Tayo Rolls reports 6.6% revenue decline in FY2015
21-04-2015 • About Tayo Rolls (
$TATAYODOGA) • By InTwits
Tayo Rolls reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Tayo Rolls is a company in decline: FY2015 revenue growth was -6.6%, 5 years revenue CAGR was -2.5%
- EBITDA Margin is relatively stable: in FY2015 vs. -10.7% in FY2014 vs. -14.7% in FY2011
- Tayo Rolls spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 is 0.0%. Average EBITDA Margin for the same period was -8.7%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Tayo Rolls ($TATAYODOGA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,282 | 1,346 | 1,680 | 1,441 | 1,346 | -6.6% |
| EBITDA | -189 | -162 | -110 | -155 | | |
| Net Income | -304 | -531 | -337 | -750 | -676 | |
Balance Sheet
|
|---|
| Cash | 36 | 390 | 157 | 275 | | -100.0% |
| Short Term Debt | 830 | 611 | 919 | 777 | | -100.0% |
| Long Term Debt | 837 | 680 | 584 | 369 | | -100.0% |
Cash flow
|
|---|
| Capex | 271 | | 113 | | | |
Ratios
|
|---|
| Revenue growth | -16.3% | 5.0% | 24.8% | -14.2% | -6.6% | |
| EBITDA growth | 245.6% | -14.1% | -32.5% | 41.2% | | |
| EBITDA Margin | -14.7% | -12.1% | -6.5% | -10.7% | 0.0% | 10.7% |
| Net Income Margin | -23.8% | -39.5% | -20.1% | -52.1% | -50.2% | 1.9% |
| CAPEX, % of revenue | 21.2% | | 6.8% | | | 0.0% |
| ROIC | -11.8% | -16.1% | -14.8% | -20.6% | | 20.6% |
| ROE | -48.2% | -83.5% | | | | 0.0% |
Revenue and profitability
The company's Revenue decreased on 6.6% in FY2015.
Net Income marign increased slightly on 1.9 pp from -52.1% to -50.2% in FY2015.
Appendix 1: Peers in Iron & Steel/Interm.Products
Below you can find Tayo Rolls benchmarking vs. other companies in Iron & Steel/Interm.Products industry. It's shown for the period of 5 years for the key financial metrics. Each table has median value for all the companies in the industry together with individual financial data of the top-5 companies in the industry by particular financial metric.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Inducto Steel ($INDCTST) | | | 54.5% | 150.2% | |
| Kamdhenu Ispat ($KIL) | -65.5% | 25.7% | 13.7% | 68.3% | |
| Metkore Alloys & Industries ($METKORE) | -49.1% | 43.7% | -10.9% | 53.4% | |
| Tata Metaliks ($TATAMETALI) | -20.5% | -7.0% | -19.0% | 44.6% | |
| Visa Steel ($VISASTEEL) | -12.5% | 3.3% | -24.1% | 42.0% | |
| |
|---|
| Median (31 companies) | -33.9% | 12.5% | 3.2% | 3.4% | |
|---|
| Tayo Rolls ($TATAYODOGA) | | 5.0% | 24.8% | -14.2% | -6.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Steel & Power ($JINDALSTEL) | 48.3% | 37.5% | 30.5% | 28.1% | |
| Bhushan Steel ($BHUSANSTL) | 29.0% | 31.2% | 32.3% | 28.1% | |
| Sarda Energy & Minerals ($SARDAEN) | 15.2% | 16.3% | 21.5% | 21.3% | |
| Jsw Steel ($JSWSTEEL) | 20.2% | 17.8% | 17.1% | 17.9% | |
| Jai Corp ($JAICORPLTD) | 18.4% | 14.1% | 16.3% | 16.0% | |
| |
|---|
| Median (28 companies) | 13.4% | 9.5% | 9.2% | 7.4% | |
|---|
| Tayo Rolls ($TATAYODOGA) | -14.7% | -12.1% | -6.5% | -10.7% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Steel & Power ($JINDALSTEL) | 64.7% | 34.2% | 47.6% | 69.6% | |
| Bhushan Steel ($BHUSANSTL) | 81.1% | 47.2% | 44.0% | 50.4% | |
| Jayaswal Neco Industries ($JAYNECOIND) | 27.9% | 20.4% | 44.0% | 31.1% | |
| Surana Industries ($SURANAIND) | | 41.3% | 54.8% | 21.5% | |
| Steel Authority Of India ($SAIL) | 25.3% | 20.9% | 20.7% | 19.3% | |
| |
|---|
| Median (21 companies) | 11.9% | 9.1% | 11.6% | 7.1% | |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tata Metaliks ($TATAMETALI) | 3.1% | -23.5% | -3.7% | 19.9% | |
| Nova Iron & Steel ($NOVIS) | | | | 15.4% | |
| Kirloskar Ferrous Industries ($KIRLFER) | 20.0% | 19.1% | 16.8% | 12.4% | |
| Pennar Industries ($PENIND) | 31.6% | 26.8% | 18.4% | 12.3% | |
| Jsw Steel ($JSWSTEEL) | 9.7% | 11.0% | 10.3% | 12.1% | |
| |
|---|
| Median (40 companies) | 9.6% | 7.2% | 5.7% | 6.0% | |
|---|
| Tayo Rolls ($TATAYODOGA) | -11.8% | -16.1% | -14.8% | -20.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jai Balaji Industries ($JAIBALAJI) | 5.5x | | | 89.7x | |
| Visa Steel ($VISASTEEL) | 6.9x | 20.1x | | 24.4x | |
| Ismt ($ISMTLTD) | 4.4x | 5.3x | 9.8x | 19.9x | |
| Kic Metaliks ($KAJARIR) | 6.6x | 9.2x | 3.0x | 18.2x | |
| Bhushan Steel ($BHUSANSTL) | 8.1x | 6.3x | 8.6x | 12.9x | |
| |
|---|
| Median (30 companies) | 3.7x | 4.5x | 4.3x | 3.3x | |
|---|
