Ivp reports 164% EBITDA growth and 3.8 pp EBITDA Margin growth from 2.8% to 6.6%
30-05-2015 • About Ivp (
$IVP) • By InTwits
Ivp reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 6.6% in FY2015, 2.8% in FY2014, 3.8% in FY2013, 5.8% in FY2012, 6.8% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ivp ($IVP) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,289 | 1,534 | 1,501 | 1,459 | 1,629 | 11.6% |
| EBITDA | 87 | 89 | 56 | 41 | 108 | 164.3% |
| Net Income | 71 | 60 | 37 | 25 | 69 | 181.7% |
Balance Sheet
|
|---|
| Cash | 33 | 33 | 25 | | | |
| Short Term Debt | 52 | 40 | 45 | | | |
| Long Term Debt | 0 | 0 | 0 | | | |
Cash flow
|
|---|
| Capex | 25 | 13 | | | | |
Ratios
|
|---|
| Revenue growth | -31.9% | 19.0% | -2.1% | -2.8% | 11.6% | |
| EBITDA growth | 64.9% | 1.3% | -36.3% | -27.5% | 164.3% | |
| EBITDA Margin | 6.8% | 5.8% | 3.8% | 2.8% | 6.6% | 3.8% |
| Net Income Margin | 5.5% | 3.9% | 2.5% | 1.7% | 4.3% | 2.6% |
| CAPEX, % of revenue | 2.0% | 0.9% | | | | 0.0% |
| ROIC | 15.5% | 13.9% | 7.8% | | | 0.0% |
| ROE | 16.0% | 12.9% | 7.4% | | | 0.0% |
| Net Debt/EBITDA | 0.2x | 0.1x | 0.3x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue surged on 11.6% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 5.2 pp from 7.4% to 12.7% in FY2015.
Net Income marign increased on 2.6 pp from 1.7% to 4.3% in FY2015.
Appendix 1: Peers in Commodity Chemicals
Below you can find Ivp benchmarking vs. other companies in Commodity Chemicals 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 |
|---|
| Tuticorin Alkali Chemicals & Fertilisers ($TUTIALKA) | | 354.1% | -27.9% | -83.3% | 408.0% |
| Jayshree Chemicals ($JAYCH) | | 288.9% | 17.5% | -75.2% | 262.3% |
| Shree Hari Chemicals Export ($SHHARICH) | | -2.5% | -78.0% | 299.5% | 111.6% |
| Southern Online Bio Technologies ($SBTL) | | 50.0% | 56.8% | 40.8% | 22.6% |
| Gayatri Bioorganics ($GAYATRIBI) | | 48.9% | 17.4% | 41.4% | 19.6% |
| |
|---|
| Median (31 companies) | -36.2% | 15.5% | 11.4% | 10.7% | 6.3% |
|---|
| Ivp ($IVP) | | 19.0% | -2.1% | -2.8% | 11.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Riddhi Siddhi Gluco Biols ($RIDDHI) | | | | | 104.7% |
| Mysore Petro Chemicals ($MYSORPETRO) | | | | | 47.1% |
| Aditya Birla Chemicals (India) ($ABCIL) | 33.6% | 26.8% | 27.1% | 23.6% | 21.9% |
| Chemfab Alkalis ($CHEMFALKAL) | 19.0% | 22.3% | 32.9% | 24.2% | 19.8% |
| Ganesh Benzoplast ($GANESHBE) | 31.7% | 34.1% | 35.9% | | 18.9% |
| |
|---|
| Median (43 companies) | 13.3% | 11.6% | 8.4% | 8.6% | 6.6% |
|---|
| Ivp ($IVP) | 6.8% | 5.8% | 3.8% | 2.8% | 6.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kanoria Chemicals & Industries ($KANORICHEM) | 12.9% | 25.1% | 6.0% | 13.4% | 40.3% |
| Aditya Birla Chemicals (India) ($ABCIL) | 5.9% | 136.9% | 24.2% | 30.8% | 15.0% |
| Aarti Industries ($AARTIIND) | 4.8% | 8.0% | 11.2% | 11.0% | 10.4% |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 8.0% | 5.1% | 6.6% | 5.9% | 8.6% |
| Sukhjit Starch & Chemicals ($SUKHJITS) | 9.2% | 15.7% | 9.4% | 5.4% | 5.4% |
| |
|---|
| Median (19 companies) | 5.9% | 5.3% | 6.6% | 5.7% | 3.3% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bodal Chemicals ($BODALCHEM) | | -1.3% | 3.3% | 39.0% | 38.3% |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 10.3% | 16.0% | 18.7% | 25.0% | 23.7% |
| Aarti Industries ($AARTIIND) | 13.1% | 15.9% | 19.1% | 17.2% | 17.9% |
| Transpek Industry ($TRANSPEK) | 15.7% | -1.7% | 14.2% | 11.0% | 17.8% |
| Balaji Amines ($BALAMINES) | 20.3% | 19.3% | 16.1% | 15.6% | 16.5% |
| |
|---|
| Median (48 companies) | 10.5% | 9.0% | 9.8% | 9.3% | 7.9% |
|---|
| Ivp ($IVP) | 15.5% | 13.9% | 7.8% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| India Glycols ($INDIAGLYCO) | 8.2x | 4.8x | 3.7x | 8.5x | 14.2x |
| Godrej Industries ($GODREJIND) | 6.8x | 9.9x | 5.7x | 7.9x | 10.7x |
| Polyplex Corporation ($POLYPLEX) | 0.6x | 0.9x | 6.8x | 7.1x | |
| Link Pharma Chem ($LINKPH) | 71.1x | 3.4x | 4.1x | 6.2x | |
| Refnol Resins & Chemicals ($REFNOL) | | | 4.1x | 5.6x | 0.0x |
| |
|---|
| Median (41 companies) | 2.5x | 2.6x | 3.2x | 1.4x | 1.2x |
|---|
| Ivp ($IVP) | 0.2x | 0.1x | 0.3x | 0.0x | 0.0x |
