South India Paper Mills Net Income surged on 248% in 2015 and Revenue surged on 29.2%

28-05-2015 • About South India Paper Mills ($STHINPA) • By InTwits

South India Paper Mills reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

South India Paper Mills ($STHINPA) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	1,666	1,702	1,683	1,435	1,854	29.2%
EBITDA	247	230	270	147	292	99.2%
Net Income	139	154	137	39	135	247.8%
Balance Sheet
Cash	42	14	33
Short Term Debt	121	64	51
Long Term Debt	86	77	47
Cash flow
Capex	104	193
Ratios
Revenue growth	-22.2%	2.2%	-1.1%	-14.7%	29.2%
EBITDA growth	-0.7%	-7.2%	17.8%	-45.8%	99.2%
EBITDA Margin	14.9%	13.5%	16.1%	10.2%	15.8%	5.5%
Net Income Margin	8.3%	9.0%	8.1%	2.7%	7.3%	4.6%
CAPEX, % of revenue	6.3%	11.3%				0.0%
ROIC	19.3%	15.0%	16.9%			0.0%
ROE	19.3%	18.5%	14.6%			0.0%
Net Debt/EBITDA	0.7x	0.6x	0.2x	0.0x	0.0x	0.0x

Revenue and profitability

The company's Revenue surged on 29.2% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 24.8 pp from 30.5% to 55.2% in FY2015.

Net Income marign increased on 4.6 pp from 2.7% to 7.3% in FY2015.

Appendix 1: Peers in Paper & Paper Products

Below you can find South India Paper Mills benchmarking vs. other companies in Paper & Paper Products 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
Yash Papers ($YASHPPR)		9.0%	-3.6%	39.5%	17.3%
Tamil Nadu Newsprint & Papers ($TNPL)		26.0%	22.2%	22.8%	-6.5%
Malu Paper Mills ($MALUPAPER)		0.3%	4.9%	22.6%	6.0%
Jk Paper ($JKPAPER)		7.9%	9.4%	18.5%	24.3%
Shreyans Industries ($SHREYANIND)		7.8%	24.4%	17.3%	-8.8%
Median (14 companies)	-43.6%	9.5%	6.6%	8.4%	-4.5%
South India Paper Mills ($STHINPA)		2.2%	-1.1%	-14.7%	29.2%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Tamil Nadu Newsprint & Papers ($TNPL)	26.2%	21.0%	22.2%	22.5%	24.0%
Yash Papers ($YASHPPR)	15.6%	15.7%	16.8%	16.0%	15.7%
Kuantum Papers ($KUANTUM)	15.1%	11.2%	14.2%	15.9%	12.7%
Emami Paper Mills ($EMAMIPAP)	15.1%	13.3%	15.0%	14.5%	11.4%
Jk Paper ($JKPAPER)	21.1%	12.1%	9.5%	9.3%	11.4%
Median (9 companies)	12.1%	11.6%	11.8%	14.9%	11.4%
South India Paper Mills ($STHINPA)	14.9%	13.5%	16.1%	10.2%	15.8%

Top companies by CAPEX/Revenue, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Emami Paper Mills ($EMAMIPAP)	5.0%	24.4%	7.3%	19.2%	89.3%
Jk Paper ($JKPAPER)	10.1%	47.6%	59.5%	15.9%	4.2%
Tcpl Packaging ($TCPLPACK)	12.1%	18.3%	8.6%	11.1%
Tamil Nadu Newsprint & Papers ($TNPL)	23.6%	18.9%	10.4%	5.5%	35.2%
Median (4 companies)	5.3%	13.2%	9.5%	13.5%	35.2%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Tcpl Packaging ($TCPLPACK)	13.3%	15.4%	17.4%	16.9%
Yash Papers ($YASHPPR)	7.3%	8.3%	8.3%	11.5%
Tamil Nadu Newsprint & Papers ($TNPL)	7.6%	5.3%	8.2%	11.1%	12.7%
Emami Paper Mills ($EMAMIPAP)		5.8%	5.9%	5.4%	3.0%
Jk Paper ($JKPAPER)	15.4%	5.2%	2.7%	1.1%	4.3%
Median (21 companies)	6.8%	7.9%	8.2%	11.1%	4.3%
South India Paper Mills ($STHINPA)	19.3%	15.0%	16.9%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Jk Paper ($JKPAPER)	2.0x	6.8x	12.7x	14.1x	8.6x
Emami Paper Mills ($EMAMIPAP)	5.9x	7.4x	5.3x	5.0x	11.2x
Yash Papers ($YASHPPR)	5.7x	5.2x	5.5x	4.5x	0.0x
Tamil Nadu Newsprint & Papers ($TNPL)	4.7x	5.4x	3.6x	2.8x	4.0x
Tcpl Packaging ($TCPLPACK)	2.6x	2.6x	2.3x	2.2x
Median (14 companies)	4.3x	3.6x	3.3x	0.0x	0.0x
South India Paper Mills ($STHINPA)	0.7x	0.6x	0.2x	0.0x	0.0x

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