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Bsl revenue surged on 12.3% in 2015 and EBITDA Margin showed almost no change

08-05-2015 • About Bsl ($BSL) • By InTwits

Bsl reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Bsl ($BSL) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue2,7093,0362,9523,3813,79912.3%
EBITDA35432132134338311.5%
Net Income57143472114.0%
Balance Sheet
Cash123
Short Term Debt771775748
Long Term Debt662719656
Cash flow
Capex303188
Ratios
Revenue growth-39.0%12.1%-2.8%14.6%12.3%
EBITDA growth18.8%-9.6%0.1%6.9%11.5%
EBITDA Margin13.1%10.6%10.9%10.1%10.1%-0.1%
Net Income Margin2.1%0.0%0.1%1.0%1.9%0.9%
CAPEX, % of revenue11.2%6.2%0.0%
ROIC11.5%8.3%8.0%0.0%
ROE9.2%0.2%0.6%0.0%
Net Debt/EBITDA4.0x4.7x4.4x0.0x0.0x0.0x

Revenue and profitability


Bsl's Revenue surged on 12.3% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.9 pp from 3.3% to 8.2% in FY2015.

Net Income marign increased slightly on 0.90 pp from 0.99% to 1.9% in FY2015.


Appendix 1: Peers in Textiles


Below we provide Bsl 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)-30.3%4.8%10.0%14.2%2.5%
Bsl ($BSL)12.1%-2.8%14.6%12.3%


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%6.3%9.5%9.5%12.1%
Bsl ($BSL)13.1%10.6%10.9%10.1%10.1%


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%5.6%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%3.5%9.3%9.2%11.8%
Bsl ($BSL)11.5%8.3%8.0%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Jaybharat Textiles & Real Estate ($JAYTEX)8.4x10.9x53.6x23.8x
Sree Jayalakshmi Autospin ($SREEJAYA)3.4x9.7x12.8x
Bombay Rayon Fashions ($BRFL)5.9x4.9x4.9x11.6x
Sel Manufacturing Company ($SELMCL)5.6x9.4x6.6x11.5x
Ruby Mills ($RUBYMILLS)15.9x12.6x15.3x10.8x
 
Median (69 companies)3.7x3.8x3.2x0.0x2.2x
Bsl ($BSL)4.0x4.7x4.4x0.0x0.0x


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