Super Tannery revenue dropped on 10.1% in 2015 and EBITDA Margin showed almost no change
29-05-2015 • About Super Tannery (
$SUPTANERY) • By InTwits
Super Tannery reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Super Tannery is a company in decline: FY2015 revenue growth was -10.1%, 5 years revenue CAGR was -3.5%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Super Tannery ($SUPTANERY) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,636 | 2,599 | 2,607 | 3,510 | 3,156 | -10.1% |
| EBITDA | 96 | 198 | 205 | 271 | 251 | -7.3% |
| Net Income | 36 | 57 | 56 | 96 | 56 | -41.0% |
Balance Sheet
|
|---|
| Cash | 61 | | | | | |
| Long Term Debt | 801 | | | | | |
Cash flow
|
|---|
| Capex | 72 | | | | | |
Ratios
|
|---|
| Revenue growth | -30.0% | -1.4% | 0.3% | 34.6% | -10.1% | |
| EBITDA growth | -45.0% | 107.3% | 3.5% | 31.9% | -7.3% | |
| EBITDA Margin | 3.6% | 7.6% | 7.9% | 7.7% | 7.9% | 0.2% |
| Net Income Margin | 1.4% | 2.2% | 2.1% | 2.7% | 1.8% | -0.9% |
| CAPEX, % of revenue | 2.7% | | | | | 0.0% |
| ROIC | 4.6% | | | | | 0.0% |
| ROE | 7.2% | | | | | 0.0% |
| Net Debt/EBITDA | 7.7x | 0.0x | 0.0x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue dropped on 10.1% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 16.0 pp from -6.3% to 9.7% in FY2015.
Net Income marign decreased slightly on 0.94 pp from 2.7% to 1.8% in FY2015.
Appendix 1: Peers in Other Apparels & Accessories
Below we provide Super Tannery benchmarking against other companies in Other Apparels & Accessories 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 |
|---|
| Mini Diamonds (India) ($MINID) | -85.8% | 35.0% | 59.6% | 117.1% | |
| Page Industries ($PAGEIND) | | 39.0% | 26.3% | 37.5% | 30.0% |
| Bhartiya International ($BIL) | | 28.4% | 20.9% | 36.7% | 34.7% |
| Celebrity Fashions ($CELEBRITY) | | 1.0% | -8.6% | 35.2% | -21.7% |
| Asian Star Co ($ASTAR) | | 10.1% | 34.2% | 32.0% | -0.9% |
| |
|---|
| Median (23 companies) | 377.8% | 10.4% | 19.5% | 14.1% | 5.1% |
|---|
| Super Tannery ($SUPTANERY) | | -1.4% | 0.3% | 34.6% | -10.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Arrow Textiles ($ARROWTEX) | | | | | 25.2% |
| Page Industries ($PAGEIND) | 19.9% | 21.1% | 20.5% | 21.5% | 20.7% |
| Rupa & Company ($RUPA) | 10.7% | 12.7% | 15.0% | 15.3% | 14.5% |
| Ashapura Intimates Fashion ($AIFL) | 8.9% | 9.5% | 10.5% | 10.7% | 13.7% |
| Cantabil Retail India ($CANTABIL) | 13.8% | -10.4% | -22.3% | | 10.4% |
| |
|---|
| Median (24 companies) | 8.7% | 7.5% | 5.5% | 5.4% | 5.0% |
|---|
| Super Tannery ($SUPTANERY) | 3.6% | 7.6% | 7.9% | 7.7% | 7.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Page Industries ($PAGEIND) | 5.8% | 4.0% | 5.2% | 4.4% | 3.6% |
| Zodiac Clothing Co ($ZODIACLOTH) | 9.3% | 5.7% | 3.9% | 4.0% | 5.0% |
| Tara Jewels ($TARAJEWELS) | 1.8% | 1.6% | 1.3% | 3.1% | |
| Bhartiya International ($BIL) | 4.5% | 4.5% | 3.9% | 1.8% | 2.1% |
| Rupa & Company ($RUPA) | 4.5% | 1.9% | 3.9% | 1.7% | 2.2% |
| |
|---|
| Median (15 companies) | 1.9% | 1.6% | 1.3% | 1.1% | 0.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Page Industries ($PAGEIND) | 44.2% | 54.9% | 58.5% | 61.6% | 59.2% |
| Oscar Global ($OSCARGLO) | | | 12.6% | 52.3% | |
| Virat Industries ($VIRAT) | 13.2% | 20.7% | 26.2% | 30.9% | |
| Rupa & Company ($RUPA) | 20.2% | 22.4% | 27.1% | 25.8% | 23.8% |
| Ashapura Intimates Fashion ($AIFL) | 21.7% | 24.1% | 19.1% | 23.4% | 39.9% |
| |
|---|
| Median (40 companies) | 10.4% | 9.8% | 7.2% | 10.9% | 7.7% |
|---|
| Super Tannery ($SUPTANERY) | 4.6% | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Thangamayil Jewellery ($THANGAMAYL) | 2.2x | 2.2x | 2.6x | 11.9x | 61.2x |
| Shrenuj & Co ($SHRENUJ) | 8.6x | 9.3x | 11.2x | 11.7x | 13.5x |
| Gokaldas Exports ($GOKEX) | | | | 3.6x | 10.4x |
| Tribhovandas Bhimji Zaveri ($TBZ) | 2.4x | 1.6x | 2.7x | 4.1x | 6.6x |
| Asian Star Co ($ASTAR) | 8.2x | 7.1x | 7.1x | 5.9x | 4.8x |
| |
|---|
| Median (20 companies) | 2.7x | 2.3x | 2.9x | 0.3x | 1.6x |
|---|
| Super Tannery ($SUPTANERY) | 7.7x | 0.0x | 0.0x | 0.0x | 0.0x |
