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Kitex Garments fiscal Q3 profit climbs YOY

Kitex Garments Ltd said its normalized net income for the fiscal third quarter ended Dec. 31, 2014, came to 3.31 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 2.99 rupees per share.

EPS rose year over year from 1.61 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 219.9 million rupees, a gain from 107.5 million rupees in the year-earlier period.

The normalized profit margin rose to 19.3% from 11.6% in the year-earlier period.

Total revenue rose 22.8% year over year to 1.14 billion rupees from 930.2 million rupees, and total operating expenses grew year over year to 775.6 million rupees from 752.5 million rupees.

Reported net income rose from the prior-year period to 231.3 million rupees, or 3.48 rupees per share, from 113.2 million rupees, or 1.70 rupees per share.

As of Jan. 12, US$1 was equivalent to 62.07 Indian rupees.