Murudeshwar Ceramics revenue decreased on 5.5% in 2015 while EBITDA Margin increased slightly on 1.9 pp from 21.6% to 23.5%
29-05-2015 • About Murudeshwar Ceramics (
$MURUDCERA) • By InTwits
Murudeshwar Ceramics reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Murudeshwar Ceramics is a company in decline: FY2015 revenue growth was -5.5%, 5 years revenue CAGR was -2.5%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Murudeshwar Ceramics ($MURUDCERA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,729 | 1,791 | 1,441 | 1,461 | 1,381 | -5.5% |
| EBITDA | 530 | 422 | 315 | 315 | 325 | 3.0% |
| Net Income | 53 | 38 | 8 | 12 | 17 | 47.2% |
Balance Sheet
|
|---|
| Cash | 23 | 24 | 52 | | | |
| Short Term Debt | 802 | 762 | 784 | | | |
| Long Term Debt | 608 | 596 | 549 | | | |
Cash flow
|
|---|
| Capex | 101 | 66 | | | | |
Ratios
|
|---|
| Revenue growth | 10.1% | 3.6% | -19.5% | 1.3% | -5.5% | |
| EBITDA growth | 53.4% | -20.3% | -25.4% | 0.2% | 3.0% | |
| EBITDA Margin | 30.6% | 23.6% | 21.8% | 21.6% | 23.5% | 1.9% |
| Net Income Margin | 3.1% | 2.1% | 0.6% | 0.8% | 1.2% | 0.4% |
| CAPEX, % of revenue | 5.9% | 3.7% | | | | 0.0% |
| ROIC | 6.3% | 5.7% | 5.1% | | | 0.0% |
| ROE | 1.9% | 1.3% | 0.3% | | | 0.0% |
| Net Debt/EBITDA | 2.6x | 3.2x | 4.1x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue decreased on 5.5% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 21.6% to 23.5% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Furniture-Furnishing-Paints
Below you can find Murudeshwar Ceramics benchmarking vs. other companies in Furniture-Furnishing-Paints 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 |
|---|
| Asian Paints ($ASIANPAINT) | | 24.8% | 13.3% | 15.7% | 11.3% |
| Kajaria Ceramics ($KAJARIACER) | | 37.7% | 22.8% | 13.9% | 19.1% |
| Nitco ($NITCO) | | 31.0% | -8.1% | 0.1% | 7.7% |
| Shalimar Paints ($SHALPAINTS) | -21.8% | 19.5% | 2.5% | -3.2% | |
| Hanung Toys & Textiles ($HANUNG) | 630.6% | 24.6% | 27.6% | -73.8% | |
| |
|---|
| Median (5 companies) | 304.4% | 24.8% | 13.3% | 0.1% | 11.3% |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | | 3.6% | -19.5% | 1.3% | -5.5% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kajaria Ceramics ($KAJARIACER) | 15.8% | 15.8% | 15.3% | 15.6% | 16.3% |
| Asian Paints ($ASIANPAINT) | 17.3% | 16.0% | 16.0% | 16.0% | 16.0% |
| Jenson & Nicholson (India) ($JENSONICOL) | | | | | -9.5% |
| |
|---|
| Median (3 companies) | 15.8% | 15.8% | 15.3% | 9.3% | 16.0% |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | 30.6% | 23.6% | 21.8% | 21.6% | 23.5% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kajaria Ceramics ($KAJARIACER) | 17.5% | 5.7% | 9.6% | 8.5% | 12.3% |
| Shalimar Paints ($SHALPAINTS) | 1.3% | 0.7% | 2.1% | 2.8% | |
| Asian Paints ($ASIANPAINT) | 2.0% | 5.7% | 5.9% | 2.0% | 3.2% |
| |
|---|
| Median (3 companies) | 13.3% | 5.7% | 5.9% | 2.8% | 7.8% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Asian Paints ($ASIANPAINT) | 50.4% | 47.1% | 43.0% | 39.8% | 37.1% |
| Kajaria Ceramics ($KAJARIACER) | | 27.9% | 28.6% | 28.8% | 29.8% |
| Shalimar Paints ($SHALPAINTS) | 23.6% | 25.9% | 22.2% | 6.2% | |
| Hanung Toys & Textiles ($HANUNG) | 17.2% | 15.6% | 13.6% | -18.4% | |
| Bil Continental ($BILCONTI) | | | 4.4% | | |
| |
|---|
| Median (10 companies) | 17.2% | 20.8% | 9.0% | 17.5% | 33.5% |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | 6.3% | 5.7% | 5.1% | | |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Shalimar Paints ($SHALPAINTS) | 1.7x | 1.5x | 1.9x | 7.3x | |
| Kajaria Ceramics ($KAJARIACER) | 1.9x | 1.3x | 1.3x | 0.8x | 0.7x |
| Asian Paints ($ASIANPAINT) | 0.1x | 0.1x | -0.0x | 0.0x | 0.1x |
| Bil Continental ($BILCONTI) | | 7.9x | 7.0x | 0.0x | |
| |
|---|
| Median (4 companies) | 2.9x | 6.2x | 3.2x | 0.4x | 0.4x |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | 2.6x | 3.2x | 4.1x | 0.0x | 0.0x |
