Maral Overseas reports 28.9% EBITDA decline and 0.51% Revenue decline
05-05-2015 • About Maral Overseas (
$MARALOVER) • By InTwits
Maral Overseas reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Maral Overseas ($MARALOVER) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,943 | 5,127 | 5,370 | 6,274 | 6,242 | -0.5% |
| EBITDA | 522 | 333 | 571 | 807 | 574 | -28.9% |
| Net Income | 129 | -20 | 242 | 295 | 167 | -43.4% |
Balance Sheet
|
|---|
| Cash | 19 | 15 | 64 | 30 | | -100.0% |
| Short Term Debt | 1,102 | 942 | 775 | 720 | | -100.0% |
| Long Term Debt | 1,791 | 1,488 | 1,277 | 1,118 | | -100.0% |
Cash flow
|
|---|
| Capex | 80 | 61 | | | | |
Ratios
|
|---|
| Revenue growth | -34.3% | 3.7% | 4.7% | 16.8% | -0.5% | |
| EBITDA growth | | -36.2% | 71.6% | 41.4% | -28.9% | |
| EBITDA Margin | 10.6% | 6.5% | 10.6% | 12.9% | 9.2% | -3.7% |
| Net Income Margin | 2.6% | -0.4% | 4.5% | 4.7% | 2.7% | -2.0% |
| CAPEX, % of revenue | 1.6% | 1.2% | | | | 0.0% |
| ROIC | | 4.6% | 14.1% | 16.0% | | -16.0% |
| ROE | | -55.4% | 77.8% | 40.9% | | -40.9% |
| Net Debt/EBITDA | 5.5x | 7.3x | 3.5x | 2.2x | 0.0x | -2.2x |
Revenue and profitability
Maral Overseas's Revenue decreased slightly on 0.51% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 9.4 pp from 22.0% to 31.3% in FY2015.
Net Income marign decreased on 2.0 pp from 4.7% to 2.7% in FY2015.
Appendix 1: Peers in Textiles
Below we provide Maral Overseas benchmarking against other companies in Textiles 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 |
|---|
| Olympia Industries ($OLYMPTX) | -99.6% | -58.0% | -96.6% | 74,809.1% | |
| Gujarat Cotex ($GUJCOTEX) | 625.9% | -6.2% | -66.0% | 176.2% | |
| T T ($TTL) | -39.2% | -21.8% | 28.7% | 47.8% | |
| Filatex India ($FILATEX) | -74.3% | -2.7% | 158.7% | 44.5% | |
| Gtn Textiles ($GTNTEX) | -27.7% | -8.8% | 51.2% | 39.4% | |
| |
|---|
| Median (73 companies) | -32.1% | 5.0% | 10.0% | 14.2% | 7.7% |
|---|
| Maral Overseas ($MARALOVER) | | 3.7% | 4.7% | 16.8% | -0.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ruby Mills ($RUBYMILLS) | 25.2% | 28.3% | 25.1% | 28.6% | |
| Vardhman Textiles ($VTL) | 24.9% | 13.8% | 20.1% | 24.3% | |
| Welspun India ($WELSPUNIND) | 13.3% | 12.2% | 16.8% | 22.6% | 24.1% |
| Nitin Spinners ($NITINSPIN) | 23.7% | 10.5% | 19.7% | 19.3% | 17.0% |
| Shri Dinesh Mills ($SHRIDINE) | 24.7% | 22.4% | 18.5% | 18.7% | |
| |
|---|
| Median (53 companies) | 12.9% | 6.3% | 9.5% | 9.5% | 14.2% |
|---|
| Maral Overseas ($MARALOVER) | 10.6% | 6.5% | 10.6% | 12.9% | 9.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Worldwide ($JINDWORLD) | 3.6% | 3.0% | 10.5% | 20.7% | |
| SRF ($SRF) | 0.0% | 0.0% | 18.7% | 20.0% | |
| Welspun India ($WELSPUNIND) | 11.3% | 5.6% | 7.8% | 16.4% | 10.9% |
| Sel Manufacturing Company ($SELMCL) | 54.2% | 53.9% | 25.1% | 14.0% | |
| Grasim Industries ($GRASIM) | 7.8% | 17.7% | 21.7% | 11.6% | 10.2% |
| |
|---|
| Median (21 companies) | 4.5% | 3.4% | 5.6% | 6.8% | 8.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nitin Spinners ($NITINSPIN) | 13.8% | 6.0% | 19.5% | 21.5% | 17.5% |
| Sutlej Textiles & Industries ($SUTLEJTEX) | 16.0% | 9.5% | 13.6% | 19.8% | |
| Vardhman Textiles ($VTL) | 15.5% | 6.6% | 11.9% | 17.3% | |
| Rswm ($RSWM) | 17.4% | 2.2% | 15.2% | 15.5% | |
| Mandhana Industries ($MANDHANA) | 86.1% | 12.1% | 13.2% | 14.2% | |
| |
|---|
| Median (126 companies) | 10.1% | 3.5% | 9.0% | 8.9% | 10.5% |
|---|
| Maral Overseas ($MARALOVER) | | 4.6% | 14.1% | 16.0% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 8.4x | 10.9x | 53.6x | 23.8x | |
| Sree Jayalakshmi Autospin ($SREEJAYA) | 3.4x | | 9.7x | 12.8x | |
| Bombay Rayon Fashions ($BRFL) | 5.9x | 4.9x | 4.9x | 11.6x | |
| Sel Manufacturing Company ($SELMCL) | 5.6x | 9.4x | 6.6x | 11.5x | |
| Ruby Mills ($RUBYMILLS) | 15.9x | 12.6x | 15.3x | 10.8x | |
| |
|---|
| Median (69 companies) | 3.7x | 3.8x | 3.2x | 0.0x | 2.3x |
|---|
| Maral Overseas ($MARALOVER) | 5.5x | 7.3x | 3.5x | 2.2x | 0.0x |
