Kitex Garments tumbles after dismal Q4 outcome

Kitex Garments lost 19.32% to Rs 182.65 at 14:58 IST on BSE after net profit dropped 61.53% to Rs 10.33 crore on 25.82% fall in total income to Rs 131.94 crore in Q4 March 2018 over Q4 March 2017.

The result was announced after market hours on Friday, 18 May 2018.

Meanwhile, the S&P BSE Sensex was down 216.01 points, or 0.61% to 34,632.29.

On the BSE, 80,000 shares were traded in the counter so far, compared with average daily volumes of 2,436 shares in the past two weeks. The stock had hit a high of Rs 200.05 and low of Rs 182 so far during the day. The stock had hit a 52-week high of Rs 345.95 on 7 November 2017. The stock had hit a 52-week low of Rs 198 on 18 October 2017.

The small-cap company has equity capital of Rs 6.65 crore. Face value per share is Re 1.

The board of directors of Kitex Garments recommended a final dividend of Re 0.75 per share and approved a further investment of $0.75 million in Kitex USA LLC being 50% of equity during the year 2018-19 .

Kitex Garments is a producer of children's apparel. It caters to conglomerates in USA and Europe.

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