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Kitex Garments falls over 10% on disappointing Q4 numbers

The stock tanked 16% to Rs 422 the company reported 39% decline in profit at Rs 27 crore in Q4

SI Reporter  |  Mumbai 

Kitex Garments tanked 16% to Rs 422 on BSE in intra-day trade after the company reported disappointing set of number for the quarter ended March 2017 (Q4FY17). The company’s Q4FY17 net profit was down 39% at Rs 27 crore, due to higher other expenses. The company engaged in garments and fabrics business had profit of Rs 45 crore in year ago quarter. Net sales declined by 9% at Rs 157 crore against Rs 172 crore in the corresponding quarter of previous fiscal. The board of directors of the company has approved the issue of bonus shares in the ratio of 2:5. The board ...

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First Published: Tue, May 02 2017. 12:03 IST
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