Amarjothi Spinning Mills reports 34.3% Net Income decline

24-05-2015 • About Amarjothi Spinning Mills ($AMARJOTHI) • By InTwits

Amarjothi Spinning Mills reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Amarjothi Spinning Mills ($AMARJOTHI) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	1,240	1,296	1,558	1,967	2,015	2.4%
EBITDA	349	283	244		450
Net Income	98	33	40	201	132	-34.3%
Balance Sheet
Cash	2	4	12
Short Term Debt	662	423	200
Long Term Debt	485	374	621
Cash flow
Capex	249	72
Ratios
Revenue growth	-47.0%	4.5%	20.3%	26.2%	2.4%
EBITDA growth	41.0%	-18.9%	-13.6%
EBITDA Margin	28.1%	21.8%	15.7%	0.0%	22.3%	22.3%
Net Income Margin	7.9%	2.5%	2.6%	10.2%	6.6%	-3.7%
CAPEX, % of revenue	20.1%	5.5%				0.0%
ROIC	15.2%	9.4%	7.7%			0.0%
ROE	25.0%	7.4%	8.6%			0.0%
Net Debt/EBITDA	3.3x	2.8x	3.3x		0.0x	0.0x

Revenue and profitability

The company's Revenue increased on 2.4% in FY2015.

Net Income marign decreased on 3.7 pp from 10.2% to 6.6% in FY2015.

Appendix 1: Peers in Textiles

Below you can find Amarjothi Spinning Mills benchmarking vs. other companies in Textiles 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
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 ($GTNTEX)	-27.7%	-8.8%	51.2%	39.4%
Median (73 companies)	-31.2%	5.0%	9.3%	14.2%	4.4%
Amarjothi Spinning Mills ($AMARJOTHI)		4.5%	20.3%	26.2%	2.4%

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 (54 companies)	12.7%	6.3%	9.5%	9.8%	10.4%

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 (21 companies)	4.5%	3.0%	5.6%	6.8%	6.9%

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 ($RSWM)	17.4%	2.2%	15.2%	15.5%	11.8%
Median (126 companies)	10.1%	3.5%	9.3%	9.2%	9.1%
Amarjothi Spinning Mills ($AMARJOTHI)	15.2%	9.4%	7.7%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Jaybharat Textiles & Real Estate ($JAYTEX)	8.4x	10.9x	53.6x	23.8x
Sree Jayalakshmi Autospin ($SREEJAYA)	3.4x		9.7x	12.8x
Bombay Rayon Fashions ($BRFL)	5.9x	4.9x	4.9x	11.6x	10.0x
Sel Manufacturing Company ($SELMCL)	5.6x	9.4x	6.6x	11.5x
Ruby Mills ($RUBYMILLS)	15.9x	12.6x	15.3x	10.8x	8.6x
Median (70 companies)	3.9x	3.8x	3.2x	0.0x	0.6x

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