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Choksi Imaging reports 36.8% revenue decline in FY2015

11-05-2015 • About Choksi Imaging ($CHOKSI) • By InTwits

Choksi Imaging reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • EBITDA Margin is declining: in FY2015 vs. -2.4% in FY2014 vs. 5.3% in FY2011
  • It operates with high leverage: Net Debt/EBITDA is 0.0x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Choksi Imaging ($CHOKSI) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue1,7081,8432,2771,6881,066-36.8%
EBITDA905725-40
Net Income34132-654
Balance Sheet
Cash261712
Short Term Debt258337326
Long Term Debt1940
Cash flow
Capex1827
Ratios
Revenue growth46.5%7.9%23.6%-25.9%-36.8%
EBITDA growth47.2%-36.1%-56.0%-257.3%
EBITDA Margin5.3%3.1%1.1%-2.4%0.0%2.4%
Net Income Margin2.0%0.7%0.1%-3.8%0.4%4.2%
CAPEX, % of revenue1.0%1.5%0.0%
ROIC18.6%10.2%3.6%0.0%
ROE20.1%6.8%1.2%0.0%
Net Debt/EBITDA2.8x5.7x12.4x0.0x

Revenue and profitability


Choksi Imaging's Revenue dropped on 36.8% in FY2015.

Net Income marign increased on 4.2 pp from -3.8% to 0.39% in FY2015.


Appendix 1: Peers in Photographic Products


Below we provide Choksi Imaging benchmarking against other companies in Photographic Products 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  FY2011 FY2012 FY2013 FY2014 FY2015
Photoquip India ($PHOTOQUP)-45.3%33.4%-5.0%17.8%
Jindal Photo ($JINDALPHOT)14.1%0.9%16.5%-29.7%
 
Median (2 companies)-15.6%17.1%5.8%-5.9%
Choksi Imaging ($CHOKSI)7.9%23.6%-25.9%-36.8%


Top companies by EBITDA margin, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Jindal Photo ($JINDALPHOT)6.1%6.1%2.5%-4.9%
 
Median (1 company)8.2%6.7%1.9%-4.9%
Choksi Imaging ($CHOKSI)5.3%3.1%1.1%-2.4%


Top companies by CAPEX/Revenue, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Jindal Photo ($JINDALPHOT)0.0%446.7%334.0%452.0%
 
Median (1 company)0.4%446.7%334.0%452.0%


Top companies by ROIC, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Jindal Photo ($JINDALPHOT)9.4%1.8%0.3%-0.4%
Photoquip India ($PHOTOQUP)20.1%
 
Median (2 companies)14.7%1.8%0.3%-0.4%
Choksi Imaging ($CHOKSI)18.6%10.2%3.6%


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