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Ind-Swift Laboratories reports 64.1% EBITDA growth while 31.6% Revenue decline

18-05-2015 • About Ind-Swift Laboratories ($INDSWFTLAB) • By InTwits

Ind-Swift Laboratories reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Ind-Swift Laboratories is a company in decline: FY2015 revenue growth was -31.6%, 5 years revenue CAGR was -3.5%
  • EBITDA Margin is quite volatile: 16.9% in FY2015, 7.0% in FY2014, 6.6% in FY2013, 12.9% in FY2012, 16.7% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Ind-Swift Laboratories ($INDSWFTLAB) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue10,37014,09211,3619,6516,605-31.6%
EBITDA1,7351,8217506781,11364.1%
Net Income895892-1,180-1,220-1,194
Balance Sheet
Cash2141127091-100.0%
Short Term Debt2,1983,0183,9373,910-100.0%
Long Term Debt5,9947,1108,1829,411-100.0%
Cash flow
Capex1,8241,792543310-100.0%
Ratios
Revenue growth31.3%35.9%-19.4%-15.1%-31.6%
EBITDA growth20.7%5.0%-58.8%-9.6%64.1%
EBITDA Margin16.7%12.9%6.6%7.0%16.9%9.8%
Net Income Margin8.6%6.3%-10.4%-12.6%-18.1%-5.4%
CAPEX, % of revenue17.6%12.7%4.8%3.2%-3.2%
ROIC10.6%8.5%1.0%0.1%-0.1%
ROE17.4%12.7%-14.1%-15.5%15.5%
Net Debt/EBITDA4.6x5.5x16.1x19.5x0.0x-19.5x

Revenue and profitability


The company's Revenue dropped on 31.6% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 9.8 pp from 7.0% to 16.9% in FY2015.

Net Income marign decreased on 5.4 pp from -12.6% to -18.1% in FY2015.


Appendix 1: Peers in Pharmaceuticals


Below you can find Ind-Swift Laboratories benchmarking vs. other companies in Pharmaceuticals 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
Granules India ($GRANULES)37.6%16.9%43.4%18.1%
Marksans Pharma ($MARKSANS)-66.6%16.7%23.3%43.3%
Sun Pharmaceutical Industries ($SUNPHARMA)-87.8%39.9%40.4%42.4%
Torrent Pharmaceuticals ($TORNTPHARM)22.7%17.7%32.2%13.6%
Abbott India ($ABBOTINDIA)-46.4%8.2%8.7%27.3%
 
Median (41 companies)-45.7%16.6%14.9%13.7%8.9%
Ind-Swift Laboratories ($INDSWFTLAB)35.9%-19.4%-15.1%-31.6%


Top companies by Gross margin, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Dr.Reddy'S Laboratories ($DRREDDY)52.1%57.4%57.6%
Omega Laboratories ($OMEGALAB)0.0%0.0%0.0%0.0%
 
Median (2 companies)46.9%26.1%28.7%28.8%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Sun Pharmaceutical Industries ($SUNPHARMA)34.3%40.8%44.3%44.9%
Divi'S Laboratories ($DIVISLAB)38.1%37.2%38.2%40.2%
Venus Remedies ($VENUSREM)24.9%25.2%25.6%25.5%
Dr.Reddy'S Laboratories ($DRREDDY)21.7%25.8%22.9%25.1%23.2%
Natco Pharma ($NATCOPHARM)21.3%21.5%23.2%24.9%
 
Median (36 companies)16.2%12.7%13.4%15.0%15.2%
Ind-Swift Laboratories ($INDSWFTLAB)16.7%12.9%6.6%7.0%16.9%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Granules India ($GRANULES)5.3%8.8%15.2%24.3%11.4%
Dishman Pharmaceuticals & Chemicals ($DISHMAN)24.3%8.4%10.9%21.6%
Venus Remedies ($VENUSREM)26.6%23.2%22.2%17.5%
Shasun Pharmaceuticals ($SHASUNPHAR)4.3%10.4%15.2%15.8%11.3%
Natco Pharma ($NATCOPHARM)20.0%24.4%16.3%14.4%
 
Median (28 companies)7.3%7.7%8.3%5.8%6.2%
Ind-Swift Laboratories ($INDSWFTLAB)17.6%12.7%4.8%3.2%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Alembic Pharmaceuticals ($APLLTD)27.5%29.1%41.5%35.7%
Sun Pharmaceutical Industries ($SUNPHARMA)18.9%24.8%31.1%35.0%
Marksans Pharma ($MARKSANS)-25.8%-142.4%34.9%33.8%
Torrent Pharmaceuticals ($TORNTPHARM)22.3%26.4%30.5%33.2%19.7%
Jenburkt Pharmaceuticals ($JENBURPH)43.6%34.1%29.0%32.4%
 
Median (63 companies)14.0%14.0%13.8%15.6%14.9%
Ind-Swift Laboratories ($INDSWFTLAB)10.6%8.5%1.0%0.1%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Shasun Pharmaceuticals ($SHASUNPHAR)4.5x2.8x4.5x6.0x6.2x
Sharon Bio-Medicine ($SHARONBIO)4.6x4.7x5.3x4.5x
Jubilant Life Sciences Limited ($JUBILANT)5.3x4.0x3.5x3.5x6.4x
Kopran ($KOPRAN)6.0x4.5x3.0x3.0x
Lincoln Pharmaceuticals ($LINCOPH)3.6x3.8x4.3x3.0x
 
Median (50 companies)1.5x1.4x1.2x0.3x1.8x
Ind-Swift Laboratories ($INDSWFTLAB)4.6x5.5x16.1x19.5x0.0x


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