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Kitex Garments profit misses consensus by 34.4% in fiscal Q1

Kitex Garments Ltd said its normalized net income for the fiscal first quarter ended June 30 was 1.98 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 3.01 rupees per share.

In the prior-year period, the per-share result was a profit of 1.98 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 131.5 million rupees, compared with 131.5 million rupees in the year-earlier period.

The normalized profit margin declined to 13.7% from 13.9% in the year-earlier period.

Total revenue climbed year over year to 961.8 million rupees from 944.1 million rupees, and total operating expenses decreased 8.2% on an annual basis to 740.2 million rupees from 806.4 million rupees.

Reported net income grew 11.3% on an annual basis to 144.4 million rupees, or 2.17 rupees per share, from 129.8 million rupees, or 1.95 rupees per share.

As of July 9, US$1 was equivalent to 59.76 Indian rupees.