Bengal Tea & Fabrics EBITDA dropped on 53.8% in 2015 and EBITDA Margin decreased on 6.3 pp from 13.7% to 7.4%
08-05-2015 • About Bengal Tea & Fabrics (
$BENGALT) • By InTwits
Bengal Tea & Fabrics reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Bengal Tea & Fabrics is a company in decline: FY2015 revenue growth was -14.8%, 5 years revenue CAGR was -3.0%
- EBITDA Margin is quite volatile: 7.4% in FY2015, 13.7% in FY2014, 12.6% in FY2013, -0.3% in FY2012, 14.8% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bengal Tea & Fabrics ($BENGALT) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,610 | 1,630 | 2,197 | 2,526 | 2,153 | -14.8% |
| EBITDA | 238 | -6 | 276 | 347 | 160 | -53.8% |
| Net Income | 81 | -122 | 115 | 125 | 19 | -84.5% |
Balance Sheet
|
|---|
| Cash | 6 | 39 | 50 | | | |
| Short Term Debt | 493 | 310 | 407 | | | |
| Long Term Debt | 440 | 468 | 526 | | | |
Cash flow
|
|---|
| Capex | 145 | 90 | 242 | | | |
Ratios
|
|---|
| Revenue growth | -35.9% | 1.2% | 34.8% | 15.0% | -14.8% | |
| EBITDA growth | 4.1% | -102.4% | -5,032.1% | 25.5% | -53.8% | |
| EBITDA Margin | 14.8% | -0.3% | 12.6% | 13.7% | 7.4% | -6.3% |
| Net Income Margin | 5.0% | -7.5% | 5.2% | 5.0% | 0.9% | -4.1% |
| CAPEX, % of revenue | 9.0% | 5.5% | 11.0% | | | 0.0% |
| ROIC | 10.4% | -7.0% | 12.7% | | | 0.0% |
| ROE | 14.7% | -23.4% | 22.4% | | | 0.0% |
| Net Debt/EBITDA | 3.9x | | 3.2x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Bengal Tea & Fabrics's Revenue dropped on 14.8% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 6.3 pp from 13.7% to 7.4% in FY2015.
Net Income marign decreased on 4.1 pp from 5.0% to 0.90% in FY2015.
Appendix 1: Peers in Textiles
Below you can find Bengal Tea & Fabrics benchmarking vs. other companies in Textiles 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 |
|---|
| 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 ($GTNTEX) | -27.7% | -8.8% | 51.2% | 39.4% | |
| |
|---|
| Median (73 companies) | -30.3% | 5.0% | 9.3% | 14.2% | 3.5% |
|---|
| Bengal Tea & Fabrics ($BENGALT) | | 1.2% | 34.8% | 15.0% | -14.8% |
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% | 16.5% |
| 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 ($SHRIDINE) | 24.7% | 22.4% | 18.5% | 18.7% | |
| |
|---|
| Median (53 companies) | 12.7% | 6.5% | 9.5% | 9.5% | 12.1% |
|---|
| Bengal Tea & Fabrics ($BENGALT) | 14.8% | -0.3% | 12.6% | 13.7% | 7.4% |
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 ($GRASIM) | 7.8% | 17.7% | 21.7% | 11.6% | 10.2% |
| |
|---|
| Median (21 companies) | 4.5% | 3.0% | 5.3% | 6.8% | 8.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nitin Spinners ($NITINSPIN) | 13.8% | 6.0% | 19.5% | 21.5% | 17.5% |
| Sutlej Textiles & Industries ($SUTLEJTEX) | 16.0% | 9.5% | 13.6% | 19.8% | 14.6% |
| Vardhman Textiles ($VTL) | 15.5% | 6.6% | 11.9% | 17.3% | 8.5% |
| Maral Overseas ($MARALOVER) | | 4.6% | 14.1% | 16.0% | |
| Rswm ($RSWM) | 17.4% | 2.2% | 15.2% | 15.5% | 11.8% |
| |
|---|
| Median (126 companies) | 10.1% | 3.6% | 9.0% | 9.2% | 11.8% |
|---|
| Bengal Tea & Fabrics ($BENGALT) | 10.4% | -7.0% | 12.7% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaybharat Textiles & Real Estate ($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 | 2.2x |
|---|
| Bengal Tea & Fabrics ($BENGALT) | 3.9x | | 3.2x | 0.0x | 0.0x |
