Simran Farms reports 61.4% EBITDA growth and almost no change in EBITDA Margin of 1.3%
29-05-2015 • About Simran Farms (
$SIMRAN) • By InTwits
Simran Farms reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 1.3% in FY2015, 1.0% in FY2014, -0.4% in FY2013, 1.0% in FY2012, 4.5% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Simran Farms ($SIMRAN) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,647 | 2,279 | 2,821 | 3,597 | 4,440 | 23.4% |
| EBITDA | 74 | 24 | -11 | 37 | 60 | 61.4% |
| Net Income | 41 | 8 | -28 | 8 | 10 | 29.5% |
Balance Sheet
|
|---|
| Cash | 10 | | 26 | | | |
| Short Term Debt | 0 | | 0 | | | |
| Long Term Debt | 1 | | 7 | | | |
Cash flow
|
|---|
| Capex | 24 | | | | | |
Ratios
|
|---|
| Revenue growth | -69.5% | 38.4% | 23.8% | 27.5% | 23.4% | |
| EBITDA growth | 11.9% | -67.7% | -146.6% | -433.5% | 61.4% | |
| EBITDA Margin | 4.5% | 1.0% | -0.4% | 1.0% | 1.3% | 0.3% |
| Net Income Margin | 2.5% | 0.4% | -1.0% | 0.2% | 0.2% | 0.0% |
| CAPEX, % of revenue | 1.5% | | | | | 0.0% |
| ROIC | 39.8% | | | | | 0.0% |
| ROE | 26.7% | | | | | 0.0% |
| Net Debt/EBITDA | -0.1x | 0.0x | | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Simran Farms's Revenue surged on 23.4% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.1 pp from -6.9% to -5.8% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Packaged Foods
Below you can find Simran Farms benchmarking vs. other companies in Packaged Foods 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 |
|---|
| Krbl ($KRBL) | | 5.6% | 27.6% | 39.9% | 8.6% |
| Sunil Agro Foods ($SUNILAGR) | -34.2% | 1.6% | 38.3% | 29.1% | |
| Milkfood ($MLKFOOD) | -29.8% | -1.1% | 9.3% | 27.7% | |
| Venky'S (India) ($VENKYS) | | 18.0% | 46.0% | 24.8% | -0.3% |
| Umang Dairies ($UMANGDAIR) | | 46.8% | 15.7% | 24.5% | 16.1% |
| |
|---|
| Median (15 companies) | -35.3% | 14.7% | 14.8% | 15.7% | 9.6% |
|---|
| Simran Farms ($SIMRAN) | | 38.4% | 23.8% | 27.5% | 23.4% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Glaxosmithkline Consumer Healthcare ($GSKCONS) | 18.8% | 18.6% | 17.8% | 22.5% | 17.2% |
| Nestle India ($NESTLEIND) | 20.5% | 22.0% | 21.7% | 20.9% | |
| Krbl ($KRBL) | 14.7% | 14.1% | 14.2% | 15.1% | 15.4% |
| Vadilal Industries ($VADILALIND) | 10.1% | 19.8% | 11.6% | 11.2% | |
| Britannia Industries ($BRITANNIA) | 5.2% | 5.7% | 6.9% | 9.2% | 11.1% |
| |
|---|
| Median (12 companies) | 7.7% | 8.0% | 8.7% | 8.7% | 9.5% |
|---|
| Simran Farms ($SIMRAN) | 4.5% | 1.0% | -0.4% | 1.0% | 1.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Venky'S (India) ($VENKYS) | 6.4% | 8.9% | 6.6% | 10.4% | 7.7% |
| Krbl ($KRBL) | 5.8% | 4.1% | 4.0% | 6.1% | 7.3% |
| Vadilal Industries ($VADILALIND) | 20.1% | 12.2% | 9.4% | 5.9% | |
| Adf Foods ($ADFFOODS) | 21.8% | 1.9% | 18.3% | 5.8% | |
| Glaxosmithkline Consumer Healthcare ($GSKCONS) | 3.6% | 2.7% | | 4.3% | 2.5% |
| |
|---|
| Median (10 companies) | 3.6% | 3.9% | 4.0% | 4.0% | 2.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Britannia Industries ($BRITANNIA) | 17.8% | 24.6% | 33.7% | 54.0% | 59.4% |
| Nestle India ($NESTLEIND) | 85.4% | 57.7% | 47.9% | 49.6% | |
| Kse ($KSE) | 14.7% | 27.7% | 14.1% | 36.9% | |
| Heritage Foods ($HERITGFOOD) | 5.9% | 11.7% | 29.6% | 22.4% | 13.5% |
| Umang Dairies ($UMANGDAIR) | 54.8% | 93.5% | 55.6% | 22.3% | 28.4% |
| |
|---|
| Median (19 companies) | 11.3% | 12.1% | 12.5% | 22.3% | 22.7% |
|---|
| Simran Farms ($SIMRAN) | 39.8% | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Venky'S (India) ($VENKYS) | 0.9x | 2.6x | 2.8x | 6.7x | 3.9x |
| Vadilal Industries ($VADILALIND) | 5.8x | 2.6x | 4.5x | 3.9x | |
| Bambino Agro Industries ($BAMBINO) | 3.1x | 3.2x | | 3.2x | |
| Krbl ($KRBL) | 3.7x | 4.1x | 2.9x | 3.0x | 2.7x |
| Umang Dairies ($UMANGDAIR) | 1.8x | 0.6x | 0.5x | 1.7x | 1.1x |
| |
|---|
| Median (12 companies) | 2.3x | 1.9x | 0.9x | 1.1x | 0.5x |
|---|
| Simran Farms ($SIMRAN) | -0.1x | 0.0x | | 0.0x | 0.0x |
