Rajshree Sugars & Chemicals reports 90.3% EBITDA decline and 22.9% Revenue decline
28-05-2015 • About Rajshree Sugars & Chemicals (
$RAJSREESUG) • By InTwits
Rajshree Sugars & Chemicals reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Rajshree Sugars & Chemicals is a company in decline: FY2015 revenue growth was -22.9%, 5 years revenue CAGR was -2.9%
- EBITDA Margin is quite volatile: 0.9% in FY2015, 6.9% in FY2014, 13.3% in FY2013, 12.2% in FY2012, 9.1% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rajshree Sugars & Chemicals ($RAJSREESUG) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 7,380 | 8,363 | 9,507 | 9,218 | 7,106 | -22.9% |
| EBITDA | 671 | 1,018 | 1,264 | 636 | 62 | -90.3% |
| Net Income | -336 | -1 | 55 | -344 | -657 | |
Balance Sheet
|
|---|
| Cash | 125 | 118 | 96 | 916 | | -100.0% |
| Short Term Debt | 2,514 | 1,645 | 2,253 | 1,675 | | -100.0% |
| Long Term Debt | 2,849 | 3,838 | 3,121 | 5,197 | | -100.0% |
Cash flow
|
|---|
| Capex | 422 | 1,635 | 517 | | | |
Ratios
|
|---|
| Revenue growth | -10.6% | 13.3% | 13.7% | -3.0% | -22.9% | |
| EBITDA growth | -54.1% | 51.8% | 24.2% | -49.7% | -90.3% | |
| EBITDA Margin | 9.1% | 12.2% | 13.3% | 6.9% | 0.9% | -6.0% |
| Net Income Margin | -4.5% | -0.0% | 0.6% | -3.7% | -9.2% | -5.5% |
| CAPEX, % of revenue | 5.7% | 19.5% | 5.4% | | | 0.0% |
| ROIC | 6.0% | 10.5% | 12.7% | 3.4% | | -3.4% |
| ROE | -26.7% | -0.1% | 4.8% | -33.9% | | 33.9% |
| Net Debt/EBITDA | 7.8x | 5.3x | 4.2x | 9.4x | 0.0x | -9.4x |
Revenue and profitability
Rajshree Sugars & Chemicals's Revenue dropped on 22.9% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.4 pp from 10.4% to 11.8% in FY2015.
Net Income marign decreased on 5.5 pp from -3.7% to -9.2% in FY2015.
Appendix 1: Peers in Sugar
Below we provide Rajshree Sugars & Chemicals benchmarking against other companies in Sugar 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 |
|---|
| K.M.Sugar Mills ($KMSUGAR) | | -11.3% | 7.0% | 48.3% | 36.1% |
| Naraingarh Sugar Mills ($NARSM) | -25.7% | -13.3% | 46.2% | 42.5% | |
| Sbec Sugar ($SBECSUG) | -38.8% | -8.7% | 8.0% | 24.4% | |
| Dcm Shriram Industries ($DCMSRMIND) | -39.8% | 8.7% | 13.9% | 20.0% | |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | | 9.8% | 35.8% | 19.4% | -3.5% |
| |
|---|
| Median (8 companies) | -33.1% | 3.9% | 13.9% | 19.7% | -3.5% |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | | 13.3% | 13.7% | -3.0% | -22.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 9.9% | 12.2% | 17.3% | 15.5% | |
| K.M.Sugar Mills ($KMSUGAR) | 4.7% | 6.8% | | 10.1% | |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 9.8% | 11.6% | 15.0% | 9.1% | 9.9% |
| Shree Renuka Sugars ($RENUKA) | 14.5% | | 15.1% | 8.5% | 4.7% |
| Dcm Shriram Industries ($DCMSRMIND) | 4.1% | 4.8% | 6.3% | 7.1% | |
| |
|---|
| Median (6 companies) | 7.2% | 5.8% | 12.9% | 8.8% | 7.3% |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 9.1% | 12.2% | 13.3% | 6.9% | 0.9% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 2.5% | 2.1% | 14.6% | 15.1% | 4.4% |
| Shree Renuka Sugars ($RENUKA) | | | 3.5% | 2.6% | 1.9% |
| Dcm Shriram Industries ($DCMSRMIND) | 3.4% | 2.4% | 2.7% | 2.1% | |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 2.2% | 1.3% | 1.6% | 0.4% | |
| |
|---|
| Median (4 companies) | 2.5% | 1.7% | 3.1% | 2.4% | 3.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 4.2% | 10.1% | 21.0% | 14.5% | |
| Dcm Shriram Industries ($DCMSRMIND) | 2.7% | 4.0% | 7.3% | 11.2% | |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 0.9% | 3.6% | 6.0% | 4.4% | 4.7% |
| Uttam Sugar Mills ($UTTAMSUGAR) | 6.0% | -0.3% | 10.0% | 0.0% | |
| Shree Renuka Sugars ($RENUKA) | 5.8% | 0.0% | 6.6% | -1.2% | -9.3% |
| |
|---|
| Median (11 companies) | 3.4% | 3.8% | 6.3% | 4.4% | -2.3% |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 6.0% | 10.5% | 12.7% | 3.4% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shree Renuka Sugars ($RENUKA) | 6.6x | | 4.0x | 7.8x | 13.5x |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 9.5x | 7.5x | 5.1x | 7.1x | 6.9x |
| Dcm Shriram Industries ($DCMSRMIND) | 8.4x | 8.0x | 5.7x | 3.2x | |
| K.M.Sugar Mills ($KMSUGAR) | 5.9x | 3.7x | | 1.4x | |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 4.3x | 2.4x | 0.6x | 1.3x | |
| |
|---|
| Median (6 companies) | 7.4x | 5.6x | 5.1x | 2.3x | 10.2x |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 7.8x | 5.3x | 4.2x | 9.4x | 0.0x |
