Filatex India EBITDA surged on 86.9% in 2015 while Revenue dropped on 11.4%
29-05-2015 • About Filatex India (
$FILATEX) • By InTwits
Filatex India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Filatex India is a company in decline: FY2015 revenue growth was -11.4%, 5 years revenue CAGR was -3.7%
- EBITDA Margin is quite volatile: 5.0% in FY2015, 2.4% in FY2014, 3.6% in FY2013, 6.8% in FY2012, 8.6% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Filatex India ($FILATEX) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,864 | 4,734 | 12,248 | 17,694 | 15,684 | -11.4% |
| EBITDA | 416 | 323 | 444 | 422 | 789 | 86.9% |
| Net Income | 190 | 137 | 24 | -81 | 96 | |
Balance Sheet
|
|---|
| Cash | 4 | 33 | 704 | | | |
| Short Term Debt | 523 | 740 | 1,758 | | | |
| Long Term Debt | 284 | 1,863 | 1,838 | | | |
Cash flow
|
|---|
| Capex | 661 | 2,333 | | | | |
Ratios
|
|---|
| Revenue growth | -74.3% | -2.7% | 158.7% | 44.5% | -11.4% | |
| EBITDA growth | 7.1% | -22.4% | 37.5% | -4.9% | 86.9% | |
| EBITDA Margin | 8.6% | 6.8% | 3.6% | 2.4% | 5.0% | 2.6% |
| Net Income Margin | 3.9% | 2.9% | 0.2% | -0.5% | 0.6% | 1.1% |
| CAPEX, % of revenue | 13.6% | 49.3% | | | | 0.0% |
| ROIC | 18.2% | 7.2% | 4.9% | | | 0.0% |
| ROE | 17.8% | 10.4% | 1.6% | | | 0.0% |
| Net Debt/EBITDA | 1.9x | 8.0x | 6.5x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Filatex India's Revenue dropped on 11.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.6 pp from 2.4% to 5.0% in FY2015.
Net Income marign increased slightly on 1.1 pp from -0.46% to 0.61% in FY2015.
Appendix 1: Peers in Textiles
Below you can find Filatex India benchmarking vs. other companies in Textiles 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 |
|---|
| Olympia Industries ($OLYMPTX) | -99.6% | -58.0% | -96.6% | 74,809.1% | |
| Gujarat Cotex ($GUJCOTEX) | | -6.2% | -66.0% | 176.2% | -52.0% |
| T T ($TTL) | | -21.8% | 28.7% | 47.8% | -8.0% |
| Gtn Textiles ($GTNTEX) | | -8.8% | 51.2% | 39.4% | -36.3% |
| Suryalata Spinning Mills ($SURYALA) | | 3.5% | 6.7% | 37.4% | -1.3% |
| |
|---|
| Median (73 companies) | -27.8% | 5.0% | 9.3% | 14.2% | 0.2% |
|---|
| Filatex India ($FILATEX) | | -2.7% | 158.7% | 44.5% | -11.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sil Investments ($SILINV) | | | | | 93.8% |
| Swadeshi Polytex ($SWADPOL) | | | | | 64.4% |
| Binny ($BINNY) | | | | | 60.9% |
| Ruby Mills ($RUBYMILLS) | 25.2% | 28.3% | 25.1% | 28.6% | 29.3% |
| Premier Synthetics ($PREMSYN) | | | | | 25.9% |
| |
|---|
| Median (67 companies) | 12.9% | 6.3% | 9.5% | 10.1% | 8.2% |
|---|
| Filatex India ($FILATEX) | 8.6% | 6.8% | 3.6% | 2.4% | 5.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nitin Spinners ($NITINSPIN) | 0.2% | 1.9% | 2.6% | 8.0% | 42.3% |
| Maharaja Shree Umaid Mills ($MAHASHR) | 2.4% | 18.6% | 24.1% | 6.8% | 16.8% |
| SRF ($SRF) | 0.0% | 0.0% | 18.7% | 20.0% | 11.4% |
| Welspun India ($WELSPUNIND) | 11.3% | 5.6% | 7.8% | 16.4% | 10.9% |
| Sutlej Textiles & Industries ($SUTLEJTEX) | 2.3% | 3.4% | 1.8% | 5.6% | 10.7% |
| |
|---|
| Median (18 companies) | 4.5% | 3.0% | 5.6% | 6.8% | 6.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Nitin Spinners ($NITINSPIN) | 13.8% | 6.0% | 19.5% | 21.5% | 17.5% |
| Sutlej Textiles & Industries ($SUTLEJTEX) | 16.0% | 9.5% | 13.6% | 19.8% | 14.6% |
| Vardhman Textiles ($VTL) | 15.5% | 6.6% | 11.9% | 17.3% | 8.5% |
| Maral Overseas ($MARALOVER) | | 4.6% | 14.1% | 16.0% | |
| Rswm ($RSWM) | 17.4% | 2.2% | 15.2% | 15.5% | 11.8% |
| |
|---|
| Median (126 companies) | 10.1% | 3.5% | 9.3% | 9.2% | 9.0% |
|---|
| Filatex India ($FILATEX) | 18.2% | 7.2% | 4.9% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bombay Rayon Fashions ($BRFL) | 5.9x | 4.9x | 4.9x | 11.6x | 10.0x |
| Ruby Mills ($RUBYMILLS) | 15.9x | 12.6x | 15.3x | 10.8x | 8.6x |
| Dcm ($DCM) | 3.1x | 13.5x | 3.5x | 3.7x | 5.5x |
| Raymond ($RAYMOND) | 3.3x | 3.7x | 4.6x | 3.7x | 4.1x |
| Binny ($BINNY) | | | 12.0x | 0.0x | 4.0x |
| |
|---|
| Median (56 companies) | 3.9x | 3.8x | 3.2x | 0.0x | 0.0x |
|---|
| Filatex India ($FILATEX) | 1.9x | 8.0x | 6.5x | 0.0x | 0.0x |
