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Kitex Garments profit beats consensus by 29.4% in fiscal Q4

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Kitex Garments profit beats consensus by 29.4% in fiscal Q4

Kitex Garments Ltd said its normalized net income for the fiscal fourth quarter ended March 31 was 5.97 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.61 rupees per share.

EPS climbed 12.7% year over year from 5.30 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 397.7 million rupees, a gain of 12.8% from 352.5 million rupees in the prior-year period.

The normalized profit margin rose to 21.6% from 19.6% in the year-earlier period.

Total revenue rose year over year to 1.84 billion rupees from 1.80 billion rupees, and total operating expenses totaled 1.18 billion rupees, compared with 1.18 billion rupees in the prior-year period.

Reported net income increased on an annual basis to 425.0 million rupees, or 6.38 rupees per share, from 416.3 million rupees, or 6.26 rupees per share.

For the year, the company's normalized net income totaled 15.86 rupees per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 15.68 rupees.

EPS rose 18.6% from 13.37 rupees in the prior year.

Normalized net income was 1.05 billion rupees, a rise of 18.6% from 889.1 million rupees in the prior year.

Full-year total revenue grew 6.8% on an annual basis to 5.46 billion rupees from 5.11 billion rupees, and total operating expenses increased on an annual basis to 3.79 billion rupees from 3.62 billion rupees.

The company said reported net income grew 11.3% on an annual basis to 1.10 billion rupees, or 16.49 rupees per share, in the full year, from 985.2 million rupees, or 14.81 rupees per share.

As of June 15, US$1 was equivalent to 67.09 Indian rupees.