Eurotex Industries & Exports reports 67.0% EBITDA decline and 21.5% Revenue decline
25-05-2015 • About Eurotex Industries & Exports (
$EUROTEXIND) • By InTwits
Eurotex Industries & Exports reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Eurotex Industries & Exports is a company in decline: FY2015 revenue growth was -21.5%, 5 years revenue CAGR was -3.4%
- EBITDA Margin is quite volatile: 3.5% in FY2015, 8.3% in FY2014, 7.2% in FY2013, 2.6% in FY2012, 12.3% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Eurotex Industries & Exports ($EUROTEXIND) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,076 | 2,579 | 2,729 | 3,443 | 2,703 | -21.5% |
| EBITDA | 256 | 68 | 197 | 285 | 94 | -67.0% |
| Net Income | 57 | 83 | -18 | 56 | -32 | -157.9% |
Balance Sheet
|
|---|
| Cash | 3 | 5 | 18 | | | |
| Short Term Debt | 546 | 492 | 538 | | | |
| Long Term Debt | 490 | 233 | 178 | | | |
Cash flow
|
|---|
| Capex | 6 | 25 | | | | |
Ratios
|
|---|
| Revenue growth | -35.5% | 24.2% | 5.8% | 26.1% | -21.5% | |
| EBITDA growth | 39.5% | -73.5% | 190.5% | 44.6% | -67.0% | |
| EBITDA Margin | 12.3% | 2.6% | 7.2% | 8.3% | 3.5% | -4.8% |
| Net Income Margin | 2.8% | 3.2% | -0.7% | 1.6% | -1.2% | -2.8% |
| CAPEX, % of revenue | 0.3% | 1.0% | | | | 0.0% |
| ROIC | 8.9% | -1.9% | 6.5% | | | 0.0% |
| ROE | 10.4% | 13.4% | -2.8% | | | 0.0% |
| Net Debt/EBITDA | 4.0x | 10.6x | 3.5x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Eurotex Industries & Exports's Revenue dropped on 21.5% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 4.8 pp from 8.3% to 3.5% in FY2015.
Net Income marign decreased on 2.8 pp from 1.6% to -1.2% in FY2015.
Appendix 1: Peers in Textiles
Below we provide Eurotex Industries & Exports 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 ($GTNTEX) | -27.7% | -8.8% | 51.2% | 39.4% | |
| |
|---|
| Median (73 companies) | -31.2% | 4.8% | 10.0% | 14.2% | 2.9% |
|---|
| Eurotex Industries & Exports ($EUROTEXIND) | | 24.2% | 5.8% | 26.1% | -21.5% |
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 ($SHRIDINE) | 24.7% | 22.4% | 18.5% | 18.7% | |
| |
|---|
| Median (53 companies) | 12.9% | 6.5% | 9.5% | 10.1% | 10.1% |
|---|
| Eurotex Industries & Exports ($EUROTEXIND) | 12.3% | 2.6% | 7.2% | 8.3% | 3.5% |
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 ($GRASIM) | 7.8% | 17.7% | 21.7% | 11.6% | 10.2% |
| |
|---|
| Median (21 companies) | 4.5% | 3.4% | 5.6% | 6.8% | 6.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nitin Spinners ($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% | 3.6% | 9.3% | 9.2% | 9.1% |
|---|
| Eurotex Industries & Exports ($EUROTEXIND) | 8.9% | -1.9% | 6.5% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaybharat Textiles & Real Estate ($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 (69 companies) | 3.7x | 3.8x | 3.2x | 0.0x | 0.0x |
|---|
| Eurotex Industries & Exports ($EUROTEXIND) | 4.0x | 10.6x | 3.5x | 0.0x | 0.0x |
