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Punjab Alkalies & Chemicals reports 483% EBITDA decline and 2.2 pp EBITDA Margin decline from 0.45% to -1.7%

26-05-2015 • About Punjab Alkalies & Chemicals ($PACL) • By InTwits

Punjab Alkalies & Chemicals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • The company operates at negative EBITDA Margin: -1.7%
  • EBITDA Margin is quite volatile: -1.7% in FY2015, 0.5% in FY2014, 8.3% in FY2013, 11.8% in FY2012, -3.5% in FY2011
  • It operates with medium-size leverage: Net Debt/EBITDA is 1.7x while industry average is 2.0x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Punjab Alkalies & Chemicals ($PACL) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue1,7342,3622,8562,6742,665-0.3%
EBITDA-6027923712-46-482.7%
Net Income-2434428-96-129
Balance Sheet
Cash164368
Short Term Debt992212
Long Term Debt788755485
Cash flow
Capex321
Ratios
Revenue growth-45.7%36.2%20.9%-6.4%-0.3%
EBITDA growth-0.3%-565.0%-15.2%-94.9%-482.7%
EBITDA Margin-3.5%11.8%8.3%0.5%-1.7%-2.2%
Net Income Margin-14.0%1.9%1.0%-3.6%-4.9%-1.3%
CAPEX, % of revenue0.2%0.9%0.0%
ROIC-8.6%9.6%6.7%0.0%
ROE-20.4%4.2%2.7%0.0%
Net Debt/EBITDA2.6x1.8x0.0x0.0x

Revenue and profitability


The company's Revenue showed almost no change in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 2.2 pp from 0.45% to -1.7% in FY2015.

Net Income marign decreased slightly on 1.3 pp from -3.6% to -4.9% in FY2015.


Appendix 1: Peers in Commodity Chemicals


Below we provide Punjab Alkalies & Chemicals benchmarking against other companies in Commodity Chemicals 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
Shree Hari Chemicals Export ($SHHARICH)-52.2%-2.5%-78.0%299.5%
Jindal Poly Films ($JINDPOLBBPH)-66.5%-17.2%-6.3%131.7%
Bodal Chemicals ($BODALCHEM)-51.3%5.4%-12.6%80.0%
Kanoria Chemicals & Industries ($KANORICHEM)-22.3%-40.7%27.2%47.9%
Camphor & Allied Products ($CAMPHOR)-49.0%-6.7%7.2%42.7%
 
Median (35 companies)-37.9%15.5%10.9%10.7%3.1%
Punjab Alkalies & Chemicals ($PACL)36.2%20.9%-6.4%-0.3%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Shree Hari Chemicals Export ($SHHARICH)8.3%1.8%-19.4%29.4%
Chemfab Alkalis ($CHEMFALKAL)19.0%22.3%32.9%24.2%19.8%
Aditya Birla Chemicals (India) ($ABCIL)33.6%26.8%27.1%23.6%21.9%
Bodal Chemicals ($BODALCHEM)10.6%1.8%5.6%20.4%
Alkyl Amines Chemicals ($ALKYLAMINE)13.3%15.9%16.0%19.0%18.3%
 
Median (31 companies)13.3%10.9%8.4%8.6%7.6%
Punjab Alkalies & Chemicals ($PACL)-3.5%11.8%8.3%0.5%-1.7%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Chemfab Alkalis ($CHEMFALKAL)5.1%2.2%15.8%55.6%
Aditya Birla Chemicals (India) ($ABCIL)5.9%136.9%24.2%30.8%15.0%
Jindal Poly Films ($JINDPOLBBPH)2.9%6.9%2.1%27.5%
Polyplex Corporation ($POLYPLEX)6.0%10.7%41.3%19.2%
Kanoria Chemicals & Industries ($KANORICHEM)12.9%25.1%6.0%13.4%
 
Median (20 companies)5.9%5.3%6.6%5.7%4.0%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Riddhi Siddhi Gluco Biols ($RIDDHI)-0.2%-1.3%-0.6%61.1%
Bodal Chemicals ($BODALCHEM)-1.3%3.3%39.0%
Elantas Beck India ($ELANTAS)17.5%20.4%33.9%31.0%
Alkyl Amines Chemicals ($ALKYLAMINE)10.3%16.0%18.7%25.0%23.7%
Aarti Industries ($AARTIIND)13.1%15.9%19.1%17.2%17.9%
 
Median (59 companies)10.7%9.0%9.8%9.3%13.5%
Punjab Alkalies & Chemicals ($PACL)-8.6%9.6%6.7%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
India Glycols ($INDIAGLYCO)8.2x4.8x3.7x8.5x
Godrej Industries ($GODREJIND)6.8x9.9x5.7x7.9x
Polyplex Corporation ($POLYPLEX)0.6x0.9x6.8x7.1x
Link Pharma Chem ($LINKPH)71.1x3.4x4.1x6.2x
Refnol Resins & Chemicals ($REFNOL)4.1x5.6x0.0x
 
Median (41 companies)2.5x2.6x3.2x1.4x0.6x
Punjab Alkalies & Chemicals ($PACL)2.6x1.8x0.0x


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