Andhra Petrochemicals revenue dropped on 45.9% in 2015 and EBITDA Margin dropped on 16.1 pp from -4.9% to -21.0%
22-05-2015 • About Andhra Petrochemicals (
$ANDHRAPET) • By InTwits
Andhra Petrochemicals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Andhra Petrochemicals is a company in decline: FY2015 revenue growth was -45.9%, 5 years revenue CAGR was -2.5%
- The company operates at negative EBITDA Margin: -21.0%
- EBITDA Margin is quite volatile: -21.0% in FY2015, -4.9% in FY2014, 5.0% in FY2013, 11.9% in FY2012, 19.5% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Andhra Petrochemicals ($ANDHRAPET) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,566 | 5,972 | 5,628 | 2,593 | 1,403 | -45.9% |
| EBITDA | 889 | 712 | 281 | -127 | -294 | |
| Net Income | 356 | 300 | 31 | -257 | -445 | |
Balance Sheet
|
|---|
| Cash | 187 | 29 | 132 | | | |
| Short Term Debt | 1 | 271 | 268 | | | |
| Long Term Debt | 1,458 | 366 | 172 | | | |
Cash flow
|
|---|
| Capex | 190 | 25 | | | | |
Ratios
|
|---|
| Revenue growth | 187.4% | 30.8% | -5.8% | -53.9% | -45.9% | |
| EBITDA growth | -5,704.2% | -19.8% | -60.5% | -145.1% | 132.1% | |
| EBITDA Margin | 19.5% | 11.9% | 5.0% | -4.9% | -21.0% | -16.1% |
| Net Income Margin | 7.8% | 5.0% | 0.6% | -9.9% | -31.7% | -21.8% |
| CAPEX, % of revenue | 4.2% | 0.4% | | | | 0.0% |
| ROIC | 19.4% | 14.5% | 4.8% | | | 0.0% |
| ROE | 20.4% | 15.0% | 1.5% | | | 0.0% |
| Net Debt/EBITDA | 1.4x | 0.9x | 1.1x | | | 0.0x |
Revenue and profitability
The company's Revenue dropped on 45.9% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 16.1 pp from -4.9% to -21.0% in FY2015.
Net Income marign dropped on 21.8 pp from -9.9% to -31.7% in FY2015.
Appendix 1: Peers in Commodity Chemicals
Below we provide Andhra Petrochemicals benchmarking against other companies in Commodity Chemicals 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 |
|---|
| Shree Hari Chemicals Export ($SHHARICH) | -52.2% | -2.5% | -78.0% | 299.5% | |
| Jindal Poly Films ($JINDPOLBBPH) | -66.5% | -17.2% | -6.3% | 131.7% | |
| Bodal Chemicals ($BODALCHEM) | -51.3% | 5.4% | -12.6% | 80.0% | |
| Kanoria Chemicals & Industries ($KANORICHEM) | -22.3% | -40.7% | 27.2% | 47.9% | |
| Camphor & Allied Products ($CAMPHOR) | -49.0% | -6.7% | 7.2% | 42.7% | |
| |
|---|
| Median (35 companies) | -39.8% | 15.5% | 11.4% | 10.7% | 5.6% |
|---|
| Andhra Petrochemicals ($ANDHRAPET) | | 30.8% | -5.8% | -53.9% | -45.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shree Hari Chemicals Export ($SHHARICH) | 8.3% | 1.8% | -19.4% | 29.4% | |
| Chemfab Alkalis ($CHEMFALKAL) | 19.0% | 22.3% | 32.9% | 24.2% | 19.8% |
| Aditya Birla Chemicals (India) ($ABCIL) | 33.6% | 26.8% | 27.1% | 23.6% | 21.9% |
| Bodal Chemicals ($BODALCHEM) | 10.6% | 1.8% | 5.6% | 20.4% | |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 13.3% | 15.9% | 16.0% | 19.0% | 18.3% |
| |
|---|
| Median (31 companies) | 12.1% | 10.9% | 8.4% | 8.6% | 9.8% |
|---|
| Andhra Petrochemicals ($ANDHRAPET) | 19.5% | 11.9% | 5.0% | -4.9% | -21.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Chemfab Alkalis ($CHEMFALKAL) | 5.1% | 2.2% | 15.8% | 55.6% | |
| Aditya Birla Chemicals (India) ($ABCIL) | 5.9% | 136.9% | 24.2% | 30.8% | 15.0% |
| Jindal Poly Films ($JINDPOLBBPH) | 2.9% | 6.9% | 2.1% | 27.5% | |
| Polyplex Corporation ($POLYPLEX) | 6.0% | 10.7% | 41.3% | 19.2% | |
| Kanoria Chemicals & Industries ($KANORICHEM) | 12.9% | 25.1% | 6.0% | 13.4% | |
| |
|---|
| Median (20 companies) | 5.9% | 5.3% | 6.6% | 5.7% | 5.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Riddhi Siddhi Gluco Biols ($RIDDHI) | -0.2% | -1.3% | -0.6% | 61.1% | |
| Bodal Chemicals ($BODALCHEM) | | -1.3% | 3.3% | 39.0% | |
| Elantas Beck India ($ELANTAS) | 17.5% | 20.4% | 33.9% | 31.0% | |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 10.3% | 16.0% | 18.7% | 25.0% | 23.7% |
| Aarti Industries ($AARTIIND) | 13.1% | 15.9% | 19.1% | 17.2% | 17.9% |
| |
|---|
| Median (59 companies) | 10.5% | 9.0% | 9.8% | 9.3% | 13.5% |
|---|
| Andhra Petrochemicals ($ANDHRAPET) | 19.4% | 14.5% | 4.8% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| India Glycols ($INDIAGLYCO) | 8.2x | 4.8x | 3.7x | 8.5x | |
| Godrej Industries ($GODREJIND) | 6.8x | 9.9x | 5.7x | 7.9x | |
| Polyplex Corporation ($POLYPLEX) | 0.6x | 0.9x | 6.8x | 7.1x | |
| Link Pharma Chem ($LINKPH) | 71.1x | 3.4x | 4.1x | 6.2x | |
| Refnol Resins & Chemicals ($REFNOL) | | | 4.1x | 5.6x | 0.0x |
| |
|---|
| Median (42 companies) | 2.5x | 2.6x | 3.2x | 1.1x | 1.7x |
|---|
