Patspin India reports 41.8% EBITDA decline and 11.2% Revenue decline
27-05-2015 • About Patspin India (
$PATSPINLTD) • By InTwits
Patspin India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Patspin India is a company in decline: FY2015 revenue growth was -11.2%, 5 years revenue CAGR was -3.5%
- EBITDA Margin is quite volatile: 6.3% in FY2015, 9.5% in FY2014, 6.6% in FY2013, 4.5% in FY2012, 18.0% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Patspin India ($PATSPINLTD) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,250 | 4,259 | 4,620 | 6,096 | 5,413 | -11.2% |
| EBITDA | 766 | 191 | 303 | 582 | 339 | -41.8% |
| Net Income | 253 | -235 | -158 | 43 | -65 | -252.1% |
Balance Sheet
|
|---|
| Cash | 20 | 40 | 21 | | | |
| Short Term Debt | 969 | 1,170 | 889 | | | |
| Long Term Debt | 2,004 | 1,915 | 2,128 | | | |
Cash flow
|
|---|
| Capex | 114 | 185 | 129 | | | |
Ratios
|
|---|
| Revenue growth | -34.4% | 0.2% | 8.5% | 32.0% | -11.2% | |
| EBITDA growth | 108.8% | -75.1% | 58.8% | 91.8% | -41.8% | |
| EBITDA Margin | 18.0% | 4.5% | 6.6% | 9.5% | 6.3% | -3.3% |
| Net Income Margin | 6.0% | -5.5% | -3.4% | 0.7% | -1.2% | -1.9% |
| CAPEX, % of revenue | 2.7% | 4.3% | 2.8% | | | 0.0% |
| ROIC | 15.9% | -0.3% | 3.0% | | | 0.0% |
| ROE | 55.4% | -69.0% | -109.5% | | | 0.0% |
| Net Debt/EBITDA | 3.9x | 15.9x | 9.9x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue dropped on 11.2% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 3.3 pp from 9.5% to 6.3% in FY2015.
Net Income marign decreased slightly on 1.9 pp from 0.70% to -1.2% in FY2015.
Appendix 1: Peers in Textiles
Below you can find Patspin India benchmarking vs. other companies in Textiles 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 |
|---|
| 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 ($GTNTEX) | | -8.8% | 51.2% | 39.4% | -36.3% |
| |
|---|
| Median (73 companies) | -37.6% | 5.0% | 10.0% | 14.2% | 1.0% |
|---|
| Patspin India ($PATSPINLTD) | | 0.2% | 8.5% | 32.0% | -11.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sil Investments ($SILINV) | | | | | 93.8% |
| Binny ($BINNY) | | | | | 60.9% |
| Ruby Mills ($RUBYMILLS) | 25.2% | 28.3% | 25.1% | 28.6% | 29.3% |
| Premier Synthetics ($PREMSYN) | | | | | 25.9% |
| Maharaja Shree Umaid Mills ($MAHASHR) | 11.1% | 2.0% | 15.4% | 14.0% | 25.1% |
| |
|---|
| Median (47 companies) | 12.7% | 6.5% | 9.5% | 10.1% | 9.8% |
|---|
| Patspin India ($PATSPINLTD) | 18.0% | 4.5% | 6.6% | 9.5% | 6.3% |
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 ($GRASIM) | 7.8% | 17.7% | 21.7% | 11.6% | 10.2% |
| |
|---|
| Median (21 companies) | 4.5% | 3.0% | 5.9% | 6.8% | 7.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nitin Spinners ($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% |
|---|
| Patspin India ($PATSPINLTD) | 15.9% | -0.3% | 3.0% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaybharat Textiles & Real Estate ($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 |
|---|
| Patspin India ($PATSPINLTD) | 3.9x | 15.9x | 9.9x | 0.0x | 0.0x |
