Nocil Net Income jumped on 139% in 2015 and EBITDA Margin increased on 5.4 pp from 10.6% to 16.0%
30-04-2015 • About Nocil (
$NOCIL) • By InTwits
Nocil reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 16.0% in FY2015, 10.6% in FY2014, 4.3% in FY2013, 10.7% in FY2012, 11.8% in FY2011
- Nocil has high CAPEX intensity: 5 year average CAPEX/Revenue was 10.2%. At the same time it's a lot of higher than industry average of 4.7%.
- CAPEX is quite volatile: 89.7 in FY2015, 280 in FY2014, 921 in FY2013, 933 in FY2012, 292 in FY2011
- The company has highly profitable business model: ROIC is at 17.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Nocil ($NOCIL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,480 | 4,768 | 4,854 | 5,936 | 7,190 | 21.1% |
| EBITDA | 529 | 509 | 211 | 626 | 1,150 | 83.6% |
| Net Income | 335 | 345 | 421 | 239 | 571 | 139.4% |
Balance Sheet
|
|---|
| Cash | 1 | 128 | 109 | 139 | 61 | -55.9% |
| Short Term Debt | 10 | 55 | 537 | 804 | 968 | 20.4% |
| Long Term Debt | 0 | 750 | 932 | 718 | 505 | -29.7% |
Cash flow
|
|---|
| Capex | 292 | 933 | 921 | 280 | 90 | -68.0% |
Ratios
|
|---|
| Revenue growth | -45.8% | 6.4% | 1.8% | 22.3% | 21.1% | |
| EBITDA growth | -2.6% | -3.8% | -58.7% | 197.4% | 83.6% | |
| EBITDA Margin | 11.8% | 10.7% | 4.3% | 10.6% | 16.0% | 5.4% |
| Net Income Margin | 7.5% | 7.2% | 8.7% | 4.0% | 7.9% | 3.9% |
| CAPEX, % of revenue | 6.5% | 19.6% | 19.0% | 4.7% | 1.2% | -3.5% |
| ROIC | 12.9% | 10.6% | 2.5% | 7.9% | 17.1% | 9.2% |
| ROE | 11.2% | 10.7% | 12.1% | 6.4% | 14.4% | 8.0% |
| Net Debt/EBITDA | 0.0x | 1.3x | 6.5x | 2.2x | 1.2x | -1.0x |
Revenue and profitability
Nocil's Revenue surged on 21.1% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 4.6 pp from 7.5% to 2.9% in FY2015.
Net Income marign increased on 3.9 pp from 4.0% to 7.9% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Nocil's CAPEX/Revenue was 1.2% in FY2015. The company's CAPEX/Revenue dropped on 18.3 pp from 19.6% in FY2012 to 1.2% in FY2015. It's average level of CAPEX/Revenue for the last three years was 8.3%.
Return on investment
The company operates at good ROIC (17.10%) and ROE (14.41%). ROIC increased on 9.2 pp from 7.9% to 17.1% in FY2015. ROE increased on 8.0 pp from 6.4% to 14.4% in FY2015.
Leverage (Debt)
Debt level is 1.2x Net Debt / EBITDA and 1.3x Debt / EBITDA. Net Debt / EBITDA dropped on 1.0x from 2.2x to 1.2x in FY2015. Debt decreased on 3.2% in FY2015 while cash dropped on 55.9% in FY2015.
Appendix 1: Peers in Specialty Chemicals
Below we provide Nocil benchmarking against other companies in Specialty Chemicals 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 |
|---|
| Dai-Ichi Karkaria ($DAICHI) | -68.8% | 20.7% | 31.4% | 45.4% | |
| Dynemic Products ($DYNPRO) | -55.8% | 27.4% | -0.0% | 40.6% | |
| Camlin Fine Sciences ($CAMLINFIN) | -75.1% | 95.3% | 11.4% | 36.1% | |
| Sudarshan Chemical Industries ($SUDARSCHEM) | -49.4% | 10.5% | 9.1% | 28.2% | |
| Vinati Organics ($VINATIORGA) | -63.9% | 38.7% | 23.6% | 25.9% | |
| |
|---|
| Median (27 companies) | -50.5% | 20.9% | 14.1% | 11.3% | -7.1% |
|---|
| Nocil ($NOCIL) | | 6.4% | 1.8% | 22.3% | 21.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vinati Organics ($VINATIORGA) | 21.7% | 21.7% | 21.8% | 22.7% | |
| Adi Finechem ($ADIFINCHM) | 18.2% | 15.1% | 14.0% | 22.1% | |
| Solar Industries India ($SOLARINDS) | 18.1% | 18.5% | 17.5% | 17.9% | |
| Ultramarine & Pigments ($ULTRAMAR) | 20.1% | 18.0% | 15.5% | 17.4% | |
| Anil ($ANILLTD) | 17.4% | 18.1% | 16.9% | 17.1% | |
| |
|---|
| Median (25 companies) | 11.2% | 10.6% | 12.8% | 10.6% | 1.2% |
|---|
| Nocil ($NOCIL) | 11.8% | 10.7% | 4.3% | 10.6% | 16.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 8.2% | 7.3% | 4.8% | 12.6% | |
| Solar Industries India ($SOLARINDS) | 14.2% | 13.0% | 9.9% | 12.3% | |
| Nitta Gelatin India ($NITTAGELA) | 21.3% | 8.8% | 4.6% | 8.5% | |
| Meghmani Organics ($MEGH) | 9.9% | 10.2% | 10.3% | 7.9% | |
| Camlin Fine Sciences ($CAMLINFIN) | 7.5% | 4.3% | 5.7% | 7.1% | |
| |
|---|
| Median (18 companies) | 7.3% | 4.9% | 4.5% | 4.3% | |
|---|
| Nocil ($NOCIL) | 6.5% | 19.6% | 19.0% | 4.7% | 1.2% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 27.6% | 30.6% | 29.8% | 46.4% | |
| Vinati Organics ($VINATIORGA) | 31.4% | 29.6% | 26.2% | 30.6% | |
| Pidilite Industries ($PIDILITIND) | 29.3% | 27.4% | 29.3% | 29.8% | |
| Camlin Fine Sciences ($CAMLINFIN) | 9.9% | 11.1% | 17.8% | 24.2% | |
| Plastiblends India ($PLASTIBLEN) | 19.4% | 18.3% | 15.8% | 24.0% | |
| |
|---|
| Median (35 companies) | 15.5% | 15.3% | 15.0% | 12.3% | |
|---|
| Nocil ($NOCIL) | 12.9% | 10.6% | 2.5% | 7.9% | 17.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 0.7x | -0.0x | -0.0x | 32.3x | |
| Alkali Metals ($ALKALI) | 4.3x | | 5.1x | 11.6x | |
| Kiri Industries ($KIRIINDUS) | 3.9x | 8.2x | 31.3x | 10.6x | |
| Vikas Globalone ($VIKASGLOB) | 0.0x | 2.5x | 4.4x | 4.9x | |
| Jayant Agro-Organics ($JAYAGROGN) | 3.9x | 2.8x | 3.1x | 4.6x | |
| |
|---|
| Median (28 companies) | 1.5x | 1.5x | 1.5x | 1.7x | 0.0x |
|---|
| Nocil ($NOCIL) | 0.0x | 1.3x | 6.5x | 2.2x | 1.2x |
