Scooters India EBITDA jumped on 289% in 2015 and EBITDA Margin increased on 3.6 pp from 1.0% to 4.7%
05-05-2015 • About Scooters India (
$SCOOTER) • By InTwits
Scooters India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Scooters India is a company in decline: FY2015 revenue growth was -13.1%, 5 years revenue CAGR was -2.7%
- Scooters India spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 is 0.0%. Average EBITDA Margin for the same period was -0.9%0
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Scooters India ($SCOOTER) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,600 | 2,080 | 1,897 | 1,749 | 1,519 | -13.1% |
| EBITDA | -68 | -34 | -65 | 18 | 71 | 288.8% |
| Net Income | -171 | -199 | -60 | 136 | 111 | -18.4% |
Balance Sheet
|
|---|
| Cash | 4 | 21 | 26 | 715 | | -100.0% |
| Short Term Debt | 307 | 562 | 130 | 21 | | -100.0% |
| Long Term Debt | 507 | 421 | 15 | 211 | | -100.0% |
Cash flow
|
|---|
| Capex | 15 | 6 | 4 | | 9 | |
Ratios
|
|---|
| Revenue growth | -8.0% | 30.0% | -8.8% | -7.8% | -13.1% | |
| EBITDA growth | -69.5% | -50.3% | 92.3% | -128.0% | 288.8% | |
| EBITDA Margin | -4.2% | -1.6% | -3.4% | 1.0% | 4.7% | 3.6% |
| Net Income Margin | -10.7% | -9.6% | -3.2% | 7.8% | 7.3% | -0.5% |
| CAPEX, % of revenue | 0.9% | 0.3% | 0.2% | | 0.6% | 0.6% |
| ROIC | -61.3% | | -654.7% | 0.9% | | -0.9% |
| ROE | | | | 22.5% | | -22.5% |
| Net Debt/EBITDA | | | | -26.5x | 0.0x | 26.5x |
Revenue and profitability
The company's Revenue dropped on 13.1% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 3.6 pp from 1.0% to 4.7% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.62%. CAPEX/Revenue showed almost no change from FY2012 to FY2015.
Appendix 1: Peers in 2/3 Wheelers
Below you can find Scooters India benchmarking vs. other companies in 2/3 Wheelers 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tvs Motor Company ($TVSMOTOR) | | 13.6% | 1.0% | 11.6% | 22.3% |
| Bajaj Auto ($BAJAJ-AUTO) | -48.6% | 18.9% | 3.1% | 1.0% | |
| |
|---|
| Median (2 companies) | -48.6% | 16.3% | 2.1% | 6.3% | 22.3% |
|---|
| Scooters India ($SCOOTER) | | 30.0% | -8.8% | -7.8% | -13.1% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bajaj Auto ($BAJAJ-AUTO) | 19.8% | 19.6% | 18.7% | 21.1% | |
| Tvs Motor Company ($TVSMOTOR) | 5.3% | 6.6% | 7.1% | 5.9% | 5.9% |
| |
|---|
| Median (2 companies) | 12.6% | 13.1% | 12.9% | 13.5% | 5.9% |
|---|
| Scooters India ($SCOOTER) | -4.2% | -1.6% | -3.4% | 1.0% | 4.7% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tvs Motor Company ($TVSMOTOR) | 4.4% | 6.3% | 2.2% | 3.4% | 3.7% |
| |
|---|
| Median (1 company) | 2.9% | 4.1% | 2.4% | 2.3% | 3.7% |
|---|
| Scooters India ($SCOOTER) | 0.9% | 0.3% | 0.2% | | 0.6% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bajaj Auto ($BAJAJ-AUTO) | 78.7% | 64.1% | 48.7% | 42.8% | |
| Tvs Motor Company ($TVSMOTOR) | 13.2% | 17.2% | 17.4% | 16.8% | 18.4% |
| Kinetic Engineering ($KINETICENG) | | -8.1% | -14.9% | | |
| |
|---|
| Median (3 companies) | 45.9% | 17.2% | 17.4% | 29.8% | 18.4% |
|---|
| Scooters India ($SCOOTER) | -61.3% | | -654.7% | 0.9% | |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tvs Motor Company ($TVSMOTOR) | 3.0x | 2.0x | 1.9x | 1.3x | 1.8x |
| Bajaj Auto ($BAJAJ-AUTO) | -0.0x | -0.3x | -0.1x | -0.1x | |
| |
|---|
| Median (2 companies) | 3.0x | 0.9x | 0.9x | 0.6x | 1.8x |
|---|
| Scooters India ($SCOOTER) | | | | -26.5x | 0.0x |
