Nile reports 38.7% revenue growth in FY2015 and 1.7 pp EBITDA Margin decline from 6.0% to 4.4%
11-05-2015 • About Nile (
$NILE) • By InTwits
Nile reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Nile ($NILE) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,993 | 3,218 | 2,603 | 2,782 | 3,860 | 38.7% |
| EBITDA | 191 | 177 | 147 | 168 | 169 | 0.3% |
| Net Income | 72 | 57 | 198 | 52 | 81 | 55.8% |
Balance Sheet
|
|---|
| Cash | 5 | 92 | 36 | | | |
| Short Term Debt | 408 | 419 | 315 | | | |
| Long Term Debt | 205 | 132 | 95 | | | |
Cash flow
|
|---|
| Capex | 124 | | 11 | | | |
Ratios
|
|---|
| Revenue growth | -33.5% | 7.5% | -19.1% | 6.9% | 38.7% | |
| EBITDA growth | 68.9% | -7.4% | -17.2% | 14.7% | 0.3% | |
| EBITDA Margin | 6.4% | 5.5% | 5.6% | 6.0% | 4.4% | -1.7% |
| Net Income Margin | 2.4% | 1.8% | 7.6% | 1.9% | 2.1% | 0.2% |
| CAPEX, % of revenue | 4.2% | | 0.4% | | | 0.0% |
| ROIC | 20.3% | 15.6% | 11.6% | | | 0.0% |
| ROE | 23.1% | 15.3% | 40.9% | | | 0.0% |
| Net Debt/EBITDA | 3.2x | 2.6x | 2.6x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue jumped on 38.7% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.7 pp from 6.0% to 4.4% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Iron & Steel Products
Below you can find Nile benchmarking vs. other companies in Iron & Steel Products 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 |
|---|
| Msp Steel & Power ($MSPL) | -61.2% | 19.7% | 60.6% | 29.4% | |
| Apl Apollo Tubes ($APLAPOLLO) | | 54.5% | 44.2% | 24.3% | 25.7% |
| Metal Coatings (India) ($METALCO) | -21.7% | 20.4% | -15.8% | 13.0% | |
| Usha Martin ($USHAMART) | -47.1% | 10.4% | 7.8% | 12.5% | |
| Lakshmi Precision Screws ($LAKPRE) | -29.7% | 9.9% | -6.2% | 7.5% | |
| |
|---|
| Median (10 companies) | -30.7% | 20.1% | -6.8% | 5.1% | 25.7% |
|---|
| Nile ($NILE) | | 7.5% | -19.1% | 6.9% | 38.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Usha Martin ($USHAMART) | 18.7% | 13.2% | 18.1% | 18.7% | |
| Msp Steel & Power ($MSPL) | 15.8% | -1.1% | 17.7% | 13.8% | |
| Lakshmi Precision Screws ($LAKPRE) | 14.5% | 15.9% | 16.2% | 7.0% | |
| Apl Apollo Tubes ($APLAPOLLO) | 10.6% | 8.3% | 7.9% | 6.6% | 5.9% |
| Metal Coatings (India) ($METALCO) | 4.2% | 4.7% | 4.5% | 4.1% | |
| |
|---|
| Median (6 companies) | 9.0% | 5.7% | 6.4% | 6.8% | 5.9% |
|---|
| Nile ($NILE) | 6.4% | 5.5% | 5.6% | 6.0% | 4.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Usha Martin ($USHAMART) | 26.0% | 21.6% | 23.5% | 29.0% | |
| Msp Steel & Power ($MSPL) | 71.2% | 38.3% | 14.8% | 15.4% | |
| Apl Apollo Tubes ($APLAPOLLO) | 8.8% | 5.6% | 4.2% | 5.1% | 5.9% |
| |
|---|
| Median (3 companies) | 11.6% | 5.8% | 3.4% | 15.4% | 5.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Apl Apollo Tubes ($APLAPOLLO) | 20.5% | 18.2% | 19.5% | 16.0% | 16.6% |
| Gandhi Special Tubes ($GANDHITUBE) | 31.2% | 28.3% | 18.9% | 13.2% | |
| Usha Martin ($USHAMART) | 9.5% | 4.3% | 6.5% | 7.6% | |
| Msp Steel & Power ($MSPL) | 6.4% | -2.8% | 7.2% | 5.9% | |
| Lakshmi Precision Screws ($LAKPRE) | 13.7% | 14.4% | 11.9% | 3.1% | |
| |
|---|
| Median (23 companies) | 9.4% | 8.5% | 7.2% | 6.7% | 16.6% |
|---|
| Nile ($NILE) | 20.3% | 15.6% | 11.6% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lakshmi Precision Screws ($LAKPRE) | 2.4x | 2.7x | 3.4x | 8.1x | |
| Msp Steel & Power ($MSPL) | 9.2x | | 6.4x | 6.6x | |
| Usha Martin ($USHAMART) | 2.6x | 10.0x | 4.8x | 4.8x | |
| Apl Apollo Tubes ($APLAPOLLO) | 2.5x | 2.7x | 2.8x | 3.1x | 2.3x |
| National Fittings ($NATFIT) | 0.6x | 0.8x | 0.1x | 0.0x | |
| |
|---|
| Median (13 companies) | 2.5x | 2.6x | 3.9x | 0.0x | 2.3x |
|---|
| Nile ($NILE) | 3.2x | 2.6x | 2.6x | 0.0x | 0.0x |
