Kitex Garments Ltd

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

Pros:
Stock is trading at 0.90 times its book value
Cons:
Company might be capitalizing the interest cost
Dividend payout has been low at 12.73% of profits over last 3 years

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

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Mar 2019 Jun 2019
123 180 146
95 136 116
Operating Profit 28 44 30
OPM % 22% 24% 20%
Other Income 9 2 1
Interest 0 1 1
Depreciation 7 7 7
Profit before tax 30 37 23
Tax % 38% 35% 39%
Net Profit 13 24 14
Notes Notes Notes

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

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
511 546 546 557 607
340 357 376 423 468
Operating Profit 171 189 170 134 139
OPM % 34% 35% 31% 24% 23%
Other Income 13 20 3 2 22
Interest 21 16 9 6 4
Depreciation 21 21 22 23 27
Profit before tax 142 171 142 107 130
Tax % 30% 34% 35% 35% 37%
Net Profit 99 110 83 64 71
EPS in Rs 14.63 16.28 12.44 9.56 10.74
Dividend Payout % 6% 6% 9% 16% 14%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:%
5 Years:%
3 Years:3.59%
TTM:8.89%
Compounded Profit Growth
10 Years:%
5 Years:%
3 Years:-13.32%
TTM:12.24%
Return on Equity
10 Years:%
5 Years:%
3 Years:15.55%
Last Year:13.46%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
5 5 5 7 7
Reserves 259 360 440 492 557
Borrowings 161 110 8 8 90
111 103 105 97 108
Total Liabilities 536 578 558 604 761
188 173 173 172 214
CWIP 0 1 16 34 40
Investments 0 2 1 9 0
348 402 369 390 507
Total Assets 536 578 558 604 761

Cash Flows Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
128 135 45 29 9
-30 -10 -41 -51 -79
2 -78 -120 -15 72
Net Cash Flow 101 47 -116 -38 1

Ratios Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019
ROCE % 42% 33% 24% 23%
Debtor Days 45 64 88 81 99
Inventory Turnover 45.07 20.40 8.69 5.60