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Kitex Garments profit misses consensus by 49.0% in fiscal Q1

Kitex Garments Ltd said its normalized net income for the fiscal first quarter ended June 30 came to 2.42 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.76 rupees per share.

EPS rose 22.6% year over year from 1.98 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 161.4 million rupees, a gain of 22.7% from 131.5 million rupees in the prior-year period.

The normalized profit margin rose to 16.7% from 13.7% in the year-earlier period.

Total revenue totaled 968.3 million rupees, compared with 961.8 million rupees in the prior-year period, and total operating expenses fell year over year to 721.4 million rupees from 740.2 million rupees.

Reported net income rose 10.6% from the prior-year period to 159.7 million rupees, or 2.40 rupees per share, from 144.4 million rupees, or 2.17 rupees per share.

As of July 20, US$1 was equivalent to 63.64 Indian rupees.