Cravatex revenue started to decline in FY2015: decreased 6.2% vs. 12.9% growth a year earliner
29-05-2015 • About Cravatex (
$CRAVATEX) • By InTwits
Cravatex reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Cravatex is a company in decline: FY2015 revenue growth was -6.2%, 5 years revenue CAGR was -2.7%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Cravatex ($CRAVATEX) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 926 | 2,405 | 2,196 | 2,480 | 2,326 | -6.2% |
| EBITDA | 118 | 140 | 161 | 175 | 170 | -2.8% |
| Net Income | 68 | 92 | 75 | 49 | 24 | -51.1% |
Balance Sheet
|
|---|
| Cash | 7 | 27 | 51 | | | |
| Short Term Debt | 152 | 256 | 324 | | | |
| Long Term Debt | 25 | 25 | 137 | | | |
Cash flow
|
|---|
Ratios
|
|---|
| Revenue growth | -65.2% | 159.8% | -8.7% | 12.9% | -6.2% | |
| EBITDA growth | | 19.2% | 15.2% | 8.1% | -2.8% | |
| EBITDA Margin | 12.7% | 5.8% | 7.4% | 7.0% | 7.3% | 0.3% |
| Net Income Margin | 7.3% | 3.8% | 3.4% | 2.0% | 1.0% | -0.9% |
| ROIC | | 23.8% | 19.2% | | | 0.0% |
| ROE | | 32.7% | 21.1% | | | 0.0% |
| Net Debt/EBITDA | 1.4x | 1.8x | 2.5x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue decreased on 6.2% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 7.5% to 9.4% in FY2015.
Net Income marign decreased slightly on 0.94 pp from 2.0% to 1.0% in FY2015.
Appendix 1: Peers in Comm.Trading & Distribution
Below you can find Cravatex benchmarking vs. other companies in Comm.Trading & Distribution 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 |
|---|
| Risa International ($RISAINTL) | | | | 4,724.7% | 18.8% |
| Shri Krishna Prasadam ($SKP) | | 69.6% | 57.3% | 1,074.7% | 148.2% |
| Parker Agrochem Exports ($PARKERAC) | -87.9% | -77.2% | 1,542.3% | 39.1% | |
| Ennore Coke ($ENNORE) | | -5.0% | -45.5% | 34.0% | -26.1% |
| Gagan Polycot India ($GAGANPO) | -23.2% | -59.4% | 76.3% | 18.2% | |
| |
|---|
| Median (18 companies) | -38.7% | 4.1% | 13.4% | 13.0% | 11.8% |
|---|
| Cravatex ($CRAVATEX) | | 159.8% | -8.7% | 12.9% | -6.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hexa Tradex ($HEXATRADEX) | | | | | 48.1% |
| Bombay Cycle & Motor Agency ($BOMBCYC) | | | | | 19.5% |
| Ptl Enterprises ($PTL) | 27.6% | 26.6% | 22.7% | 21.6% | 18.5% |
| Rama Vision ($RAMAVISION) | | | | | 3.5% |
| Ph Capital ($PHCAP) | | | | | 3.4% |
| |
|---|
| Median (22 companies) | 2.4% | 2.7% | 2.7% | 1.8% | 2.1% |
|---|
| Cravatex ($CRAVATEX) | 12.7% | 5.8% | 7.4% | 7.0% | 7.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Maxwell Industries ($MAXWELL) | 1.2% | 0.9% | 1.9% | 2.4% | |
| Ptl Enterprises ($PTL) | 1.0% | 5.0% | 4.5% | 2.4% | 4.2% |
| Redington (India) ($REDINGTON) | 0.3% | 0.2% | 0.7% | 0.2% | 0.2% |
| Kothari Products ($KOTHARIPRO) | 0.9% | 2.5% | 0.1% | 0.2% | 0.0% |
| Mmtc ($MMTC) | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% |
| |
|---|
| Median (6 companies) | 0.7% | 0.6% | 0.1% | 0.2% | 0.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kothari Products ($KOTHARIPRO) | 7.4% | 23.4% | 20.0% | 28.3% | 10.6% |
| Ptl Enterprises ($PTL) | 18.1% | 18.5% | 19.5% | 21.1% | 22.1% |
| Redington (India) ($REDINGTON) | 15.5% | 17.2% | 16.0% | 16.3% | 15.3% |
| Risa International ($RISAINTL) | | | -0.2% | 14.8% | 11.9% |
| Bombay Cycle & Motor Agency ($BOMBCYC) | | | 15.1% | 13.5% | |
| |
|---|
| Median (51 companies) | 2.5% | 4.5% | 4.8% | 9.7% | 11.3% |
|---|
| Cravatex ($CRAVATEX) | | 23.8% | 19.2% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ph Capital ($PHCAP) | | | | 18.4x | 0.0x |
| Unitech International ($UNITINT) | | | | 5.1x | 0.0x |
| Vipul Dye Chem ($VIPULDYE) | 2.9x | 3.9x | 5.1x | 3.9x | |
| Maxwell Industries ($MAXWELL) | 5.7x | 3.7x | 5.8x | 3.5x | |
| Vadilal Enterprises ($VADILENT) | 1.3x | 2.3x | 4.0x | 2.3x | |
| |
|---|
| Median (27 companies) | 3.2x | 1.9x | 1.8x | 0.0x | 0.0x |
|---|
| Cravatex ($CRAVATEX) | 1.4x | 1.8x | 2.5x | 0.0x | 0.0x |
