Nitta Gelatin India EBITDA jumped on 28.7% in 2015 and Revenue jumped on 21.2%

29-05-2015 • About Nitta Gelatin India ($NITTAGELA) • By InTwits

Nitta Gelatin India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 6.5% in FY2015, 6.1% in FY2014, 13.8% in FY2013, 9.0% in FY2012, 6.0% in FY2011.

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

Nitta Gelatin India ($NITTAGELA) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	1,977	2,397	3,062	2,892	3,505	21.2%
EBITDA	119	217	424	178	229	28.7%
Net Income	17	47	107	-61	-14
Balance Sheet
Cash	11	14	21	14		-100.0%
Short Term Debt	272	384	416	463		-100.0%
Long Term Debt	200	215	156	221		-100.0%
Cash flow
Capex	422	210	140	247		-100.0%
Ratios
Revenue growth	-52.7%	21.2%	27.8%	-5.5%	21.2%
EBITDA growth	-67.7%	82.9%	95.5%	-58.1%	28.7%
EBITDA Margin	6.0%	9.0%	13.8%	6.1%	6.5%	0.4%
Net Income Margin	0.9%	2.0%	3.5%	-2.1%	-0.4%	1.7%
CAPEX, % of revenue	21.3%	8.8%	4.6%	8.5%		-8.5%
ROIC	2.1%	7.2%	14.8%	0.7%		-0.7%
ROE	1.6%	4.5%	9.9%	-5.5%		5.5%
Net Debt/EBITDA	3.9x	2.7x	1.3x	3.8x	0.0x	-3.8x

Revenue and profitability

The company's Revenue surged on 21.2% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.1 pp from 9.2% to 10.4% in FY2015.

Net Income marign increased slightly on 1.7 pp from -2.1% to -0.41% in FY2015.

Appendix 1: Peers in Specialty Chemicals

Below we provide Nitta Gelatin India benchmarking against other companies in Specialty Chemicals 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
Dai-Ichi Karkaria ($DAICHI)		20.7%	31.4%	45.4%	22.8%
Dynemic Products ($DYNPRO)	-55.8%	27.4%	-0.0%	40.6%
Camlin Fine Sciences ($CAMLINFIN)		95.3%	11.4%	36.1%	9.8%
Sudarshan Chemical Industries ($SUDARSCHEM)		10.5%	9.1%	28.2%	8.3%
Vinati Organics ($VINATIORGA)		38.7%	23.6%	25.9%	10.9%
Median (27 companies)	-52.7%	19.8%	11.4%	13.7%	9.8%
Nitta Gelatin India ($NITTAGELA)		21.2%	27.8%	-5.5%	21.2%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Vinati Organics ($VINATIORGA)	21.7%	21.7%	21.8%	22.7%	24.9%
Indian Toners & Developers ($INDTONER)					22.6%
Solar Industries India ($SOLARINDS)	18.1%	18.5%	17.5%	17.9%	19.3%
Ultramarine & Pigments ($ULTRAMAR)	20.1%	18.0%	15.5%	17.4%	17.2%
Camlin Fine Sciences ($CAMLINFIN)	9.1%	9.1%	12.8%	12.8%	16.7%
Median (23 companies)	11.7%	10.7%	11.2%	10.6%	12.3%
Nitta Gelatin India ($NITTAGELA)	6.0%	9.0%	13.8%	6.1%	6.5%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Adi Finechem ($ADIFINCHM)	8.2%	7.3%	4.8%	12.6%	16.9%
Solar Industries India ($SOLARINDS)	14.2%	13.0%	9.9%	12.3%	10.3%
Meghmani Organics ($MEGH)	9.9%	10.2%	10.3%	7.9%	4.6%
Camlin Fine Sciences ($CAMLINFIN)	7.5%	4.3%	5.7%	7.1%	5.1%
Kiri Industries ($KIRIINDUS)	5.3%	5.4%	4.5%	5.6%	5.3%
Median (18 companies)	7.0%	4.9%	4.7%	4.3%	4.9%
Nitta Gelatin India ($NITTAGELA)	21.3%	8.8%	4.6%	8.5%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Adi Finechem ($ADIFINCHM)	27.6%	30.6%	29.8%	46.4%	26.3%
Vinati Organics ($VINATIORGA)	31.4%	29.6%	26.2%	30.6%	34.8%
Pidilite Industries ($PIDILITIND)	29.3%	27.4%	29.3%	29.8%	29.0%
Camlin Fine Sciences ($CAMLINFIN)	9.9%	11.1%	17.8%	24.2%	29.5%
Plastiblends India ($PLASTIBLEN)	19.4%	18.3%	15.8%	24.0%	24.5%
Median (35 companies)	15.5%	15.3%	15.0%	12.3%	18.4%
Nitta Gelatin India ($NITTAGELA)	2.1%	7.2%	14.8%	0.7%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Cochin Minerals & Rutile ($COCHINM)	0.7x	-0.0x	-0.0x	32.3x
Alkali Metals ($ALKALI)	4.3x		5.1x	11.6x	0.0x
Kiri Industries ($KIRIINDUS)	3.9x	8.2x	31.3x	10.6x	7.7x
Vikas Globalone ($VIKASGLOB)	0.0x	2.5x	4.4x	4.9x
Jayant Agro-Organics ($JAYAGROGN)	3.9x	2.8x	3.1x	4.6x	6.5x
Median (28 companies)	1.3x	1.4x	1.7x	1.7x	0.1x
Nitta Gelatin India ($NITTAGELA)	3.9x	2.7x	1.3x	3.8x	0.0x

Nitta Gelatin India stock price chart

Nitta Gelatin India financials

mln.	FY2010	FY2011	FY2012

Revenue	4,181	1,977	2,397
EBITDA	367.6	118.6	216.8
Net income	252.1	16.858	46.908
CAPEX	228.4	421.8	210.2
Debt	2.628	471.7	598.8
Cash	20.022	10.575	13.548

About Nitta Gelatin India

Nitta Gelatin India Limited engages in the manufacture and sale of gelatin, ossein, di calcium phosphate (DCP), and collagen peptide primarily in India. The company offers gelatin, an ingredient used in the drug delivery systems, such as two piece hard capsules, soft capsules, tablets, coated tablets, mini, micro capsules, etc.; and in the edibles comprising confectionery, gelatin desserts, dairy products, and meat products, and beverages and juices. It also provides collagen peptide, a hydrolyzed form of collagen, which is a fibrous protein present in the extracellular matrix of living cells for application in healthcare, personal care, and food products. In addition, it manufactures ossein, which is used for the production of gelatin; and produces and supplies DCP to poultry farms and animal feed manufacturers. Further, it provides Chitosan, a polysaccharide that is used in various applications, such as pharmaceutical, medical, cosmetic, food and agriculture, veterinary, pulp and paper, textile, water treatment, etc.; NutriGold, a foliar spray for various crops to farmers; Seed Aid to enhance germination of the seedling; and CartiPep, a protein supplement for cartilage and joints. Nitta Gelatin India Limited also exports its products. The company was formerly known as Kerala Chemicals & Proteins Limited and changed its name to Nitta Gelatin India Limited in 2008. Nitta Gelatin India Limited was incorporated in 1975 and is based in Kochi, India.

Nitta Gelatin India EBITDA jumped on 28.7% in 2015 and Revenue jumped on 21.2%

Revenue and profitability

Appendix 1: Peers in Specialty Chemicals

Similar news

Nitta Gelatin India stock price chart

Nitta Gelatin India financials

About Nitta Gelatin India