Easun Reyrolle reports 75.4% EBITDA decline and 54.0% Revenue decline

29-05-2015 • About Easun Reyrolle ($EASUNREYRL) • By InTwits

Easun Reyrolle reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:

Easun Reyrolle is a company in decline: FY2015 revenue growth was -54.0%, 5 years revenue CAGR was -3.1%
EBITDA Margin is quite volatile: 4.5% in FY2015, 8.4% in FY2014, 6.6% in FY2013, 2.9% in FY2012, 4.7% in FY2011

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

Easun Reyrolle ($EASUNREYRL) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	2,987	3,221	2,882	2,565	1,179	-54.0%
EBITDA	139	94	190	216	53	-75.4%
Net Income	-72	-70	-36	-311	-405
Balance Sheet
Cash	234	39	68	65		-100.0%
Short Term Debt	1,138	1,002	1,278	1,541		-100.0%
Long Term Debt	647	853	926	1,034		-100.0%
Cash flow
Capex	578	853	884	497		-100.0%
Ratios
Revenue growth	116.4%	7.8%	-10.5%	-11.0%	-54.0%
EBITDA growth	75.0%	-32.8%	102.3%	14.0%	-75.4%
EBITDA Margin	4.7%	2.9%	6.6%	8.4%	4.5%	-3.9%
Net Income Margin	-2.4%	-2.2%	-1.2%	-12.1%	-34.3%	-22.2%
CAPEX, % of revenue	19.3%	26.5%	30.7%	19.4%		-19.4%
ROIC	0.9%	-1.4%	-1.0%	-1.1%		1.1%
ROE	-3.5%	-3.4%	-1.8%	-17.2%		17.2%
Net Debt/EBITDA	11.1x	19.4x	11.3x	11.6x	0.0x	-11.6x

Revenue and profitability

The company's Revenue dropped on 54.0% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 3.9 pp from 8.4% to 4.5% in FY2015.

Net Income marign dropped on 22.2 pp from -12.1% to -34.3% in FY2015.

Appendix 1: Peers in Other Elect.Equip./ Prod.

Below you can find Easun Reyrolle benchmarking vs. other companies in Other Elect.Equip./ Prod. 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
Birla Ericsson Optical ($BIRLAERIC)		13.1%	64.8%	134.7%	-11.3%
Diamond Power Infrastructure ($DIAPOWER)	-52.4%	32.7%	27.9%	23.1%
Genus Power Infrastructures ($GENUSPOWER)		-1.2%	-7.5%	17.4%	19.5%
Ultracab (India) ($ULTRACAB)	49.2%	43.1%	26.2%	10.5%
Salzer Electronics ($SALZER)		23.4%	2.6%	6.9%	15.9%
Median (13 companies)	-6.1%	23.4%	-2.2%	0.4%	17.7%
Easun Reyrolle ($EASUNREYRL)		7.8%	-10.5%	-11.0%	-54.0%

Top companies by Gross margin, %


Top	FY2011	FY2012	FY2013	FY2014	FY2015
Malvica Engineering ($MALVICAE)		0.0%	0.0%	0.0%	0.0%
Median (1 company)		0.0%	0.0%	0.0%	0.0%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Indosolar ($INDOSOLAR)	5.8%	-114.4%	-52.7%	-140.0%	16.3%
Genus Power Infrastructures ($GENUSPOWER)	14.4%	14.1%	11.0%	13.8%	13.8%
Salzer Electronics ($SALZER)	14.3%	12.9%	12.5%	12.4%	12.6%
Pitti Laminations ($PITTILAM)	12.9%	15.6%	13.6%	13.2%	12.0%
Birla Ericsson Optical ($BIRLAERIC)	-3.3%	2.6%	9.0%	12.3%	11.3%
Median (9 companies)	9.1%	10.0%	9.5%	9.8%	11.3%
Easun Reyrolle ($EASUNREYRL)	4.7%	2.9%	6.6%	8.4%	4.5%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Indosolar ($INDOSOLAR)	24.2%	311.2%	148.3%	42.3%	26.9%
Diamond Power Infrastructure ($DIAPOWER)			6.8%	8.4%
Salzer Electronics ($SALZER)	5.7%	6.8%	5.6%	4.1%	8.2%
Birla Ericsson Optical ($BIRLAERIC)	9.4%	1.3%	4.4%	4.0%	3.5%
Ultracab (India) ($ULTRACAB)	0.2%	2.8%	4.0%	3.2%
Median (7 companies)	5.6%	3.1%	4.2%	4.0%	3.5%
Easun Reyrolle ($EASUNREYRL)	19.3%	26.5%	30.7%	19.4%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Birla Ericsson Optical ($BIRLAERIC)	-6.6%	-2.2%	8.2%	27.3%	16.6%
Ultracab (India) ($ULTRACAB)	14.3%	14.8%	11.6%	18.4%
Salzer Electronics ($SALZER)	14.6%	14.6%	12.7%	13.0%	14.6%
Genus Power Infrastructures ($GENUSPOWER)	15.2%	12.4%	8.0%	12.2%	13.5%
Diamond Power Infrastructure ($DIAPOWER)	19.6%	16.1%	11.7%	11.3%
Median (22 companies)	13.7%	9.7%	10.1%	11.3%	10.1%
Easun Reyrolle ($EASUNREYRL)	0.9%	-1.4%	-1.0%	-1.1%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Hbl Power Systems ($HBLPOWER)	8.6x	4.1x	4.4x	6.8x	4.7x
Diamond Power Infrastructure ($DIAPOWER)	2.5x	3.3x	5.2x	4.8x
Ultracab (India) ($ULTRACAB)	4.8x	4.9x	5.2x	3.8x
Pitti Laminations ($PITTILAM)	2.9x	2.4x	3.3x	3.2x	0.0x
Genus Power Infrastructures ($GENUSPOWER)	2.8x	3.2x	3.9x	2.9x	2.7x
Median (11 companies)	2.9x	3.3x	3.9x	2.6x	2.7x
Easun Reyrolle ($EASUNREYRL)	11.1x	19.4x	11.3x	11.6x	0.0x

Easun Reyrolle stock price chart

Easun Reyrolle financials

mln.	FY2010	FY2011	FY2012

Revenue	1,381	2,987	3,221
EBITDA	79.625	139.4	93.724
Net income	449.7	-72.150	-70.091
CAPEX	155.4	577.9	853.1
Debt	793.3	1,785	1,855
Cash	407.0	234.2	39.063

About Easun Reyrolle

Easun Reyrolle Limited, together with its subsidiaries, provides a range of power transmission and distribution products, systems, solutions, and services in India and internationally. The company offers protection, control, and automation products, including protective relays, control and protection systems, automation products, power system recorders, phaser measurement units, wide area monitoring solutions, substation automation systems for EHV/HV/MV substations, network management products, and power distribution automation products for industries. It also provides measurement and metering solutions, such as GPRS modems, data concentrator units, device management and data acquisition systems, and meter data management systems; and medium voltage switchgears comprising air and solid insulated vacuum switchgear, ring main units, and cycloalipathic CTs and PTs, as well as offers MV vacuum contacting and MV switchgear retrofitting services. In addition, the company undertakes turnkey substation projects consisting of green field substation, substations augmentation and modernization, transmission line, and rural electrification projects. It serves utilities, public sector companies, power generation companies, state transmission utilities, and DISCOMS, as well as various industries, such as petrochemicals, metals, paper, chemicals, cement, automotive, pharma, etc. The company was incorporated in 1974 and is based in Hosur, India.

Easun Reyrolle reports 75.4% EBITDA decline and 54.0% Revenue decline

Revenue and profitability

Appendix 1: Peers in Other Elect.Equip./ Prod.

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