Vikas Granaries reports 108% revenue growth in FY2015 and 4.8 pp EBITDA Margin decline from 9.8% to 5.0%
29-05-2015 • About Vikas Granaries (
$VIKASGRAN) • By InTwits
Vikas Granaries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 5.0% in FY2015, 9.8% in FY2014, 14.2% in FY2013, 10.6% in FY2012, 30.4% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Vikas Granaries ($VIKASGRAN) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,328 | 1,143 | 2,149 | 1,404 | 2,927 | 108.5% |
| EBITDA | 403 | 122 | 305 | 138 | 147 | 6.9% |
| Net Income | 205 | 51 | 91 | 6 | 4 | -38.8% |
Balance Sheet
|
|---|
| Cash | 29 | 345 | 1 | | | |
| Short Term Debt | 0 | 346 | 224 | | | |
| Long Term Debt | 1,244 | 1,105 | 1,055 | | | |
Cash flow
|
|---|
| Capex | 211 | | | | | |
Ratios
|
|---|
| Revenue growth | -61.7% | -13.9% | 88.0% | -34.7% | 108.5% | |
| EBITDA growth | -2.4% | -69.8% | 150.4% | -54.8% | 6.9% | |
| EBITDA Margin | 30.4% | 10.6% | 14.2% | 9.8% | 5.0% | -4.8% |
| Net Income Margin | 15.4% | 4.5% | 4.2% | 0.5% | 0.1% | -0.3% |
| CAPEX, % of revenue | 15.9% | | | | | 0.0% |
| ROIC | 16.9% | 3.8% | 7.3% | | | 0.0% |
| ROE | 29.2% | 6.2% | 10.1% | | | 0.0% |
| Net Debt/EBITDA | 3.0x | 9.1x | 4.2x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Vikas Granaries's Revenue surged on 108% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 4.8 pp from 9.8% to 5.0% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Other Agricultural Products
Below we provide Vikas Granaries benchmarking against other companies in Other Agricultural Products 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 |
|---|
| Unique Organics ($UNIQUEO) | | 102.1% | 35.2% | 51.2% | -19.9% |
| Kaveri Seed Company ($KSCL) | | 59.4% | 91.2% | 42.0% | 14.8% |
| Freshtrop Fruits ($FRSHTRP) | -57.2% | 14.7% | 43.8% | 29.1% | |
| Olympic Oil Industries ($OLYOI) | -98.4% | 1,600.6% | 160.6% | 21.1% | |
| Kohinoor Foods ($KOHINOOR) | | 5.4% | 13.4% | 16.2% | -5.9% |
| |
|---|
| Median (9 companies) | -57.9% | 51.2% | 16.2% | 16.2% | -5.9% |
|---|
| Vikas Granaries ($VIKASGRAN) | | -13.9% | 88.0% | -34.7% | 108.5% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Indrayani Biotech ($INDRANIB) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Avt Natural Products ($AVTNPL) | 17.3% | 37.6% | 30.8% | 25.9% | 17.5% |
| Kaveri Seed Company ($KSCL) | 23.0% | 20.7% | 19.6% | 21.9% | 26.7% |
| Kohinoor Foods ($KOHINOOR) | 12.7% | 4.7% | 10.9% | 11.2% | 0.2% |
| Freshtrop Fruits ($FRSHTRP) | 7.8% | 9.3% | 8.9% | 9.8% | |
| Agro Tech Foods ($ATFL) | 3.9% | 7.6% | 8.3% | 9.2% | 8.0% |
| |
|---|
| Median (7 companies) | 5.9% | 4.7% | 8.3% | 9.8% | 8.0% |
|---|
| Vikas Granaries ($VIKASGRAN) | 30.4% | 10.6% | 14.2% | 9.8% | 5.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaveri Seed Company ($KSCL) | 5.4% | 2.9% | 5.9% | 2.5% | 7.1% |
| Agro Tech Foods ($ATFL) | 4.2% | 4.1% | 6.0% | 6.3% | 5.6% |
| Avt Natural Products ($AVTNPL) | 2.0% | 2.3% | 5.0% | 3.3% | 4.0% |
| Kohinoor Foods ($KOHINOOR) | 3.7% | 1.6% | 1.5% | 1.0% | 0.3% |
| |
|---|
| Median (4 companies) | 3.2% | 1.3% | 3.9% | 2.9% | 4.8% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaveri Seed Company ($KSCL) | 21.0% | 27.5% | 41.1% | 46.8% | 45.9% |
| Avt Natural Products ($AVTNPL) | 19.1% | 58.2% | 41.5% | 32.8% | 19.0% |
| Agro Tech Foods ($ATFL) | 13.7% | 24.0% | 25.3% | 21.2% | 13.9% |
| Kohinoor Foods ($KOHINOOR) | 11.2% | 3.1% | 8.8% | 10.3% | -1.3% |
| Indrayani Biotech ($INDRANIB) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (13 companies) | 11.2% | 9.2% | 9.3% | 21.2% | 13.9% |
|---|
| Vikas Granaries ($VIKASGRAN) | 16.9% | 3.8% | 7.3% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kohinoor Foods ($KOHINOOR) | 7.7x | 19.2x | 7.8x | 6.1x | 296.6x |
| Agro Tech Foods ($ATFL) | -1.6x | -0.8x | -0.2x | 0.1x | 0.3x |
| Freshtrop Fruits ($FRSHTRP) | 7.0x | 3.3x | 2.5x | 0.0x | |
| Himalya International ($HIMIN) | 3.3x | 4.5x | 2.9x | 0.0x | |
| Flex Foods ($FLEXFO) | 0.8x | 0.8x | 0.9x | 0.0x | |
| |
|---|
| Median (10 companies) | 2.7x | 2.1x | 1.5x | 0.0x | 0.0x |
|---|
| Vikas Granaries ($VIKASGRAN) | 3.0x | 9.1x | 4.2x | 0.0x | 0.0x |
