Kitex Garments Ltd

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

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

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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Mar 2016 Jun 2016 Sep 2016 Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018
184.36 119.31 106.97 142.39 177.24 130.15 148.61 147.33 131.17 122.85 167.85 136.13
113.43 85.38 74.89 93.79 129.62 94.05 105.61 112.75 112.98 95.21 132.04 110.64
Operating Profit 70.93 33.93 32.08 48.60 47.62 36.10 43.00 34.58 18.19 27.64 35.81 25.49
OPM % 38.47% 28.44% 29.99% 34.13% 26.87% 27.74% 28.93% 23.47% 13.87% 22.50% 21.33% 18.72%
Other Income 1.73 6.49 -3.28 7.12 0.62 0.57 2.78 0.71 0.77 9.42 13.25 4.09
Interest 1.97 2.61 1.93 2.28 2.33 1.12 2.01 1.62 1.06 0.28 0.79 1.37
Depreciation 4.79 5.46 5.46 5.44 5.46 5.75 5.74 5.78 6.14 6.61 6.81 6.91
Profit before tax 65.90 32.35 21.41 48.00 40.45 29.80 38.03 27.89 11.76 30.17 41.46 21.30
Tax % 31.88% 34.56% 38.95% 33.75% 33.62% 39.80% 36.58% 36.82% 12.16% 38.42% 36.90% 41.97%
Net Profit 44.90 21.18 13.07 31.80 26.85 17.95 24.12 17.62 10.33 18.57 26.16 12.35
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss Standalone Figures in Rs. Crores / View Consolidated

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
153 176 182 247 242 312 317 442 511 546 546 557 558
141 164 164 224 208 253 255 345 340 357 376 423 451
Operating Profit 12 12 18 24 34 59 62 97 171 189 170 134 107
OPM % 8% 7% 10% 10% 14% 19% 19% 22% 34% 35% 31% 24% 19%
Other Income 10 19 20 26 19 6 4 13 13 20 3 2 28
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 26
Profit before tax 15 15 16 28 31 40 44 88 142 171 142 107 105
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 67
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
Compounded Sales Growth
10 Years:12.21%
5 Years:11.94%
3 Years:2.92%
TTM:-7.51%
Compounded Profit Growth
10 Years:23.02%
5 Years:19.02%
3 Years:-10.82%
TTM:-22.11%
Return on Equity
10 Years:27.94%
5 Years:27.28%
3 Years:22.65%
Last Year:14.44%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

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

Ratios Standalone / View Consolidated

Mar 2007 Mar 2008 Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018
ROCE % 22% 18% 20% 29% 30% 31% 27% 38% 45% 42% 32% 23%
Debtor Days 62 65 111 8 59 37 58 44 45 64 88 81
Inventory Turnover 14.26 12.42 8.70 10.66 6.15 5.75 6.48 15.61 46.46 45.07 20.40 8.69