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Ip Rings reports 32.0% EBITDA growth and 19.5% Revenue growth

27-05-2015 • About Ip Rings ($IPRINGLTD) • By InTwits

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

Ip Rings ($IPRINGLTD) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue7978288488471,01319.5%
EBITDA12598539712832.0%
Net Income476-42-28-5
Balance Sheet
Cash16154
Short Term Debt78228236
Long Term Debt237183124
Cash flow
Capex110117
Ratios
Revenue growth-29.4%4.0%2.4%-0.1%19.5%
EBITDA growth-8.0%-21.8%-45.2%81.5%32.0%
EBITDA Margin15.7%11.8%6.3%11.5%12.7%1.2%
Net Income Margin5.9%0.7%-4.9%-3.3%-0.5%2.8%
CAPEX, % of revenue13.9%14.1%0.0%
ROIC9.6%4.8%-1.3%0.0%
ROE9.9%1.2%-9.0%0.0%
Net Debt/EBITDA2.4x4.1x6.7x0.0x0.0x0.0x

Revenue and profitability


The company's Revenue jumped on 19.5% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin jumped on 16.3 pp from 27.5% to 43.7% in FY2015.

Net Income marign increased on 2.8 pp from -3.3% to -0.48% in FY2015.


Appendix 1: Peers in Auto Parts & Equipment


Below we provide Ip Rings benchmarking against other companies in Auto Parts & Equipment 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
Exide Industries ($EXIDEIND)11.5%19.7%30.6%14.8%
Motherson Sumi Systems ($MOTHERSUMI)79.1%71.3%20.2%14.0%
Fiem Industries ($FIEMIND)-54.4%25.2%13.4%18.7%
Suprajit Engineering ($SUPRAJIT)-53.1%22.2%9.4%17.9%
Amara Raja Batteries ($AMARAJABAT)-66.9%34.3%25.1%16.1%
 
Median (35 companies)-35.4%17.2%2.7%5.0%7.2%
Ip Rings ($IPRINGLTD)4.0%2.4%-0.1%19.5%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Tube Investments Of India ($TUBEINVEST)33.7%18.4%24.4%28.3%30.0%
Shivam Autotech ($SHIVAMAUTO)23.2%24.1%24.1%20.6%18.7%
Amtek Auto ($AMTEKAUTO)25.1%20.7%14.8%
Triton Valves ($TRITONV)12.3%9.8%11.3%11.3%14.2%
Sona Koyo Steering Systems ($SONASTEER)13.0%13.2%11.3%12.2%13.9%
 
Median (28 companies)10.8%10.8%9.9%10.1%10.1%
Ip Rings ($IPRINGLTD)15.7%11.8%6.3%11.5%12.7%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Amtek Auto ($AMTEKAUTO)18.9%27.1%30.3%
Amara Raja Batteries ($AMARAJABAT)2.9%3.7%2.5%10.9%
Subros ($SUBROS)11.6%16.6%10.7%9.3%7.9%
Lumax Auto Technologies ($LUMAXTECH)3.7%5.1%7.3%7.8%3.8%
Sona Koyo Steering Systems ($SONASTEER)5.9%9.8%6.6%7.1%5.3%
 
Median (25 companies)7.6%5.6%4.6%4.9%3.8%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Amara Raja Batteries ($AMARAJABAT)30.5%32.1%34.5%30.3%
Exide Industries ($EXIDEIND)34.2%24.2%24.3%29.5%26.9%
Suprajit Engineering ($SUPRAJIT)32.4%31.8%28.0%26.1%
Motherson Sumi Systems ($MOTHERSUMI)23.7%13.5%16.5%25.0%24.9%
Munjal Showa ($MUNJALSHOW)18.8%29.9%23.8%22.5%24.9%
 
Median (48 companies)16.5%16.4%12.7%13.6%12.3%
Ip Rings ($IPRINGLTD)9.6%4.8%-1.3%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Tube Investments Of India ($TUBEINVEST)8.1x17.6x17.8x17.3x16.4x
Autoline Industries ($AUTOIND)3.1x3.2x4.0x12.0x
Reil Electricals India ($REILELEC)-0.1x-0.0x1.5x9.1x
Steel Strips Wheels ($SSWL)4.6x5.4x6.3x6.5x5.6x
Automotive Stampings & Assemblies ($ASAL)1.8x1.1x3.9x6.3x
 
Median (44 companies)2.1x1.2x1.8x0.8x0.7x
Ip Rings ($IPRINGLTD)2.4x4.1x6.7x0.0x0.0x


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