Fertilizers & Chemicals Travancore revenue decline accelerated to 10.4% in FY2015 vs. 4.6% a year earliner
29-05-2015 • About Fertilizers & Chemicals Travancore (
$FACT) • By InTwits
Fertilizers & Chemicals Travancore reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Fertilizers & Chemicals Travancore is a company in decline: FY2015 revenue growth was -10.4%, 5 years revenue CAGR was -3.7%
- The company operates at negative EBITDA Margin: -8.3%
- Fertilizers & Chemicals Travancore motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -1.7% for the sames years0
- Fertilizers & Chemicals Travancore has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.1%. At the same time it's in pair with industry average of 5.6%.
- CAPEX is quite volatile: 94.0 in FY2015, 441 in FY2014, 400 in FY2013, 184 in FY2012, 154 in FY2011
- The company has unprofitable business model: ROIC is at -41.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Fertilizers & Chemicals Travancore ($FACT) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 24,607 | 28,760 | 23,158 | 22,094 | 19,788 | -10.4% |
| EBITDA | 1,143 | 1,625 | -1,669 | -1,451 | -1,651 | |
| Net Income | -493 | 198 | -3,540 | -2,650 | -3,999 | |
Balance Sheet
|
|---|
| Cash | 326 | 294 | 70 | 268 | 375 | 39.9% |
| Short Term Debt | 6,522 | 4,386 | 7,733 | 9,211 | 9,128 | -0.9% |
| Long Term Debt | 2,202 | 2,180 | 2,180 | 1,898 | 1,615 | -14.9% |
Cash flow
|
|---|
| Capex | 154 | 184 | 400 | 441 | 94 | -78.7% |
Ratios
|
|---|
| Revenue growth | 2.7% | 16.9% | -19.5% | -4.6% | -10.4% | |
| EBITDA growth | 531.4% | 42.1% | -202.7% | -13.0% | 13.7% | |
| EBITDA Margin | 4.6% | 5.6% | -7.2% | -6.6% | -8.3% | -1.8% |
| Net Income Margin | -2.0% | 0.7% | -15.3% | -12.0% | -20.2% | -8.2% |
| CAPEX, % of revenue | 0.6% | 0.6% | 1.7% | 2.0% | 0.5% | -1.5% |
| ROIC | 6.3% | 12.9% | -26.0% | -26.0% | -41.3% | -15.3% |
| ROE | -29.5% | 13.0% | | | | 0.0% |
| Net Debt/EBITDA | 7.3x | 3.9x | | | | 0.0x |
Revenue and profitability
Fertilizers & Chemicals Travancore's Revenue dropped on 10.4% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased slightly on 1.8 pp from -6.6% to -8.3% in FY2015.
Net Income marign decreased on 8.2 pp from -12.0% to -20.2% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Fertilizers & Chemicals Travancore had CAPEX/Revenue of 0.48%. The company's CAPEX/Revenue showed almost no change from FY2012 to FY2015. Average CAPEX/Revenue for the last three years was 1.4%.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.5x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2015. Debt decreased on 3.3% in FY2015 while cash jumped on 39.9% in FY2015.
Appendix 1: Peers in
Below we provide Fertilizers & Chemicals Travancore benchmarking against other companies in industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Rane Engine Valve ($RANENGIN) | | 6.5% | -14.4% | -1.2% | 49.3% |
| Indbulbbph ($INDBULBBPH) | | -3.2% | -6.5% | 33.5% | 49.2% |
| Monetbbph ($MONETBBPH) | | 22.3% | 3.7% | 11.6% | 40.8% |
| Asleyf ($ASLEYF) | | 15.5% | -3.3% | -8.0% | 33.6% |
| Bharat Rasayan ($BHARATRA) | | 51.3% | 32.1% | 92.7% | 21.4% |
| |
|---|
| Median (15 companies) | -48.2% | 17.7% | 10.8% | 4.2% | 9.2% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | | 16.9% | -19.5% | -4.6% | -10.4% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Oswal Chemicals & Fertilizers ($OSWALCHEM) | | | | | 53.4% |
| Paushak ($PAUSHAK) | | | | | 25.6% |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | | | | | 24.7% |
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | 23.5% |
| Uplbbph ($UPLBBPH) | 18.8% | 18.2% | 18.3% | 18.8% | 20.0% |
| |
|---|
| Median (19 companies) | 14.8% | 15.4% | 13.7% | 14.7% | 10.7% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | 4.6% | 5.6% | -7.2% | -6.6% | -8.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | 89.2% |
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | 23.6% |
| Rilbbph ($RILBBPH) | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% |
| Gkw ($GKW) | | | | | 15.5% |
| Paushak ($PAUSHAK) | | | | | 12.3% |
| |
|---|
| Median (16 companies) | 7.1% | 8.9% | 5.2% | 4.1% | 5.2% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | 0.6% | 0.6% | 1.7% | 2.0% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharat Rasayan ($BHARATRA) | 10.0% | 22.1% | 13.7% | 21.9% | 26.1% |
| Uplbbph ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% |
| Ginni Filaments ($GINNIFIL) | 11.6% | -1.0% | 15.2% | 21.6% | 12.8% |
| Rane Brake Lining ($RANEBRAKE) | 15.3% | 14.1% | 7.9% | 11.1% | 12.8% |
| Asleyf ($ASLEYF) | 13.6% | 12.2% | 5.8% | -0.5% | 7.6% |
| |
|---|
| Median (25 companies) | 10.9% | 8.4% | 7.6% | 5.9% | 3.1% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | 6.3% | 12.9% | -26.0% | -26.0% | -41.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 5.3x | 9.8x | 16.3x | 27.4x | 140.3x |
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | 9.6x |
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | 5.5x |
| Asleyf ($ASLEYF) | 2.0x | 2.5x | 5.0x | 17.8x | 5.0x |
| Rane Engine Valve ($RANENGIN) | 1.7x | 2.1x | 11.3x | 4.5x | 4.8x |
| |
|---|
| Median (15 companies) | 1.8x | 2.1x | 2.3x | 2.4x | 3.4x |
|---|
