sep 2019
	5	5	5	5	5	5	5	5	5	5	7	7	7
Reserves	25	34	50	69	93	118	169	259	363	451	510	585	626
Borrowings	115	138	70	108	102	101	134	161	110	8	8	90	92
	39	37	58	68	69	71	95	110	101	102	93	104	135
Total Liabilities	183	214	183	250	267	295	404	535	579	566	617	786	859
	101	123	119	122	123	117	181	188	173	173	172	164	179
CWIP	13	1	1	1	0	2	1	0	1	16	34	40	18
Investments	0	0	0	0	0	0	0	0	5	12	27	29	30
	69	90	63	127	144	175	222	347	400	366	385	552	631
Total Assets	183	214	183	250	267	295	404	535	579	566	617	786	859

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	17	1	87	-16	63	24	115	128	135	45	29	10
	-15	-15	-2	-11	-7	-5	-72	-30	-10	-41	-51	-80
	-9	9	-81	24	-27	-15	18	2	-78	-120	-15	72
Net Cash Flow	-8	-5	4	-2	29	4	62	101	47	-116	-38	1

	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
ROCE %	18%	20%	29%	30%	31%	27%	38%	45%	42%	32%	23%	22%
Debtor Days	65	111	8	59	37	58	44	45	64	88	81	99
Inventory Turnover	8.30	5.56	6.17	3.59	3.43	3.66	8.91	20.78	18.91	8.00	3.72	2.51

Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020
54.24	54.24	54.24	54.80	54.82	54.87	54.96	55.27	55.27	55.46	55.57	55.57
4.76	4.47	4.74	4.93	4.71	2.40	1.80	1.58	1.63	1.45	0.10	0.11
0.16	0.06	0.18	0.05	0.15	0.13	0.11	0.11	0.10	0.11	0.03	0.11
40.84	41.23	40.83	40.21	40.32	42.60	43.13	43.04	43.00	42.98	44.30	44.20