B & A reports 11.7% Net Income decline and 2.3 pp EBITDA Margin decline from 17.1% to 14.8%
26-05-2015 • About B & A (
$BNALTD) • By InTwits
B & A reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
B & A ($BNALTD) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,029 | 1,119 | 1,305 | 1,407 | 1,474 | 4.8% |
| EBITDA | 168 | 205 | 223 | 240 | 218 | -9.1% |
| Net Income | 57 | 87 | 89 | 110 | 97 | -11.7% |
Balance Sheet
|
|---|
| Cash | 24 | 66 | 32 | | | |
| Short Term Debt | 130 | 257 | 244 | | | |
| Long Term Debt | 262 | 233 | 134 | | | |
Cash flow
|
|---|
| Capex | 103 | | | | | |
Ratios
|
|---|
| Revenue growth | -37.9% | 8.7% | 16.7% | 7.8% | 4.8% | |
| EBITDA growth | 17.9% | 22.0% | 8.4% | 7.9% | -9.1% | |
| EBITDA Margin | 16.4% | 18.4% | 17.1% | 17.1% | 14.8% | -2.3% |
| Net Income Margin | 5.6% | 7.8% | 6.8% | 7.8% | 6.6% | -1.2% |
| CAPEX, % of revenue | 10.0% | | | | | 0.0% |
| ROIC | 17.1% | 18.6% | 18.7% | | | 0.0% |
| ROE | 13.2% | 17.5% | 15.4% | | | 0.0% |
| Net Debt/EBITDA | 2.2x | 2.1x | 1.6x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue increased on 4.8% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 7.4 pp from -13.5% to -6.1% in FY2015.
Net Income marign decreased slightly on 1.2 pp from 7.8% to 6.6% in FY2015.
Appendix 1: Peers in Tea & Coffee
Below you can find B & A benchmarking vs. other companies in Tea & Coffee 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 |
|---|
| Rossell India ($ROSSELLIND) | -51.1% | 5.4% | 27.9% | 33.6% | |
| Andrew Yule & Company ($ANDREWYU) | -40.5% | 17.1% | 4.7% | 19.3% | |
| Warren Tea ($WARRENTEA) | 40.0% | 0.9% | -44.0% | 17.7% | |
| Bombay Burmah Trading Corp ($BBTC) | | 15.7% | 10.0% | 11.5% | 12.7% |
| Ccl Products (India) ($CCL) | | 38.0% | 29.6% | 10.2% | 22.8% |
| |
|---|
| Median (11 companies) | -34.9% | 15.7% | 7.4% | 9.9% | 8.9% |
|---|
| B & A ($BNALTD) | | | 16.7% | 7.8% | 4.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rossell India ($ROSSELLIND) | 32.2% | 31.0% | 27.5% | 26.5% | |
| Warren Tea ($WARRENTEA) | 19.0% | 7.9% | 17.7% | 21.8% | |
| Ccl Products (India) ($CCL) | 18.0% | 20.3% | 20.1% | 21.5% | 20.6% |
| Mcleod Russel India ($MCLEODRUSS) | 28.5% | 27.5% | 23.2% | 20.4% | |
| Tata Coffee ($TATACOFFEE) | 19.8% | 12.8% | 19.2% | 19.9% | 20.2% |
| |
|---|
| Median (11 companies) | 15.7% | 8.4% | 13.7% | 9.7% | 15.3% |
|---|
| B & A ($BNALTD) | | 18.4% | 17.1% | 17.1% | 14.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rossell India ($ROSSELLIND) | 3.3% | 11.0% | 6.7% | 14.8% | |
| Mcleod Russel India ($MCLEODRUSS) | 4.9% | 10.0% | 6.0% | 9.4% | |
| Ccl Products (India) ($CCL) | 12.0% | 11.1% | 5.8% | 8.3% | 2.4% |
| Jay Shree Tea & Industries ($JAYSHREETEA) | 10.7% | 4.5% | 3.7% | 6.4% | 3.5% |
| Tata Coffee ($TATACOFFEE) | 1.9% | 3.2% | 4.3% | 4.0% | 3.6% |
| |
|---|
| Median (10 companies) | 4.9% | 4.6% | 3.6% | 3.3% | 2.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Warren Tea ($WARRENTEA) | 19.3% | 4.3% | 12.7% | 25.7% | |
| Bombay Burmah Trading Corp ($BBTC) | 9.4% | 10.7% | 13.9% | 20.6% | 23.7% |
| Ccl Products (India) ($CCL) | 9.7% | 16.1% | 18.0% | 19.7% | 23.0% |
| Goodricke Group ($GOODRICKE) | 27.7% | 13.0% | 20.9% | 16.8% | |
| Tata Coffee ($TATACOFFEE) | 15.7% | 10.9% | 16.2% | 14.0% | 14.0% |
| |
|---|
| Median (14 companies) | 9.7% | 9.4% | 12.7% | 13.4% | 18.5% |
|---|
| B & A ($BNALTD) | | 18.6% | 18.7% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jay Shree Tea & Industries ($JAYSHREETEA) | 5.9x | 8.6x | 4.5x | 8.2x | 19.5x |
| Tata Coffee ($TATACOFFEE) | 2.7x | 3.6x | 2.6x | 2.7x | 2.5x |
| Andrew Yule & Company ($ANDREWYU) | 4.3x | 2.1x | 5.4x | 1.9x | |
| Ccl Products (India) ($CCL) | 3.7x | 2.6x | 2.3x | 1.7x | 1.1x |
| Rossell India ($ROSSELLIND) | 0.4x | 0.0x | 1.9x | 1.5x | |
| |
|---|
| Median (13 companies) | 2.3x | 1.7x | 1.9x | 1.0x | 1.8x |
|---|
| B & A ($BNALTD) | | 2.1x | 1.6x | 0.0x | 0.0x |
