Gujarat Nre Coke revenue dropped on 59.4% in 2015 while EBITDA Margin jumped on 39.8 pp from -76.1% to -36.3%
25-05-2015 • About Gujarat Nre Coke (
$GUJNREDVR) • By InTwits
Gujarat Nre Coke reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Gujarat Nre Coke is a company in decline: FY2015 revenue growth was -59.4%, 5 years revenue CAGR was -23.4%
- The company operates at negative EBITDA Margin: -36.3%
- Gujarat Nre Coke has high CAPEX intensity: 5 year average CAPEX/Revenue was 38.3%. At the same time it's a lot of higher than industry average of 5.3%.
- CAPEX is quite volatile: 0 in FY2015, 0 in FY2014, 9,546 in FY2013, 14,414 in FY2012, 7,503 in FY2011
- The company has unprofitable business model: ROIC is at -5.0%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Gujarat Nre Coke ($GUJNREDVR) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 18,137 | 13,984 | 20,294 | 9,324 | 3,789 | -59.4% |
| EBITDA | 4,542 | 5,030 | 6,254 | -7,099 | -1,377 | |
| Net Income | 1,092 | -987 | 1,128 | -5,276 | -3,993 | |
Balance Sheet
|
|---|
| Cash | 4,575 | 888 | 277 | 174 | 28 | -83.9% |
| Short Term Debt | 8,237 | 14,892 | 19,775 | 7,619 | 8,820 | 15.8% |
| Long Term Debt | 19,248 | 23,920 | 26,633 | 19,639 | 21,291 | 8.4% |
Cash flow
|
|---|
| Capex | 7,503 | 14,414 | 9,546 | 0 | 0 | |
Ratios
|
|---|
| Revenue growth | 26.0% | -22.9% | 45.1% | -54.1% | -59.4% | |
| EBITDA growth | 168.9% | 10.7% | 24.3% | -213.5% | -80.6% | |
| EBITDA Margin | 25.0% | 36.0% | 30.8% | -76.1% | -36.3% | 39.8% |
| Net Income Margin | 6.0% | -7.1% | 5.6% | -56.6% | -105.4% | -48.8% |
| CAPEX, % of revenue | 41.4% | 103.1% | 47.0% | 0.0% | 0.0% | 0.0% |
| ROIC | 5.0% | 5.7% | 4.2% | -13.3% | -5.0% | 8.3% |
| ROE | 7.1% | -5.5% | 6.4% | -35.9% | -38.7% | -2.9% |
| Net Debt/EBITDA | 5.0x | 7.5x | 7.4x | | | 0.0x |
Revenue and profitability
The company's Revenue dropped on 59.4% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin jumped on 39.8 pp from -76.1% to -36.3% in FY2015.
Net Income marign dropped on 48.8 pp from -56.6% to -105% in FY2015.
Return on investment
The company operates at negative ROIC (-5.02%) and ROE (-38.73%). ROIC increased on 8.3 pp from -13.3% to -5.0% in FY2015. ROE decreased on 2.9 pp from -35.9% to -38.7% in FY2015.
Leverage (Debt)
Debt level is Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA didn't change in FY2015. Debt surged on 10.5% in FY2015 while cash dropped on 83.9% in FY2015.
Appendix 1: Peers in Coal
Below you can find Gujarat Nre Coke benchmarking vs. other companies in Coal 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coal India ($COALINDIA) | -46.9% | 24.3% | 9.4% | 0.7% | |
| Gujarat Mineral Development Corporation ($GMDCLTD) | -17.1% | 14.7% | 2.3% | -22.7% | |
| Gujarat Nre Coke ($GUJNRECOKE) | | -22.9% | 45.1% | -54.1% | -59.4% |
| |
|---|
| Median (3 companies) | -32.0% | 14.7% | 9.4% | -22.7% | -59.4% |
|---|
| Gujarat Nre Coke ($GUJNREDVR) | | -22.9% | 45.1% | -54.1% | -59.4% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gujarat Mineral Development Corporation ($GMDCLTD) | 47.0% | 47.4% | 55.5% | 47.9% | |
| Coal India ($COALINDIA) | 26.9% | 25.3% | 26.7% | 25.9% | |
| Gujarat Nre Coke ($GUJNRECOKE) | 25.0% | 36.0% | 30.8% | -76.1% | -36.3% |
| |
|---|
| Median (3 companies) | 26.9% | 36.0% | 30.8% | 25.9% | -36.3% |
|---|
| Gujarat Nre Coke ($GUJNREDVR) | 25.0% | 36.0% | 30.8% | -76.1% | -36.3% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gujarat Mineral Development Corporation ($GMDCLTD) | 19.5% | 20.5% | 9.9% | 15.1% | |
| Coal India ($COALINDIA) | 5.1% | 5.5% | 3.6% | 6.0% | |
| Gujarat Nre Coke ($GUJNRECOKE) | 41.4% | 103.1% | 47.0% | 0.0% | 0.0% |
| |
|---|
| Median (3 companies) | 19.5% | 20.5% | 9.9% | 6.0% | 0.0% |
|---|
| Gujarat Nre Coke ($GUJNREDVR) | 41.4% | 103.1% | 47.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coal India ($COALINDIA) | 31.0% | 28.7% | 28.9% | 30.3% | |
| Gujarat Mineral Development Corporation ($GMDCLTD) | | 28.9% | 30.8% | 16.3% | |
| Gujarat Nre Coke ($GUJNRECOKE) | 5.0% | 5.7% | 4.2% | -13.3% | -5.0% |
| |
|---|
| Median (3 companies) | 18.0% | 28.7% | 28.9% | 16.3% | -5.0% |
|---|
| Gujarat Nre Coke ($GUJNREDVR) | 5.0% | 5.7% | 4.2% | -13.3% | -5.0% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gujarat Mineral Development Corporation ($GMDCLTD) | 0.3x | -0.0x | -0.0x | -0.0x | |
| Coal India ($COALINDIA) | -3.3x | -3.6x | -3.3x | -2.9x | |
| |
|---|
| Median (2 companies) | 0.3x | -0.0x | -0.0x | -1.5x | |
|---|
