Cochin Minerals & Rutile revenue decline decelerated from 33.8% in FY2014 to 11.0% in FY2015
23-05-2015 • About Cochin Minerals & Rutile (
$COCHINM) • By InTwits
Cochin Minerals & Rutile reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Cochin Minerals & Rutile is a company in decline: FY2015 revenue growth was -11.0%, 5 years revenue CAGR was -2.9%
- EBITDA Margin is declining: in FY2015 vs. 0.8% in FY2014 vs. 10.1% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cochin Minerals & Rutile ($COCHINM) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,280 | 2,358 | 1,982 | 1,313 | 1,168 | -11.0% |
| EBITDA | 129 | 897 | 686 | 11 | | -100.0% |
| Net Income | 48 | 571 | 433 | -39 | -215 | |
Balance Sheet
|
|---|
| Cash | 19 | 127 | 82 | 274 | | -100.0% |
| Short Term Debt | 19 | 49 | 26 | 370 | | -100.0% |
| Long Term Debt | 95 | 60 | 36 | 262 | | -100.0% |
Cash flow
|
|---|
| Capex | 19 | 11 | 43 | 44 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -5.2% | 84.1% | -15.9% | -33.8% | -11.0% | |
| EBITDA growth | -16.2% | 595.3% | -23.5% | -98.4% | | |
| EBITDA Margin | 10.1% | 38.1% | 34.6% | 0.8% | 0.0% | -0.8% |
| Net Income Margin | 3.8% | 24.2% | 21.9% | -3.0% | -18.4% | -15.5% |
| CAPEX, % of revenue | 1.5% | 0.5% | 2.2% | 3.3% | | -3.3% |
| ROIC | 18.2% | 122.1% | 60.7% | -0.9% | | 0.9% |
| ROE | 14.9% | 99.7% | 44.5% | -3.5% | | 3.5% |
| Net Debt/EBITDA | 0.7x | -0.0x | -0.0x | 32.3x | | -32.3x |
Revenue and profitability
Cochin Minerals & Rutile's Revenue dropped on 11.0% in FY2015.
Net Income marign dropped on 15.5 pp from -3.0% to -18.4% in FY2015.
Appendix 1: Peers in Specialty Chemicals
Below we provide Cochin Minerals & Rutile benchmarking against other companies in Specialty 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 |
|---|
| Dai-Ichi Karkaria ($DAICHI) | | 20.7% | 31.4% | 45.4% | 22.8% |
| Dynemic Products ($DYNPRO) | -55.8% | 27.4% | -0.0% | 40.6% | |
| Camlin Fine Sciences ($CAMLINFIN) | | 95.3% | 11.4% | 36.1% | 9.8% |
| Sudarshan Chemical Industries ($SUDARSCHEM) | -49.4% | 10.5% | 9.1% | 28.2% | |
| Vinati Organics ($VINATIORGA) | | 38.7% | 23.6% | 25.9% | 10.9% |
| |
|---|
| Median (27 companies) | -50.2% | 19.8% | 14.1% | 13.7% | 10.3% |
|---|
| Cochin Minerals & Rutile ($COCHINM) | | 84.1% | -15.9% | -33.8% | -11.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vinati Organics ($VINATIORGA) | 21.7% | 21.7% | 21.8% | 22.7% | 24.9% |
| Adi Finechem ($ADIFINCHM) | 18.2% | 15.1% | 14.0% | 22.1% | 16.5% |
| Solar Industries India ($SOLARINDS) | 18.1% | 18.5% | 17.5% | 17.9% | |
| Ultramarine & Pigments ($ULTRAMAR) | 20.1% | 18.0% | 15.5% | 17.4% | |
| Anil ($ANILLTD) | 17.4% | 18.1% | 16.9% | 17.1% | |
| |
|---|
| Median (25 companies) | 11.7% | 10.6% | 11.2% | 10.6% | 14.8% |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 10.1% | 38.1% | 34.6% | 0.8% | |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 8.2% | 7.3% | 4.8% | 12.6% | 16.9% |
| Solar Industries India ($SOLARINDS) | 14.2% | 13.0% | 9.9% | 12.3% | |
| Nitta Gelatin India ($NITTAGELA) | 21.3% | 8.8% | 4.6% | 8.5% | |
| Meghmani Organics ($MEGH) | 9.9% | 10.2% | 10.3% | 7.9% | 4.6% |
| Camlin Fine Sciences ($CAMLINFIN) | 7.5% | 4.3% | 5.7% | 7.1% | 5.1% |
| |
|---|
| Median (18 companies) | 7.3% | 5.2% | 4.7% | 4.5% | 4.8% |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 1.5% | 0.5% | 2.2% | 3.3% | |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 27.6% | 30.6% | 29.8% | 46.4% | 26.3% |
| Vinati Organics ($VINATIORGA) | 31.4% | 29.6% | 26.2% | 30.6% | 34.8% |
| Pidilite Industries ($PIDILITIND) | 29.3% | 27.4% | 29.3% | 29.8% | 29.0% |
| Camlin Fine Sciences ($CAMLINFIN) | 9.9% | 11.1% | 17.8% | 24.2% | 29.5% |
| Plastiblends India ($PLASTIBLEN) | 19.4% | 18.3% | 15.8% | 24.0% | |
| |
|---|
| Median (35 companies) | 14.8% | 14.7% | 14.8% | 12.3% | 26.3% |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 18.2% | 122.1% | 60.7% | -0.9% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Alkali Metals ($ALKALI) | 4.3x | | 5.1x | 11.6x | 0.0x |
| Kiri Industries ($KIRIINDUS) | 3.9x | 8.2x | 31.3x | 10.6x | |
| Vikas Globalone ($VIKASGLOB) | 0.0x | 2.5x | 4.4x | 4.9x | |
| Jayant Agro-Organics ($JAYAGROGN) | 3.9x | 2.8x | 3.1x | 4.6x | 6.5x |
| Meghmani Organics ($MEGH) | 4.8x | 4.2x | 3.7x | 4.3x | 3.1x |
| |
|---|
| Median (28 companies) | 1.5x | 1.5x | 1.7x | 1.7x | 0.2x |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 0.7x | -0.0x | -0.0x | 32.3x | |
