Kitex Garments Ltd

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

  • Market Cap 712 Cr.
  • Current Price 107
  • High / Low 135 / 74.2
  • Stock P/E 11.2
  • Book Value 101
  • Dividend Yield 1.40 %
  • ROCE 20.8 %
  • ROE 17.2 %
  • Face Value 1.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 1.06 times its book value

Cons

  • The company has delivered a poor sales growth of 7.66% over past five years.
  • Dividend payout has been low at 13.10% of profits over last 3 years
  • Debtor days have increased from 101.41 to 124.22 days.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
123 168 136 180 146 196 251 146 90 133 121
95 132 111 136 116 157 198 136 68 105 93
Operating Profit 28 36 25 44 30 39 53 11 22 28 28
OPM % 22% 21% 19% 24% 20% 20% 21% 7% 24% 21% 23%
Other Income 9 13 4 2 1 11 6 21 3 2 1
Interest 0 1 1 1 1 1 2 2 1 1 0
Depreciation 7 7 7 7 7 7 7 6 7 6 5
Profit before tax 30 41 21 37 23 42 50 23 18 24 23
Tax % 38% 37% 42% 35% 39% 13% 31% 22% 28% 26% 33%
Net Profit 13 22 12 24 14 37 35 18 13 18 16
EPS in Rs 1.88 3.37 1.86 3.64 2.10 5.53 5.26 2.65 1.90 2.68 2.34
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
511 546 546 557 607 739 490
340 357 376 423 468 607 401
Operating Profit 171 189 170 134 139 132 89
OPM % 34% 35% 31% 24% 23% 18% 18%
Other Income 13 20 3 2 22 39 27
Interest 21 16 9 6 4 7 4
Depreciation 21 21 22 23 27 26 24
Profit before tax 142 171 142 107 130 138 87
Tax % 30% 34% 35% 35% 37% 25%
Net Profit 99 110 83 64 71 103 64
EPS in Rs 14.82 16.49 12.55 9.56 10.74 15.54 9.57
Dividend Payout % 6% 6% 9% 16% 14% 10%
Compounded Sales Growth
10 Years:%
5 Years:8%
3 Years:11%
TTM:-37%
Compounded Profit Growth
10 Years:%
5 Years:1%
3 Years:7%
TTM:-42%
Stock Price CAGR
10 Years:15%
5 Years:-18%
3 Years:-25%
1 Year:-18%
Return on Equity
10 Years:%
5 Years:19%
3 Years:15%
Last Year:17%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
5 5 5 7 7 7 7
Reserves 259 360 440 492 557 635 665
Borrowings 161 110 8 8 90 96 7
110 101 102 93 104 98 89
Total Liabilities 535 576 555 600 758 835 768
188 173 173 172 214 234 225
CWIP 0 1 16 34 40 21 20
Investments 0 2 1 9 0 0 0
347 400 366 385 503 581 523
Total Assets 535 576 555 600 758 835 768

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
128 135 45 29 9 51
-30 -10 -41 -51 -79 -26
2 -78 -120 -15 72 -25
Net Cash Flow 101 47 -116 -38 1 0

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 42% 33% 24% 23% 21%
Debtor Days 45 64 88 81 99 124
Inventory Turnover 18.91 8.00 3.72 2.51 2.69

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
54.80 54.82 54.87 54.96 55.27 55.27 55.46 55.57 55.57 55.57 55.57 55.57
4.93 4.71 2.40 1.80 1.58 1.63 1.45 0.10 0.11 0.10 0.10 0.10
0.05 0.15 0.13 0.11 0.11 0.10 0.11 0.03 0.11 0.13 0.00 0.00
40.21 40.32 42.60 43.13 43.04 43.00 42.98 44.30 44.20 44.20 44.33 44.33

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