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

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