Vidhi Dyestuffs Manufacturing Net Income surged on 108% in 2015
30-05-2015 • About Vidhi Dyestuffs Manufacturing (
$VIDHIDYE) • By InTwits
Vidhi Dyestuffs Manufacturing reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: It operates with medium-size leverage: Net Debt/EBITDA is 1.7x while industry average is 1.4x.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Vidhi Dyestuffs Manufacturing ($VIDHIDYE) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 986 | 1,125 | 1,178 | 1,408 | 1,830 | 30.0% |
| EBITDA | 92 | 97 | 123 | | 233 | |
| Net Income | 37 | 34 | 41 | 60 | 124 | 107.9% |
Balance Sheet
|
|---|
| Cash | 27 | 52 | 38 | | 68 | |
| Short Term Debt | 187 | 333 | 384 | | 442 | |
| Long Term Debt | 80 | 40 | 27 | | 20 | |
Cash flow
|
|---|
| Capex | 67 | 73 | | | 99 | |
Ratios
|
|---|
| Revenue growth | -52.7% | 14.1% | 4.7% | 19.5% | 30.0% | |
| EBITDA growth | 40.8% | 5.7% | 26.3% | | | |
| EBITDA Margin | 9.3% | 8.7% | 10.5% | 0.0% | 12.7% | 12.7% |
| Net Income Margin | 3.7% | 3.0% | 3.5% | 4.2% | 6.8% | 2.5% |
| CAPEX, % of revenue | 6.8% | 6.5% | | | 5.4% | 5.4% |
| ROIC | 19.1% | 14.7% | 15.0% | | | 0.0% |
| ROE | 15.4% | 12.3% | 13.5% | | | 0.0% |
| Net Debt/EBITDA | 2.6x | 3.3x | 3.0x | | 1.7x | 1.7x |
Revenue and profitability
Vidhi Dyestuffs Manufacturing's Revenue surged on 30.0% in FY2015.
Net Income marign increased on 2.5 pp from 4.2% to 6.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Vidhi Dyestuffs Manufacturing had CAPEX/Revenue of 5.4%. CAPEX/Revenue decreased slightly on 1.1 pp from 6.5% in FY2012 to 5.4% in FY2015.
Leverage (Debt)
Debt level is 1.7x Net Debt / EBITDA and 2.0x Debt / EBITDA. Net Debt / EBITDA surged1.7x from to 1.7x in FY2015. Debt surged while cash jumped.
Appendix 1: Peers in Specialty Chemicals
Below we provide Vidhi Dyestuffs Manufacturing benchmarking against other companies in Specialty Chemicals 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 |
|---|
| Kiri Industries ($KIRIINDUS) | | 7.9% | -86.5% | 24.8% | 34.7% |
| Keltech Energies ($KELENRG) | | 60.2% | -13.4% | -0.4% | 24.4% |
| Dai-Ichi Karkaria ($DAICHI) | | 20.7% | 31.4% | 45.4% | 22.8% |
| Nitta Gelatin India ($NITTAGELA) | | 21.2% | 27.8% | -5.5% | 21.2% |
| Nocil ($NOCIL) | | 6.4% | 1.8% | 22.3% | 21.1% |
| |
|---|
| Median (25 companies) | -46.2% | 20.9% | 14.1% | 11.3% | 10.9% |
|---|
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | | 14.1% | 4.7% | 19.5% | 30.0% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vinati Organics ($VINATIORGA) | 21.7% | 21.7% | 21.8% | 22.7% | 24.9% |
| Indian Toners & Developers ($INDTONER) | | | | | 22.6% |
| Solar Industries India ($SOLARINDS) | 18.1% | 18.5% | 17.5% | 17.9% | 19.3% |
| Anil ($ANILLTD) | 17.4% | 18.1% | 16.9% | 17.1% | 17.4% |
| Ultramarine & Pigments ($ULTRAMAR) | 20.1% | 18.0% | 15.5% | 17.4% | 17.2% |
| |
|---|
| Median (29 companies) | 11.7% | 10.7% | 12.8% | 10.6% | 10.9% |
|---|
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 9.3% | 8.7% | 10.5% | | 12.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Adi Finechem ($ADIFINCHM) | 8.2% | 7.3% | 4.8% | 12.6% | 16.9% |
| Anil ($ANILLTD) | | | 6.7% | 5.2% | 11.5% |
| Solar Industries India ($SOLARINDS) | 14.2% | 13.0% | 9.9% | 12.3% | 10.3% |
| Pidilite Industries ($PIDILITIND) | 4.8% | 5.2% | 2.9% | 4.4% | 8.5% |
| Oricon Enterprises ($ORICON) | 8.6% | 10.2% | 6.2% | 4.7% | 7.9% |
| |
|---|
| Median (16 companies) | 7.3% | 4.9% | 4.6% | 4.4% | 4.9% |
|---|
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 6.8% | 6.5% | | | 5.4% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Vinati Organics ($VINATIORGA) | 31.4% | 29.6% | 26.2% | 30.6% | 34.8% |
| Camlin Fine Sciences ($CAMLINFIN) | 9.9% | 11.1% | 17.8% | 24.2% | 29.5% |
| Pidilite Industries ($PIDILITIND) | 29.3% | 27.4% | 29.3% | 29.8% | 29.0% |
| Adi Finechem ($ADIFINCHM) | 27.6% | 30.6% | 29.8% | 46.4% | 26.3% |
| Ultramarine & Pigments ($ULTRAMAR) | 22.8% | 20.0% | 16.3% | 20.8% | 25.7% |
| |
|---|
| Median (32 companies) | 14.8% | 15.3% | 14.8% | 11.4% | 17.1% |
|---|
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 19.1% | 14.7% | 15.0% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kiri Industries ($KIRIINDUS) | 3.9x | 8.2x | 31.3x | 10.6x | 7.7x |
| Jayant Agro-Organics ($JAYAGROGN) | 3.9x | 2.8x | 3.1x | 4.6x | 6.5x |
| Anil ($ANILLTD) | 2.7x | 2.2x | 3.4x | 3.8x | 4.0x |
| Oricon Enterprises ($ORICON) | 1.3x | 1.2x | 1.0x | 1.7x | 3.2x |
| Sudarshan Chemical Industries ($SUDARSCHEM) | 2.2x | 2.4x | 5.1x | 3.2x | 3.2x |
| |
|---|
| Median (28 companies) | 1.3x | 1.4x | 1.5x | 1.7x | 0.0x |
|---|
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 2.6x | 3.3x | 3.0x | | 1.7x |
