Metkore Alloys & Industries revenue started to decline in FY2015: dropped 15.7% vs. 53.4% growth a year earliner
28-05-2015 • About Metkore Alloys & Industries (
$METKORE) • By InTwits
Metkore Alloys & Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Metkore Alloys & Industries is a company in decline: FY2015 revenue growth was -15.7%, 5 years revenue CAGR was -3.4%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Metkore Alloys & Industries ($METKORE) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,740 | 2,500 | 2,227 | 3,415 | 2,880 | -15.7% |
| EBITDA | 253 | 268 | 206 | | 126 | |
| Net Income | 134 | 175 | 118 | 146 | 34 | -77.0% |
Balance Sheet
|
|---|
| Cash | 13 | 18 | | | | |
| Short Term Debt | 365 | 299 | | | | |
| Long Term Debt | | 7 | | | | |
Cash flow
|
|---|
| Capex | 144 | 71 | | | | |
Ratios
|
|---|
| Revenue growth | -49.1% | 43.7% | -10.9% | 53.4% | -15.7% | |
| EBITDA growth | 119.5% | 5.9% | -22.9% | | | |
| EBITDA Margin | 14.5% | 10.7% | 9.3% | 0.0% | 4.4% | 4.4% |
| Net Income Margin | 7.7% | 7.0% | 5.3% | 4.3% | 1.2% | -3.1% |
| CAPEX, % of revenue | 8.3% | 2.9% | | | | 0.0% |
| ROE | 25.6% | 22.6% | | | | 0.0% |
| Net Debt/EBITDA | 1.4x | 1.1x | 0.0x | | 0.0x | 0.0x |
Revenue and profitability
Metkore Alloys & Industries's Revenue dropped on 15.7% in FY2015.
Net Income marign decreased on 3.1 pp from 4.3% to 1.2% in FY2015.
Appendix 1: Peers in Iron & Steel/Interm.Products
Below we provide Metkore Alloys & Industries benchmarking against other companies in Iron & Steel/Interm.Products 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 |
|---|
| Inducto Steel ($INDCTST) | | | 54.5% | 150.2% | |
| Kamdhenu Ispat ($KIL) | -65.5% | 25.7% | 13.7% | 68.3% | |
| Tata Metaliks ($TATAMETALI) | | -7.0% | -19.0% | 44.6% | -1.3% |
| Visa Steel ($VISASTEEL) | -12.5% | 3.3% | -24.1% | 42.0% | |
| Jsw Steel ($JSWSTEEL) | | 42.6% | 11.2% | 34.0% | 3.4% |
| |
|---|
| Median (31 companies) | -31.1% | 11.9% | 8.8% | 2.8% | 9.2% |
|---|
| Metkore Alloys & Industries ($METKORE) | | 43.7% | -10.9% | 53.4% | -15.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Steel & Power ($JINDALSTEL) | 48.3% | 37.5% | 30.5% | 28.1% | 29.8% |
| Bhushan Steel ($BHUSANSTL) | 29.0% | 31.2% | 32.3% | 28.1% | 20.4% |
| Sarda Energy & Minerals ($SARDAEN) | 15.2% | 16.3% | 21.5% | 21.3% | 21.5% |
| Jsw Steel ($JSWSTEEL) | 20.2% | 17.8% | 17.1% | 17.9% | 17.7% |
| Jai Corp ($JAICORPLTD) | 18.4% | 14.1% | 16.3% | 16.0% | 12.7% |
| |
|---|
| Median (29 companies) | 13.0% | 9.4% | 9.0% | 7.2% | 9.3% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jindal Steel & Power ($JINDALSTEL) | 64.7% | 34.2% | 47.6% | 69.6% | 26.4% |
| Bhushan Steel ($BHUSANSTL) | 81.1% | 47.2% | 44.0% | 50.4% | 16.2% |
| Jayaswal Neco Industries ($JAYNECOIND) | 27.9% | 20.4% | 44.0% | 31.1% | |
| Surana Industries ($SURANAIND) | | 41.3% | 54.8% | 21.5% | |
| Steel Authority Of India ($SAIL) | 25.3% | 20.9% | 20.7% | 19.3% | |
| |
|---|
| Median (21 companies) | 12.3% | 9.7% | 11.0% | 7.1% | 5.3% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tata Metaliks ($TATAMETALI) | 3.1% | -23.5% | -3.7% | 19.9% | 57.4% |
| Nova Iron & Steel ($NOVIS) | | | | 15.4% | |
| Kirloskar Ferrous Industries ($KIRLFER) | 20.0% | 19.1% | 16.8% | 12.4% | 14.7% |
| Pennar Industries ($PENIND) | 31.6% | 26.8% | 18.4% | 12.3% | 15.7% |
| Jsw Steel ($JSWSTEEL) | 9.7% | 11.0% | 10.3% | 12.1% | 9.9% |
| |
|---|
| Median (40 companies) | 9.6% | 7.0% | 5.6% | 5.8% | 9.7% |
|---|
| Metkore Alloys & Industries ($METKORE) | | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jai Balaji Industries ($JAIBALAJI) | 5.5x | | | 89.7x | |
| Visa Steel ($VISASTEEL) | 6.9x | 20.1x | | 24.4x | |
| Ismt ($ISMTLTD) | 4.4x | 5.3x | 9.8x | 19.9x | |
| Kic Metaliks ($KAJARIR) | 6.6x | 9.2x | 3.0x | 18.2x | |
| Bhushan Steel ($BHUSANSTL) | 8.1x | 6.3x | 8.6x | 12.9x | 17.7x |
| |
|---|
| Median (30 companies) | 3.8x | 4.6x | 4.4x | 3.3x | 1.6x |
|---|
