Mangalam Drugs & Organics EBITDA surged on 109% in 2015 and EBITDA Margin increased slightly on 1.3 pp from 8.0% to 9.2%
23-05-2015 • About Mangalam Drugs & Organics (
$MANGALAM) • By InTwits
Mangalam Drugs & Organics reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 9.2% in FY2015, 8.0% in FY2014, -2.7% in FY2013, 9.8% in FY2012, 9.9% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Mangalam Drugs & Organics ($MANGALAM) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,314 | 1,532 | 1,253 | 1,227 | 2,206 | 79.8% |
| EBITDA | 130 | 150 | -34 | 98 | 204 | 108.9% |
| Net Income | 21 | 6 | -118 | -30 | 61 | |
Balance Sheet
|
|---|
| Cash | 2 | 10 | | | | |
| Short Term Debt | 267 | 340 | | | | |
| Long Term Debt | 245 | 220 | | | | |
Cash flow
|
|---|
| Capex | 115 | 63 | | | | |
Ratios
|
|---|
| Revenue growth | -48.2% | 16.6% | -18.2% | -2.1% | 79.8% | |
| EBITDA growth | 21.3% | 15.8% | -122.4% | -390.0% | 108.9% | |
| EBITDA Margin | 9.9% | 9.8% | -2.7% | 8.0% | 9.2% | 1.3% |
| Net Income Margin | 1.6% | 0.4% | -9.4% | -2.5% | 2.8% | 5.3% |
| CAPEX, % of revenue | 8.7% | 4.1% | | | | 0.0% |
| ROIC | 11.0% | 11.6% | | | | 0.0% |
| ROE | 4.9% | 1.6% | | | | 0.0% |
| Net Debt/EBITDA | 3.9x | 3.7x | | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue surged on 79.8% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.3 pp from 8.0% to 9.2% in FY2015.
Net Income marign increased on 5.3 pp from -2.5% to 2.8% in FY2015.
Appendix 1: Peers in Pharmaceuticals
Below you can find Mangalam Drugs & Organics 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 ($ABBOTINDIA) | -46.4% | 8.2% | 8.7% | 27.3% | |
| |
|---|
| Median (41 companies) | -46.4% | 16.7% | 14.9% | 13.7% | 10.4% |
|---|
| Mangalam Drugs & Organics ($MANGALAM) | | 16.6% | -18.2% | -2.1% | 79.8% |
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% | 37.4% |
| 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 ($NATCOPHARM) | 21.3% | 21.5% | 23.2% | 24.9% | 26.2% |
| |
|---|
| Median (36 companies) | 16.5% | 12.9% | 13.4% | 15.0% | 16.0% |
|---|
| Mangalam Drugs & Organics ($MANGALAM) | 9.9% | 9.8% | -2.7% | 8.0% | 9.2% |
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 ($NATCOPHARM) | 20.0% | 24.4% | 16.3% | 14.4% | 14.1% |
| |
|---|
| Median (29 companies) | 7.3% | 8.2% | 7.9% | 5.8% | 6.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Alembic Pharmaceuticals ($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% | 35.3% |
| |
|---|
| Median (63 companies) | 14.0% | 14.0% | 13.4% | 15.0% | 15.1% |
|---|
| Mangalam Drugs & Organics ($MANGALAM) | 11.0% | 11.6% | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ind-Swift Laboratories ($INDSWFTLAB) | 4.6x | 5.5x | 16.1x | 19.5x | 0.0x |
| Shasun Pharmaceuticals ($SHASUNPHAR) | 4.5x | 2.8x | 4.5x | 6.0x | 6.2x |
| Sharon Bio-Medicine ($SHARONBIO) | 4.6x | 4.7x | 5.3x | 4.5x | |
| Jubilant Life Sciences Limited ($JUBILANT) | 5.3x | 4.0x | 3.5x | 3.5x | 6.4x |
| Kopran ($KOPRAN) | 6.0x | 4.5x | 3.0x | 3.0x | |
| |
|---|
| Median (50 companies) | 1.5x | 1.4x | 1.3x | 0.5x | 1.1x |
|---|
| Mangalam Drugs & Organics ($MANGALAM) | 3.9x | 3.7x | | 0.0x | 0.0x |
