Rilbbph Debt jumped on 15.9% in 2015 and Net Debt / EBITDA surged on 1.1x from 2.9x to 3.9x
17-04-2015 • About Rilbbph (
$RILBBPH) • By InTwits
Rilbbph reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Rilbbph has high CAPEX intensity: 5 year average CAPEX/Revenue was 11.2%. At the same time it's a lot of higher than industry average of 4.1%.
- CAPEX is quite volatile: 633,640 in FY2015, 600,870 in FY2014, 307,260 in FY2013, 163,810 in FY2012, 338,650 in FY2011
- The company has potentially unprofitable business model: ROIC is at 7.0%
- It operates with medium-size leverage: Net Debt/EBITDA is 3.9x while industry average is 4.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rilbbph ($RILBBPH) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,658,106 | 3,585,010 | 3,970,620 | 4,344,600 | 3,754,350 | -13.6% |
| EBITDA | 377,955 | 347,630 | 329,880 | 350,300 | 376,010 | 7.3% |
| Net Income | 192,937 | 197,240 | 208,790 | 224,930 | 235,660 | 4.8% |
Balance Sheet
|
|---|
| Cash | 155,280 | 338,400 | 372,670 | 379,090 | 125,200 | -67.0% |
| Short Term Debt | 179,160 | 270,950 | 362,590 | 377,420 | 400,860 | 6.2% |
| Long Term Debt | 662,360 | 653,520 | 709,600 | 1,010,160 | 1,207,770 | 19.6% |
Cash flow
|
|---|
| Capex | 338,650 | 163,810 | 307,260 | 600,870 | 633,640 | 5.5% |
Ratios
|
|---|
| Revenue growth | 30.5% | 34.9% | 10.8% | 9.4% | -13.6% | |
| EBITDA growth | 25.3% | -8.0% | -5.1% | 6.2% | 7.3% | |
| EBITDA Margin | 14.2% | 9.7% | 8.3% | 8.1% | 10.0% | 2.0% |
| Net Income Margin | 7.3% | 5.5% | 5.3% | 5.2% | 6.3% | 1.1% |
| CAPEX, % of revenue | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% | 3.0% |
| ROIC | 10.1% | 8.5% | 7.6% | 7.3% | 7.0% | -0.3% |
| ROE | 13.1% | 12.2% | 11.9% | 11.8% | 11.3% | -0.5% |
| Net Debt/EBITDA | 1.8x | 1.7x | 2.1x | 2.9x | 3.9x | 1.1x |
Revenue and profitability
Rilbbph's Revenue dropped on 13.6% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 2.0 pp from 8.1% to 10.0% in FY2015.
Net Income marign increased slightly on 1.1 pp from 5.2% to 6.3% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 16.9% in FY2015. CAPEX/Revenue surged on 12.3 pp from 4.6% in FY2012 to 16.9% in FY2015. Average CAPEX/Revenue for the last three years was 12.8%.Battling declining revenue the company made large investments to CAPEX (169% of EBITDA) but that didn't help at least in this year.
Return on investment
The company operates at low ROIC (6.99%) and ROE (11.30%). ROIC showed almost no change in FY2015. ROE decreased slightly on 0.52 pp from 11.8% to 11.3% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 3.9x and Debt / EBITDA is 4.3x. Net Debt / EBITDA jumped on 1.1x from 2.9x to 3.9x in FY2015. Debt jumped on 15.9% in FY2015 while cash dropped on 67.0% in FY2015.
Appendix 1: Peers in
Below we provide Rilbbph benchmarking against other companies in industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharat Rasayan ($BHARATRA) | -82.3% | 51.3% | 32.1% | 92.7% | |
| Indbulbbph ($INDBULBBPH) | -54.2% | -3.2% | -6.5% | 33.5% | |
| Uplbbph ($UPLBBPH) | -62.4% | 33.2% | 19.7% | 17.3% | |
| Ginni Filaments ($GINNIFIL) | -31.6% | 2.8% | 4.6% | 16.6% | |
| Monetbbph ($MONETBBPH) | -58.7% | 22.3% | 3.7% | 11.6% | |
| |
|---|
| Median (17 companies) | -37.0% | 17.4% | 8.5% | 3.5% | |
|---|
| Rilbbph ($RILBBPH) | | 34.9% | 10.8% | 9.4% | -13.6% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madras Fertilizers ($MADRASFERT) | 48.3% | 64.5% | 31.7% | 61.2% | |
| Kaleconbbph ($KALECONBBPH) | | 27.7% | 44.3% | 43.5% | |
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 33.0% | 20.4% | 21.4% | 23.2% | |
| Uplbbph ($UPLBBPH) | 18.8% | 18.2% | 18.3% | 18.8% | |
| |
|---|
| Median (15 companies) | 14.0% | 15.4% | 13.7% | 14.7% | -16.5% |
|---|
| Rilbbph ($RILBBPH) | 14.2% | 9.7% | 8.3% | 8.1% | 10.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | |
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 27.1% | 33.6% | 18.7% | 10.1% | |
| Bharat Rasayan ($BHARATRA) | 3.0% | 32.9% | 41.5% | 7.1% | |
| Merckbbph ($MERCKBBPH) | 2.7% | 2.1% | 4.3% | 4.9% | |
| |
|---|
| Median (13 companies) | 5.0% | 8.9% | 5.2% | 3.6% | |
|---|
| Rilbbph ($RILBBPH) | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaleconbbph ($KALECONBBPH) | | | 89.0% | 103.8% | |
| Madras Fertilizers ($MADRASFERT) | 52.6% | 44.7% | 18.0% | 23.9% | |
| Bharat Rasayan ($BHARATRA) | 10.0% | 22.1% | 13.7% | 21.9% | |
| Ginni Filaments ($GINNIFIL) | 11.6% | -1.0% | 15.2% | 21.6% | |
| Uplbbph ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | |
| |
|---|
| Median (28 companies) | 10.8% | 9.3% | 5.8% | 5.3% | 0.0% |
|---|
| Rilbbph ($RILBBPH) | 10.1% | 8.5% | 7.6% | 7.3% | 7.0% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 5.3x | 9.8x | 16.3x | 27.4x | |
| Asleyf ($ASLEYF) | 2.0x | 2.5x | 5.0x | 17.8x | |
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | |
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | |
| Madras Fertilizers ($MADRASFERT) | 5.5x | 3.5x | 6.5x | 5.0x | |
| |
|---|
| Median (16 companies) | 1.8x | 2.1x | 2.5x | 2.3x | |
|---|
| Rilbbph ($RILBBPH) | 1.8x | 1.7x | 2.1x | 2.9x | 3.9x |
