Jaybharat Textiles & Real Estate reports 938% EBITDA decline while 38.0% Revenue growth
18-05-2015 • About Jaybharat Textiles & Real Estate (
$JAYTEX) • By InTwits
Jaybharat Textiles & Real Estate reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Jaybharat Textiles & Real Estate doesn't have a profitable business model yet: FY2015 ROIC is -44.9%
- Jaybharat Textiles & Real Estate spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 is 0.0%. Average EBITDA Margin for the same period was -1.7%0
- The company has unprofitable business model: ROIC is at -44.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Jaybharat Textiles & Real Estate ($JAYTEX) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 6,317 | 7,404 | 5,456 | 5,478 | 7,561 | 38.0% |
| EBITDA | 652 | 382 | 101 | 228 | -1,908 | -937.7% |
| Net Income | -64 | -357 | -707 | -356 | -2,399 | |
Balance Sheet
|
|---|
| Cash | 23 | 14 | 19 | 43 | 34 | -21.8% |
| Short Term Debt | 1,245 | 2,080 | 2,119 | 2,138 | 2,156 | 0.9% |
| Long Term Debt | 4,246 | 2,115 | 3,314 | 3,319 | 3,382 | 1.9% |
Cash flow
|
|---|
| Capex | 308 | 9 | | 0 | 0 | |
Ratios
|
|---|
| Revenue growth | -28.9% | 17.2% | -26.3% | 0.4% | 38.0% | |
| EBITDA growth | -16.5% | -41.5% | -73.5% | 125.4% | -937.7% | |
| EBITDA Margin | 10.3% | 5.2% | 1.9% | 4.2% | -25.2% | -29.4% |
| Net Income Margin | -1.0% | -4.8% | -13.0% | -6.5% | -31.7% | -25.2% |
| CAPEX, % of revenue | 4.9% | 0.1% | | 0.0% | 0.0% | 0.0% |
| ROIC | 3.6% | -0.5% | -5.3% | -1.9% | -44.9% | -43.0% |
| ROE | -3.5% | -32.7% | -142.3% | -350.3% | | 350.3% |
| Net Debt/EBITDA | 8.4x | 10.9x | 53.6x | 23.8x | | -23.8x |
Revenue and profitability
The company's Revenue jumped on 38.0% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin dropped on 29.4 pp from 4.2% to -25.2% in FY2015.
Net Income marign dropped on 25.2 pp from -6.5% to -31.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0% in FY2015. Jaybharat Textiles & Real Estate's CAPEX/Revenue showed almost no change from FY2012 to FY2015.
Leverage (Debt)
Debt level is 0.3x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 23.8x from 23.8x to in FY2015. Debt increased slightly on 1.5% in FY2015 while cash dropped on 21.8% in FY2015.
Appendix 1: Peers in Textiles
Below we provide Jaybharat Textiles & Real Estate 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) | | -6.2% | -66.0% | 176.2% | -52.0% |
| T T ($TTL) | -39.2% | -21.8% | 28.7% | 47.8% | |
| Filatex India ($FILATEX) | -74.3% | -2.7% | 158.7% | 44.5% | |
| Gtn Textiles ($GTNTEX) | -27.7% | -8.8% | 51.2% | 39.4% | |
| |
|---|
| Median (73 companies) | -31.2% | 4.8% | 10.0% | 14.4% | 3.5% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | | 17.2% | -26.3% | 0.4% | 38.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ruby Mills ($RUBYMILLS) | 25.2% | 28.3% | 25.1% | 28.6% | 29.3% |
| Vardhman Textiles ($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 ($SHRIDINE) | 24.7% | 22.4% | 18.5% | 18.7% | |
| |
|---|
| Median (53 companies) | 12.9% | 6.5% | 9.5% | 10.1% | 10.8% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 10.3% | 5.2% | 1.9% | 4.2% | -25.2% |
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% | 11.4% |
| 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 ($GRASIM) | 7.8% | 17.7% | 21.7% | 11.6% | 10.2% |
| |
|---|
| Median (20 companies) | 4.5% | 3.4% | 5.6% | 7.4% | 8.0% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 4.9% | 0.1% | | 0.0% | 0.0% |
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 ($RSWM) | 17.4% | 2.2% | 15.2% | 15.5% | 11.8% |
| |
|---|
| Median (126 companies) | 10.1% | 3.6% | 9.3% | 9.6% | 10.8% |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 3.6% | -0.5% | -5.3% | -1.9% | -44.9% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 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 | 8.6x |
| Prime Urban Development India ($PRIMEURB) | 0.8x | 4.1x | | 9.4x | |
| |
|---|
| Median (69 companies) | 3.7x | 3.8x | 3.2x | 0.0x | 0.6x |
|---|
| Jaybharat Textiles & Real Estate ($JAYTEX) | 8.4x | 10.9x | 53.6x | 23.8x | |
