Spectra Industries reports 189% EBITDA growth and 57.1% Revenue growth
30-05-2015 • About Spectra Industries (
$SPECTRA) • By InTwits
Spectra Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 0.9% in FY2015, 0.5% in FY2014, 3.0% in FY2013, 3.1% in FY2012, 2.1% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Spectra Industries ($SPECTRA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 470 | 547 | 768 | 690 | 1,084 | 57.1% |
| EBITDA | 10 | 17 | 23 | 3 | 9 | 189.1% |
| Net Income | 8 | 3 | 5 | -11 | 2 | |
Balance Sheet
|
|---|
| Cash | 1 | 24 | 21 | | | |
| Short Term Debt | 53 | 51 | 117 | | | |
| Long Term Debt | 31 | 57 | 50 | | | |
Cash flow
|
|---|
| Capex | 42 | | | | | |
Ratios
|
|---|
| Revenue growth | -60.3% | 16.4% | 40.2% | -10.1% | 57.1% | |
| EBITDA growth | -29.9% | 72.9% | 35.4% | -85.9% | 189.1% | |
| EBITDA Margin | 2.1% | 3.1% | 3.0% | 0.5% | 0.9% | 0.4% |
| Net Income Margin | 1.6% | 0.5% | 0.6% | -1.6% | 0.2% | 1.8% |
| CAPEX, % of revenue | 8.9% | | | | | 0.0% |
| ROIC | 3.2% | 4.8% | 6.1% | | | 0.0% |
| ROE | 6.5% | 2.2% | 3.6% | | | 0.0% |
| Net Debt/EBITDA | 8.5x | 5.0x | 6.4x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue jumped on 57.1% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 4.4 pp from 24.2% to 19.8% in FY2015.
Net Income marign increased slightly on 1.8 pp from -1.6% to 0.20% in FY2015.
Appendix 1: Peers in Auto Parts & Equipment
Below we provide Spectra Industries benchmarking against other companies in Auto Parts & Equipment 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 |
|---|
| India Nippon Electricals ($INDNIPPON) | | 13.6% | 3.2% | -2.4% | 24.8% |
| Amara Raja Batteries ($AMARAJABAT) | | 34.3% | 25.1% | 16.1% | 22.6% |
| Enkei Wheels (India) ($ENKEIWHEL) | | 16.9% | 1.3% | 11.7% | 21.6% |
| Ip Rings ($IPRINGLTD) | | 4.0% | 2.4% | -0.1% | 19.5% |
| Kalyani Forge ($KALYANIFRG) | | 18.0% | -5.3% | -20.4% | 17.0% |
| |
|---|
| Median (33 companies) | -15.5% | 17.2% | 2.4% | 5.0% | 8.8% |
|---|
| Spectra Industries ($SPECTRA) | | 16.4% | 40.2% | -10.1% | 57.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ist ($ISTLTD) | | | | | 71.6% |
| Tube Investments Of India ($TUBEINVEST) | 33.7% | 18.4% | 24.4% | 28.3% | 30.0% |
| Shivam Autotech ($SHIVAMAUTO) | 23.2% | 24.1% | 24.1% | 20.6% | 18.7% |
| Amara Raja Batteries ($AMARAJABAT) | 15.0% | 14.9% | 15.7% | 14.2% | 17.0% |
| Suprajit Engineering ($SUPRAJIT) | 16.5% | 16.2% | 17.0% | 17.2% | 16.2% |
| |
|---|
| Median (38 companies) | 10.9% | 11.1% | 9.9% | 10.8% | 10.3% |
|---|
| Spectra Industries ($SPECTRA) | 2.1% | 3.1% | 3.0% | 0.5% | 0.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amtek Auto ($AMTEKAUTO) | | 18.9% | | 27.1% | 30.3% |
| Jbm Auto ($JBMA) | 18.1% | 9.8% | 8.4% | | 14.4% |
| Rico Auto Industries ($RICOAUTO) | 9.5% | 5.8% | 10.9% | 5.7% | 14.2% |
| Shivam Autotech ($SHIVAMAUTO) | 11.6% | 11.6% | 4.1% | 4.9% | 12.5% |
| Amara Raja Batteries ($AMARAJABAT) | 2.9% | 3.7% | 2.5% | 10.9% | 9.6% |
| |
|---|
| Median (26 companies) | 7.6% | 5.7% | 4.6% | 4.9% | 4.6% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Amara Raja Batteries ($AMARAJABAT) | 30.5% | 32.1% | 34.5% | 30.3% | 35.4% |
| Exide Industries ($EXIDEIND) | 34.2% | 24.2% | 24.3% | 29.5% | 26.9% |
| Munjal Showa ($MUNJALSHOW) | 18.8% | 29.9% | 23.8% | 22.5% | 24.9% |
| Motherson Sumi Systems ($MOTHERSUMI) | 23.7% | 13.5% | 16.5% | 25.0% | 24.9% |
| Gabriel India ($GABRIEL) | 20.3% | 19.9% | 15.5% | 18.0% | 24.0% |
| |
|---|
| Median (41 companies) | 16.5% | 16.4% | 12.7% | 13.6% | 14.5% |
|---|
| Spectra Industries ($SPECTRA) | 3.2% | 4.8% | 6.1% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 8.1x | 17.6x | 17.8x | 17.3x | 16.4x |
| Amtek Auto ($AMTEKAUTO) | | 4.8x | | 5.3x | 5.8x |
| Remsons Industries ($REMSONSIND) | 3.2x | 2.8x | 4.3x | 3.6x | 5.7x |
| Steel Strips Wheels ($SSWL) | 4.6x | 5.4x | 6.3x | 6.5x | 5.6x |
| Ucal Fuel Systems ($UCALFUEL) | 4.1x | 4.3x | 5.6x | 5.7x | 3.6x |
| |
|---|
| Median (36 companies) | 2.1x | 1.2x | 1.8x | 0.8x | 0.7x |
|---|
| Spectra Industries ($SPECTRA) | 8.5x | 5.0x | 6.4x | 0.0x | 0.0x |
