Kitex Garments Ltd

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

Pros:
Stock is trading at 0.98 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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Quarterly Results Standalone Figures in Rs. Crores / View Consolidated

Dec 2016 Mar 2017 Jun 2017 Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019
142 177 130 149 147 131 123 168 136 180 146 196
94 130 94 106 113 113 95 132 111 136 115 157
Operating Profit 49 48 36 43 35 18 28 36 25 44 30 39
OPM % 34% 27% 28% 29% 23% 14% 22% 21% 19% 24% 21% 20%
Other Income 7 1 1 3 1 1 9 13 4 2 1 13
Interest 2 2 1 2 2 1 0 1 1 1 1 1
Depreciation 5 5 6 6 6 6 7 7 7 7 7 7
Profit before tax 48 40 30 38 28 12 30 41 21 37 23 44
Tax % 34% 34% 40% 37% 37% 12% 38% 37% 42% 35% 38% 12%
Net Profit 32 27 18 24 18 10 19 26 12 24 15 38
EPS in Rs 4.77 2.89 2.70 3.63 2.65 1.64 2.79 3.93 1.86 3.64 2.19 5.77
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

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

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
176 182 247 242 312 317 442 511 546 546 557 607 658
164 164 224 208 253 255 345 340 357 376 423 468 520
Operating Profit 12 18 24 34 59 62 97 171 189 170 134 139 139
OPM % 7% 10% 10% 14% 19% 19% 22% 34% 35% 31% 24% 23% 21%
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 88 142 171 142 107 130 126
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 90
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 13.46
Dividend Payout % 11% 12% 8% 9% 11% 13% 8% 6% 6% 8% 14% 12%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.77%
5 Years:6.53%
3 Years:3.59%
TTM:15.62%
Compounded Profit Growth
10 Years:23.39%
5 Years:7.28%
3 Years:-10.10%
TTM:23.29%
Stock Price CAGR
10 Years:16.42%
5 Years:-24.78%
3 Years:-31.48%
1 Year:-17.23%
Return on Equity
10 Years:24.92%
5 Years:22.92%
3 Years:16.82%
Last Year:14.72%

Balance Sheet Standalone Figures in Rs. Crores / View Consolidated

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 38 59 68 69 72 96 111 103 105 97 108 135
Total Liabilities 184 214 184 250 268 296 405 536 581 570 622 789 859
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 64 127 145 176 223 348 402 369 390 556 631
Total Assets 184 214 184 250 268 296 405 536 581 570 622 789 859

Cash Flows Standalone Figures in Rs. Crores / View Consolidated

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

Ratios Standalone Figures in Rs. Crores / View Consolidated

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