Kitex’s shares are plunging! Know why
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Shares of Kitex's first quarter PAT rose to 15.9 crore rupees compared with 14.4 crore rupees in the same quarter a year ago. Sales during the April-June quarter were up a modest 6 percent to 109 crore rupees compared with 103 crore rupees a year ago. Both numbers fell below street's expectations.
As a consequence,
Kitex said its first quarter is normally slow compared with the quarters in the year ahead and that it maintained its guidance for FY16's revenue to hit 600-650 crore rupees as it planned to double capacity in 3 years time.
(Image credits: kitex)
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