Rama Phosphates EBITDA dropped on 70.3% in 2015 and EBITDA Margin showed almost no change
28-05-2015 • About Rama Phosphates (
$RAMAPHO) • By InTwits
Rama Phosphates reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Rama Phosphates is a company in decline: FY2015 revenue growth was -25.0%, 5 years revenue CAGR was -3.5%
- EBITDA Margin is quite volatile: 0.1% in FY2015, 0.2% in FY2014, 7.7% in FY2013, 11.2% in FY2012, 12.8% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rama Phosphates ($RAMAPHO) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 3,543 | 5,540 | 6,173 | 5,318 | 3,990 | -25.0% |
| EBITDA | 452 | 623 | 474 | 12 | 4 | -70.3% |
| Net Income | 335 | 336 | 256 | -21 | -98 | |
Balance Sheet
|
|---|
| Cash | 36 | 133 | 58 | | | |
| Short Term Debt | 328 | 460 | 493 | | | |
| Long Term Debt | 168 | 147 | 130 | | | |
Cash flow
|
|---|
| Capex | 41 | 100 | | | | |
Ratios
|
|---|
| Revenue growth | -25.6% | 56.4% | 11.4% | -13.9% | -25.0% | |
| EBITDA growth | 499.0% | 37.7% | -23.8% | -97.5% | -70.3% | |
| EBITDA Margin | 12.8% | 11.2% | 7.7% | 0.2% | 0.1% | -0.1% |
| Net Income Margin | 9.4% | 6.1% | 4.2% | -0.4% | -2.4% | -2.1% |
| CAPEX, % of revenue | 1.2% | 1.8% | | | | 0.0% |
| ROIC | | 40.0% | 23.5% | | | 0.0% |
| ROE | | 37.6% | 21.7% | | | 0.0% |
| Net Debt/EBITDA | 1.0x | 0.8x | 1.2x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Rama Phosphates's Revenue dropped on 25.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 17.3 pp from -19.1% to -1.8% in FY2015.
Net Income marign decreased on 2.1 pp from -0.40% to -2.4% in FY2015.
Appendix 1: Peers in Fertilizers
Below you can find Rama Phosphates benchmarking vs. other companies in Fertilizers 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 |
|---|
| Coromandel International ($COROMANDEL) | | 199.6% | -38.7% | 18.8% | 13.4% |
| Chambal Fertilisers & Chemicals ($CHAMBLFERT) | | 32.6% | 8.8% | 8.6% | 9.3% |
| Gujarat State Fertilizers & Chemicals ($GSFC) | | 11.5% | 17.9% | -13.4% | -1.6% |
| Basant Agro Tech (India) ($BASANTGL) | | 63.9% | 5.3% | 7.7% | -2.4% |
| Khaitan Chemicals & Fertilizers ($KHAICHEM) | | 41.2% | -29.1% | -14.7% | -15.2% |
| |
|---|
| Median (5 companies) | | 41.2% | 5.3% | 7.7% | -1.6% |
|---|
| Rama Phosphates ($RAMAPHO) | | 56.4% | 11.4% | -13.9% | -25.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coromandel International ($COROMANDEL) | 34.1% | 10.8% | 16.3% | 14.0% | 12.8% |
| Gujarat State Fertilizers & Chemicals ($GSFC) | 25.4% | 22.4% | 13.6% | 12.1% | 12.3% |
| Khaitan Chemicals & Fertilizers ($KHAICHEM) | 15.7% | 11.0% | 6.8% | 9.2% | 10.5% |
| Basant Agro Tech (India) ($BASANTGL) | 9.5% | 8.7% | 9.4% | 8.6% | 9.1% |
| Chambal Fertilisers & Chemicals ($CHAMBLFERT) | 15.0% | 13.2% | 10.7% | 10.6% | 8.2% |
| |
|---|
| Median (5 companies) | 15.7% | 11.0% | 10.7% | 10.6% | 10.5% |
|---|
| Rama Phosphates ($RAMAPHO) | 12.8% | 11.2% | 7.7% | 0.2% | 0.1% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gujarat State Fertilizers & Chemicals ($GSFC) | 9.8% | 7.7% | 6.6% | 5.6% | 2.6% |
| Chambal Fertilisers & Chemicals ($CHAMBLFERT) | 1.9% | 1.6% | 1.2% | 1.7% | 2.0% |
| Coromandel International ($COROMANDEL) | 5.9% | | 4.4% | 1.6% | 1.2% |
| |
|---|
| Median (3 companies) | 5.9% | 4.0% | 4.3% | 1.7% | 2.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coromandel International ($COROMANDEL) | 28.9% | 22.2% | 16.7% | 18.3% | 20.5% |
| Gujarat State Fertilizers & Chemicals ($GSFC) | 32.9% | 27.1% | 14.2% | 9.2% | 10.2% |
| Chambal Fertilisers & Chemicals ($CHAMBLFERT) | 12.0% | 13.6% | 9.3% | 9.2% | 8.6% |
| Teesta Agro Industries ($TEEAI) | 1.7% | | | | |
| Basant Agro Tech (India) ($BASANTGL) | 12.8% | 13.9% | 13.0% | | |
| |
|---|
| Median (6 companies) | 19.3% | 20.1% | 11.1% | 9.2% | 10.2% |
|---|
| Rama Phosphates ($RAMAPHO) | | 40.0% | 23.5% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Chambal Fertilisers & Chemicals ($CHAMBLFERT) | 2.5x | 3.3x | 5.4x | 4.5x | 4.5x |
| Coromandel International ($COROMANDEL) | 1.1x | 1.8x | 2.8x | 1.4x | 2.0x |
| Gujarat State Fertilizers & Chemicals ($GSFC) | -0.2x | -0.2x | 1.6x | 0.6x | 0.6x |
| Basant Agro Tech (India) ($BASANTGL) | 3.9x | 3.9x | 3.8x | 0.0x | 0.0x |
| Khaitan Chemicals & Fertilizers ($KHAICHEM) | 2.1x | 2.4x | 9.0x | 5.3x | 0.0x |
| |
|---|
| Median (5 companies) | 1.6x | 2.4x | 3.8x | 1.4x | 0.6x |
|---|
| Rama Phosphates ($RAMAPHO) | 1.0x | 0.8x | 1.2x | 0.0x | 0.0x |
