Kitex Garments Q1FY17 standalone net profit declines 31% yoy to Rs.20.87 crore

India Infoline News Service | Mumbai | July 20, 2016 16:11 IST

The company’s standalone revenue stood at Rs. 119.30 crore, up 9.37% yoy but down 35.29% qoq.

Kitex Garments, garment manufacturer and exporter, reported standalone net profit of Rs.20.87 crore for the quarter ended June 30, 2017, registering growth of 30.65% yoy, but decline of 53.52% qoq. The company’s revenue stood at Rs. 119.30 crore, up 9.37% yoy but down 35.29% qoq.

Its standalone core operating profit of Rs. 33.87 crore for the quarter, clocked growth of 12.34% yoy but decline of 51.14% qoq. Operating profit margin for the current quarter at 28.39% expanded by 75 bps yoy but contracted by 921 bps qoq.

Kitex Q1FY17: Disappointing set of numbers:

Kitex posted disappointing set of numbers. The company’s revenue which grew ~9% yoy, slipped 35% qoq to Rs.119.30 cr majorly due to decline of ~40%  in garment segmental revenue which stood at Rs. 969.87 cr in the current quarter. The company’s net profit of Rs.20.87 crore for the quarter, registered growth of 30.65% yoy, but decline of 53.52% qoq on subdued revenue and higher tax spend. Tax expenses grew ~45% qoq impacting the bottom line.
Stock Commentary: 

Kitex Garments Ltd ended at Rs. 487.9, down by 1 points or 0.2% from its previous closing of Rs. 488.9 on the BSE.

The scrip opened at Rs. 488.05 and touched a high and low of Rs. 506.1 and Rs. 482 respectively. A total of 648772(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 2322.28 crore.

The BSE group 'B' stock of face value Re. 1 touched a 52 week high of Rs. 1056.3 on 20-Jul-2015 and a 52 week low of Rs. 340 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 533.05 and Rs. 486 respectively.

The promoters holding in the company stood at 54.24 % while Institutions and Non-Institutions held 4.26 % and 41.49 % respectively.

The stock traded below its 200 DMA.

***Note: This is a NSE Chart



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