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Exide Industries revenue jumped on 14.8% in 2015 while EBITDA Margin decreased slightly on 1.4 pp from 13.8% to 12.4%

30-04-2015 • About Exide Industries ($EXIDEIND) • By InTwits

Exide Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Exide Industries has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.6%. At the same time it's in pair with industry average of 5.0%.
  • CAPEX is quite volatile: 1,660 in FY2015, 1,084 in FY2014, 864 in FY2013, 464 in FY2012, 675 in FY2011
  • The company has highly profitable business model: ROIC is at 26.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Exide Industries ($EXIDEIND) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue47,66153,15763,61183,08995,35014.8%
EBITDA9,5537,6238,58311,49511,8322.9%
Net Income6,1884,4615,4945,4476,14612.8%
Balance Sheet
Cash2014722,1612,8172,013-28.6%
Short Term Debt929296488109550405.4%
Long Term Debt8026244326-39.1%
Cash flow
Capex2,9492,1051,7221,5793,315110.0%
Ratios
Revenue growth-59.6%11.5%19.7%30.6%14.8%
EBITDA growth-2.9%-20.2%12.6%33.9%2.9%
EBITDA Margin20.0%14.3%13.5%13.8%12.4%-1.4%
Net Income Margin13.0%8.4%8.6%6.6%6.4%-0.1%
CAPEX, % of revenue6.2%4.0%2.7%1.9%3.5%1.6%
ROIC34.2%24.2%24.3%29.5%26.9%-2.6%
ROE28.8%17.6%19.1%16.7%16.8%0.2%
Net Debt/EBITDA0.1x-0.0x-0.2x-0.2x-0.1x0.1x

Revenue and profitability


The company's Revenue jumped on 14.8% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.4 pp from 13.8% to 12.4% in FY2015.

Net Income marign showed almost no change in FY2015.

Capital expenditures (CAPEX) and working capital investments


The company's CAPEX/Revenue was 3.5% in FY2015. Exide Industries's CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 2.7%.

Return on investment


The company operates at high and attractive ROIC (26.85%) while ROE is a bit lower (16.84%). ROIC decreased on 2.6 pp from 29.5% to 26.9% in FY2015. ROE showed almost no change in FY2015.

Leverage (Debt)


Debt level is -0.1x Net Debt / EBITDA and 0.0x Debt / EBITDA. Net Debt / EBITDA jumped on 0.1x from -0.2x to -0.1x in FY2015. Debt jumped on 280% in FY2015 while cash dropped on 28.6% in FY2015.

Appendix 1: Peers in Auto Parts & Equipment


Below we provide Exide Industries benchmarking against other companies in Auto Parts & Equipment 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
Motherson Sumi Systems ($MOTHERSUMI)-86.4%79.1%71.3%20.2%
Fiem Industries ($FIEMIND)-54.4%25.2%13.4%18.7%
Suprajit Engineering ($SUPRAJIT)-53.1%22.2%9.4%17.9%
Amara Raja Batteries ($AMARAJABAT)-66.9%34.3%25.1%16.1%
L.G.Balakrishnan & Bros ($LGBBROSLTD)27.7%4.8%15.9%5.8%
 
Median (35 companies)-35.9%17.2%2.4%4.9%0.8%
Exide Industries ($EXIDEIND)11.5%19.7%30.6%14.8%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Tube Investments Of India ($TUBEINVEST)33.7%18.4%24.4%28.3%
Shanthi Gears ($SHANTIGEAR)44.6%37.9%30.2%27.8%12.0%
Amtek Auto ($AMTEKAUTO)25.1%20.7%14.8%
Shivam Autotech ($SHIVAMAUTO)23.2%24.1%24.1%20.6%
Suprajit Engineering ($SUPRAJIT)16.5%16.2%17.0%17.2%
 
Median (34 companies)10.8%10.8%9.8%10.1%12.0%
Exide Industries ($EXIDEIND)20.0%14.3%13.5%13.8%12.4%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Amtek Auto ($AMTEKAUTO)18.9%27.1%30.3%
Amara Raja Batteries ($AMARAJABAT)2.9%3.7%2.5%10.9%
Subros ($SUBROS)11.6%16.6%10.7%9.3%
Lumax Auto Technologies ($LUMAXTECH)3.7%5.1%7.3%7.8%
Sona Koyo Steering Systems ($SONASTEER)5.9%9.8%6.6%7.1%
 
Median (24 companies)8.0%5.8%4.7%5.2%6.7%
Exide Industries ($EXIDEIND)6.2%4.0%2.7%1.9%3.5%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Amara Raja Batteries ($AMARAJABAT)30.5%32.1%34.5%30.3%
Suprajit Engineering ($SUPRAJIT)32.4%31.8%28.0%26.1%
Motherson Sumi Systems ($MOTHERSUMI)23.7%13.5%16.5%25.0%
Munjal Showa ($MUNJALSHOW)18.8%29.9%23.8%22.5%
Munjal Auto Industries ($MUNJALAU)26.3%30.6%21.5%21.1%
 
Median (48 companies)15.2%15.7%11.8%12.7%5.4%
Exide Industries ($EXIDEIND)34.2%24.2%24.3%29.5%26.9%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Tube Investments Of India ($TUBEINVEST)8.1x17.6x17.8x17.3x
Autoline Industries ($AUTOIND)3.1x3.2x4.0x12.0x
Reil Electricals India ($REILELEC)-0.1x-0.0x1.5x9.1x
Steel Strips Wheels ($SSWL)4.6x5.4x6.3x6.5x5.6x
Automotive Stampings & Assemblies ($ASAL)1.8x1.1x3.9x6.3x
 
Median (44 companies)2.2x1.3x2.2x0.8x3.4x
Exide Industries ($EXIDEIND)0.1x-0.0x-0.2x-0.2x-0.1x


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