Kitex Garments Ltd

Kitex Garments is an India-based company engaged in the manufacture of fabric and readymade garments.

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Pros:

Company is virtually debt free.

Company has a good return on equity (ROE) track record: 3 Years ROE 22.65%

Cons:

The company has delivered a poor growth of 11.94% over past five years.

Peer Comparison

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Detailed Comparison with:

	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018
	118	184	119	107	142	177	130	149	147	131	123	168
	76	113	85	75	94	130	94	106	111	113	95	132
Operating Profit	42	71	34	32	49	48	36	43	37	18	28	36
OPM %	35%	38%	28%	30%	34%	27%	28%	29%	25%	14%	22%	21%
Other Income	5	2	6	-3	7	1	1	3	-1	1	9	13
Depreciation	6	5	5	5	5	5	6	6	6	6	7	7
Interest	4	2	3	2	2	2	1	2	2	1	0	1
Profit before tax	37	66	32	21	48	40	30	38	28	12	30	41
Tax	13	21	11	8	16	14	12	14	10	1	12	15
Net Profit	24	45	21	13	32	27	18	24	18	10	19	26

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	153	176	182	247	242	312	317	442	511	546	546	557	569
	141	164	164	224	208	253	255	345	340	357	376	423	451
Operating Profit	12	12	18	24	34	59	62	97	171	189	170	134	118
OPM %	8%	7%	10%	10%	14%	19%	19%	22%	34%	35%	31%	24%	21%
Other Income	10	19	20	26	19	6	4	13	13	20	3	2	22
Interest	5	11	16	15	15	19	13	12	21	16	9	6	4
Depreciation	2	5	6	7	7	7	9	10	21	21	22	23	25
Profit before tax	15	15	16	28	31	40	44	88	142	171	142	107	111
Tax %	37%	39%	38%	33%	34%	32%	33%	35%	30%	34%	35%	35%
Net Profit	10	9	10	18	21	27	29	57	99	112	92	70	73
EPS in Rs	1.42	1.31	1.46	2.74	3.06	4.01	4.32	8.50	14.62	16.63	13.86	10.53
Dividend Payout %	7%	11%	12%	8%	9%	11%	13%	8%	6%	6%	8%	14%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Sep 2018
	5	5	5	5	5	5	5	5	5	5	5	7	7
Reserves	17	25	34	50	69	93	118	169	259	363	451	510	548
Borrowings	113	115	138	70	108	102	101	134	161	110	8	8	66
	29	39	38	59	68	69	72	96	111	103	105	97	137
Total Liabilities	165	184	214	184	250	268	296	405	536	581	570	622	758
	92	101	123	119	122	123	117	181	188	173	173	172	167
CWIP	13	13	1	1	1	0	2	1	0	1	16	34	33
Investments	0	0	0	0	0	0	0	0	0	5	12	27	28
	60	69	90	64	127	145	176	223	348	402	369	390	531
Total Assets	165	184	214	184	250	268	296	405	536	581	570	622	758

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	16	17	1	87	-16	63	24	115	128	135	45	29
	-73	-15	-15	-2	-11	-7	-5	-72	-30	-10	-41	-51
	70	-9	9	-81	24	-27	-15	18	2	-78	-120	-15
Net Cash Flow	13	-8	-5	4	-2	29	4	62	101	47	-116	-38