Kitex Garments Ltd

Kitex Garments is engaged in the manufacture of fabric and readymade garments.

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Pros:

Stock is trading at 0.81 times its book value

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:

	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019
	107	142	177	130	149	147	131	123	168	136	180	146
	75	94	130	94	106	113	113	95	132	111	136	115
Operating Profit	32	49	48	36	43	35	18	28	36	25	44	30
OPM %	30%	34%	27%	28%	29%	23%	14%	22%	21%	19%	24%	21%
Other Income	-3	7	1	1	3	1	1	9	13	4	2	1
Interest	2	2	2	1	2	2	1	0	1	1	1	1
Depreciation	5	5	5	6	6	6	6	7	7	7	7	7
Profit before tax	21	48	40	30	38	28	12	30	41	21	37	23
Tax %	39%	34%	34%	40%	37%	37%	12%	38%	37%	42%	35%	38%
Net Profit	13	32	27	18	24	18	10	19	26	12	24	15
	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	630
	164	164	224	208	253	255	345	340	357	376	423	468	494
Operating Profit	12	18	24	34	59	62	97	171	189	170	134	139	135
OPM %	7%	10%	10%	14%	19%	19%	22%	34%	35%	31%	24%	23%	22%
Other Income	19	20	26	19	6	4	13	13	20	3	2	22	20
Interest	11	16	15	15	19	13	12	21	16	9	6	4	5
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	123
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	77
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
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
	5	5	5	5	5	5	5	5	5	5	7	7
Reserves	25	34	50	69	93	118	169	259	363	451	510	585
Borrowings	115	138	70	108	102	101	134	161	110	8	8	90
	39	38	59	68	69	72	96	111	103	105	97	108
Total Liabilities	184	214	184	250	268	296	405	536	581	570	622	789
	101	123	119	122	123	117	181	188	173	173	172	164
CWIP	13	1	1	1	0	2	1	0	1	16	34	40
Investments	0	0	0	0	0	0	0	0	5	12	27	29
	69	90	64	127	145	176	223	348	402	369	390	556
Total Assets	184	214	184	250	268	296	405	536	581	570	622	789

	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	12.42	8.70	10.66	6.15	5.75	6.48	15.61	46.46	45.07	20.40	8.69	5.60