KITEX GARMENTS Announces Quarterly Results (4QFY18); Net Profit Down 61.7%

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KITEX GARMENTS Announces Quarterly Results (4QFY18); Net Profit Down 61.7%
Tue, 22 May

KITEX GARMENTS has announced its results for the quarter ended March 2018. Here is a detailed performance review of the same:

KITEX GARMENTS Quarterly Financials

No. of Mths
Qtr. Ending
3
Mar-17*
3
Dec-17*
3
Mar-18*
QoQ ChangeYoY Change
Net SalesRs m1,7721,4731,312-11.0%-26.0%
Other incomeRs m2-148214.8%
TurnoverRs m1,7751,4591,319-9.6%-25.7%
ExpensesRs m1,2931,1061,1302.1%-12.6%
Gross profitRs m479367182-50.5%-62.1%
DepreciationRs m5158616.4%20.7%
InterestRs m231611-34.2%-54.4%
Profit before taxRs m408279118-57.8%-71.2%
TaxRs m13810314-86.1%-89.6%
Profit after taxRs m270176103-41.4%-61.7%
Gross profit margin%27.124.913.9
Effective tax rate%33.836.812.1
Net profit margin%15.212.17.8
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster


Year-on-Year Performance:
  • The company's operating income during the quarter fell 26.0% on a year-on-year (YoY) basis. The expenses were down by 12.6% YoY during the same period.
  • The company's operating profit declined by 62.1% YoY during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.9% in 4QFY18 as against 27.1% in 4QFY17.
  • Depreciation charges and finance costs increased by 20.7% YoY and 54.4% YoY, respectively.
  • Other income increased by 214.8% YoY during the quarter.
  • Net profit for the quarter declined by 61.7% YoY. Net profit margins during the quarter declined from 15.2% in 4QFY17 to 7.8% in 4QFY18.
Quarter-on-Quarter Performance:
  • The company's operating income during the quarter fell 11.0% on a quarter-on-quarter (QoQ) basis. The expenses were up by 2.1% QoQ during the same period.
  • The company's operating profit increased by 50.5% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 13.9% in 4QFY18 as against 24.9% in 3QFY17.
  • Net profit for the quarter declined by 41.4% QoQ, while net profit margins declined from 18.5% in 3QFY17 to 7.8% in 4QFY18.

To see how KITEX GARMENTS has performed over the last eight quarters, please visit here.

KITEX GARMENTS Share Price Performance

Over the last one year, KITEX GARMENTS share price has moved up from Rs 275.5 to Rs 173.0, registering a Loss of Rs -102.5 or around 37.2%.

Overall, the S&P BSE SENSEX is up 0.1% over the year.

Current Valuations

At the current price of Rs 173.0, the price to earnings (P/E) ratio of KITEX GARMENTS stands at 16.4 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 2.6 times.

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For the quarter ended December 2019, KITEX GARMENTS has posted a net profit of Rs 366 m (up 196.0% YoY). Sales on the other hand came in at Rs 3 bn (up 84.3% YoY). Read on for a complete analysis of KITEX GARMENTS's quarterly results.

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