Dcm Shriram Industries reports 7.1 pp EBITDA Margin decline from 7.1% to in 2015

29-05-2015 • About Dcm Shriram Industries ($DCMSRMIND) • By InTwits

Dcm Shriram Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Dcm Shriram Industries is a company in decline: FY2015 revenue growth was -3.9%, 5 years revenue CAGR was -3.0%.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Dcm Shriram Industries ($DCMSRMIND) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	8,846	9,612	10,948	13,133	12,621	-3.9%
EBITDA	361	463	692	927		-100.0%
Net Income	-62	-180	59	319	67	-78.9%
Balance Sheet
Cash	39	144	118	40		-100.0%
Short Term Debt	2,174	2,894	3,332	2,170		-100.0%
Long Term Debt	909	941	739	815		-100.0%
Cash flow
Capex	298	234	295	275		-100.0%
Ratios
Revenue growth	-39.8%	8.7%	13.9%	20.0%	-3.9%
EBITDA growth	-60.7%	28.1%	49.7%	33.8%
EBITDA Margin	4.1%	4.8%	6.3%	7.1%	0.0%	-7.1%
Net Income Margin	-0.7%	-1.9%	0.5%	2.4%	0.5%	-1.9%
CAPEX, % of revenue	3.4%	2.4%	2.7%	2.1%		-2.1%
ROIC	2.7%	4.0%	7.3%	11.2%		-11.2%
ROE	-2.6%	-7.9%	2.7%	13.9%		-13.9%
Net Debt/EBITDA	8.4x	8.0x	5.7x	3.2x		-3.2x

Revenue and profitability

The company's Revenue decreased on 3.9% in FY2015.

Net Income marign decreased slightly on 1.9 pp from 2.4% to 0.53% in FY2015.

Appendix 1: Peers in Sugar

Below you can find Dcm Shriram Industries benchmarking vs. other companies in Sugar 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
K.M.Sugar Mills ($KMSUGAR)		-11.3%	7.0%	48.3%	36.1%
Kcp Sugar & Industries Corporation ($KCPSUGIND)		54.1%	25.4%	-14.5%	10.6%
Dalmia Bharat Sugar And Industries ($DALMIASUG)		9.8%	35.8%	19.4%	-3.5%
Shree Renuka Sugars ($RENUKA)				11.5%	-12.6%
Sir Shadi Lal Enterprises ($SSLEL)		8.3%	13.8%	9.9%	-14.8%
Median (7 companies)	-28.9%	3.9%	13.7%	15.5%	-12.6%
Dcm Shriram Industries ($DCMSRMIND)		8.7%	13.9%	20.0%	-3.9%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Kcp Sugar & Industries Corporation ($KCPSUGIND)	9.9%	12.2%	17.3%	15.5%	-4.6%
K.M.Sugar Mills ($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%
Rajshree Sugars & Chemicals ($RAJSREESUG)	9.1%	12.2%	13.3%	6.9%	0.9%
Median (6 companies)	9.4%	9.2%	14.2%	8.8%	0.9%
Dcm Shriram Industries ($DCMSRMIND)	4.1%	4.8%	6.3%	7.1%

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%
Kcp Sugar & Industries Corporation ($KCPSUGIND)	2.2%	1.3%	1.6%	0.4%	3.5%
Median (3 companies)	2.5%	1.7%	4.5%	2.6%	3.5%
Dcm Shriram Industries ($DCMSRMIND)	3.4%	2.4%	2.7%	2.1%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Kcp Sugar & Industries Corporation ($KCPSUGIND)	4.2%	10.1%	21.0%	14.5%	-8.8%
Dalmia Bharat Sugar And Industries ($DALMIASUG)	0.9%	3.6%	6.0%	4.4%	4.7%
Rajshree Sugars & Chemicals ($RAJSREESUG)	6.0%	10.5%	12.7%	3.4%
Uttam Sugar Mills ($UTTAMSUGAR)	6.0%	-0.3%	10.0%	0.0%
Shree Renuka Sugars ($RENUKA)	5.8%	0.0%	6.6%	-1.2%	-9.3%
Median (11 companies)	5.0%	5.2%	6.3%	3.4%	-8.8%
Dcm Shriram Industries ($DCMSRMIND)	2.7%	4.0%	7.3%	11.2%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Rajshree Sugars & Chemicals ($RAJSREESUG)	7.8x	5.3x	4.2x	9.4x	0.0x
Shree Renuka Sugars ($RENUKA)	6.6x		4.0x	7.8x	13.5x
Dalmia Bharat Sugar And Industries ($DALMIASUG)	9.5x	7.5x	5.1x	7.1x	6.9x
K.M.Sugar Mills ($KMSUGAR)	5.9x	3.7x		1.4x
Kcp Sugar & Industries Corporation ($KCPSUGIND)	4.3x	2.4x	0.6x	1.3x
Median (6 companies)	7.2x	4.5x	4.2x	4.3x	6.9x
Dcm Shriram Industries ($DCMSRMIND)	8.4x	8.0x	5.7x	3.2x

Dcm Shriram Industries stock price chart

Dcm Shriram Industries financials

mln.	FY2010	FY2011	FY2012

Revenue	14,687	8,846	9,612
EBITDA	918.8	361.0	462.6
Net income	391.7	-62.100	-180.164
CAPEX	308.8	298.2	233.8
Debt	3,175	3,084	3,835
Cash	53.006	38.972	143.8

About Dcm Shriram Industries

DCM Shriram Industries Limited manufactures and sells sugar, alcohol, fine chemicals, and rayon tyrecord products in India and internationally. It operates through Sugar, Industrial Fibres and Related Products, and Chemicals segments. The company offers various sugar products comprising plantation white crystal sugar, refined sugar, sugar cubes, sugar sachets, breakfast sugar, and packaged crystal sugar. It also provides bulk alcohol products, such as rectified spirit, extra neutral alcohol, and anhydrous alcohol to liquor and chemical manufacturers, oil companies, and pharmaceutical industry; and country liquor/IMFL. In addition, the company provides various chemical products consisting of aromatic chemicals/drug intermediates and other chemicals. Further, it offers rayon products, including rayon tyre yarns, rayon tyre cords, rayon tyre greige fabrics, and R.F.L. treated fabrics; nylon products comprising square woven chafer fabrics, tyre cord fabrics, and R.F.L. treated fabrics; and chemicals consisting of anhydrous sodium sulphate and carbon-di-sulphide. Additionally, the company is involved in power generation activities. DCM Shriram Industries Limited was founded in 1932 and is based in New Delhi, India.

Dcm Shriram Industries reports 7.1 pp EBITDA Margin decline from 7.1% to in 2015

Revenue and profitability

Appendix 1: Peers in Sugar

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