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Indo Amines reports 18.4% EBITDA growth while 2.6% Revenue decline

28-05-2015 • About Indo Amines ($INDOAMIN) • By InTwits

Indo Amines reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Indo Amines is a company in decline: FY2015 revenue growth was -2.6%, 5 years revenue CAGR was -3.1%
  • EBITDA Margin is expanding: 10.4% in FY2015 vs. 8.6% in FY2014 vs. 5.8% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Indo Amines ($INDOAMIN) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue1,5651,9131,9982,2122,155-2.6%
EBITDA9014916718922418.4%
Net Income2840675846-19.8%
Balance Sheet
Cash1935
Short Term Debt137342
Long Term Debt11681
Cash flow
Capex40102
Ratios
Revenue growth-37.9%22.3%4.4%10.7%-2.6%
EBITDA growth38.6%65.6%11.7%13.3%18.4%
EBITDA Margin5.8%7.8%8.4%8.6%10.4%1.8%
Net Income Margin1.8%2.1%3.3%2.6%2.1%-0.5%
CAPEX, % of revenue2.6%5.3%0.0%
ROIC16.1%20.3%0.0%
ROE15.3%17.3%0.0%
Net Debt/EBITDA2.6x2.6x0.0x0.0x0.0x0.0x

Revenue and profitability


Indo Amines's Revenue decreased on 2.6% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 1.8 pp from 8.6% to 10.4% in FY2015.

Net Income marign showed almost no change in FY2015.


Appendix 1: Peers in Commodity Chemicals


Below we provide Indo Amines 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 ($SHHARICH)-2.5%-78.0%299.5%111.6%
Jindal Poly Films ($JINDPOLBBPH)-66.5%-17.2%-6.3%131.7%
Bodal Chemicals ($BODALCHEM)-51.3%5.4%-12.6%80.0%
Kanoria Chemicals & Industries ($KANORICHEM)-40.7%27.2%47.9%-1.9%
Camphor & Allied Products ($CAMPHOR)-6.7%7.2%42.7%14.8%
 
Median (35 companies)-33.1%15.5%11.4%10.6%5.2%
Indo Amines ($INDOAMIN)22.3%4.4%10.7%-2.6%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Mysore Petro Chemicals ($MYSORPETRO)47.1%
Aditya Birla Chemicals (India) ($ABCIL)33.6%26.8%27.1%23.6%21.9%
Chemfab Alkalis ($CHEMFALKAL)19.0%22.3%32.9%24.2%19.8%
Alkyl Amines Chemicals ($ALKYLAMINE)13.3%15.9%16.0%19.0%18.3%
Balaji Amines ($BALAMINES)18.3%17.6%15.5%14.3%16.4%
 
Median (32 companies)13.3%11.6%8.3%8.5%6.9%
Indo Amines ($INDOAMIN)5.8%7.8%8.4%8.6%10.4%


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%40.3%
 
Median (20 companies)5.9%5.2%6.6%5.7%3.5%


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)10.5%9.0%9.8%9.3%11.6%
Indo Amines ($INDOAMIN)16.1%20.3%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
India Glycols ($INDIAGLYCO)8.2x4.8x3.7x8.5x14.2x
Godrej Industries ($GODREJIND)6.8x9.9x5.7x7.9x10.7x
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)2.4x2.6x3.2x1.4x2.0x
Indo Amines ($INDOAMIN)2.6x2.6x0.0x0.0x0.0x


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