Kitex Garments Ltd

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

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Pros:

Stock is trading at 1.06 times its book value

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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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	119	107	142	177	130	149	147	131	123	168	136	180
	85	75	94	130	94	106	113	113	95	132	111	136
Operating Profit	34	32	49	48	36	43	35	18	28	36	25	44
OPM %	28%	30%	34%	27%	28%	29%	23%	14%	22%	21%	19%	24%
Other Income	6	-3	7	1	1	3	1	1	9	13	4	2
Interest	3	2	2	2	1	2	2	1	0	1	1	1
Depreciation	5	5	5	5	6	6	6	6	7	7	7	7
Profit before tax	32	21	48	40	30	38	28	12	30	41	21	37
Tax %	35%	39%	34%	34%	40%	37%	37%	12%	38%	37%	42%	35%
Net Profit	21	13	32	27	18	24	18	10	19	26	12	24
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	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	607
	141	164	164	224	208	253	255	345	340	357	376	423	474
Operating Profit	12	12	18	24	34	59	62	97	171	189	170	134	133
OPM %	8%	7%	10%	10%	14%	19%	19%	22%	34%	35%	31%	24%	22%
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	27
Profit before tax	15	15	16	28	31	40	44	88	142	171	142	107	130
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	81
EPS in Rs	1.42	1.31	1.46	2.74	3.06	4.01	4.32	8.51	14.63	16.64	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	Mar 2019
	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	585
Borrowings	113	115	138	70	108	102	101	134	161	110	8	8	87
	29	39	38	59	68	69	72	96	111	103	105	97	108
Total Liabilities	165	184	214	184	250	268	296	405	536	581	570	622	786
	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	38
Investments	0	0	0	0	0	0	0	0	0	5	12	27	29
	60	69	90	64	127	145	176	223	348	402	369	390	552
Total Assets	165	184	214	184	250	268	296	405	536	581	570	622	786

	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

	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