Ai Champdany Industries reports 34.2% EBITDA decline and 11.4% Revenue decline

31-05-2015 • About Ai Champdany Industries ($AICHAMP) • By InTwits

Ai Champdany Industries reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Ai Champdany Industries is a company in decline: FY2015 revenue growth was -11.4%, 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.

Ai Champdany Industries ($AICHAMP) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	3,413	3,909	3,564	3,408	3,018	-11.4%
EBITDA	98	170	144	168	111	-34.2%
Net Income	1	13	5	12	-41	-443.6%
Balance Sheet
Cash	20	4	16
Short Term Debt	953	928	1,000
Long Term Debt	82	35	0
Cash flow
Capex	62	145	85
Ratios
Revenue growth	-5.1%	14.5%	-8.8%	-4.4%	-11.4%
EBITDA growth	-38.7%	73.2%	-15.5%	17.2%	-34.2%
EBITDA Margin	2.9%	4.3%	4.0%	4.9%	3.7%	-1.3%
Net Income Margin	0.0%	0.3%	0.1%	0.4%	-1.4%	-1.7%
CAPEX, % of revenue	1.8%	3.7%	2.4%			0.0%
ROIC		4.7%	3.5%			0.0%
ROE		1.2%	0.5%			0.0%
Net Debt/EBITDA	10.3x	5.6x	6.9x	0.0x	0.0x	0.0x

Revenue and profitability

The company's Revenue dropped on 11.4% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased slightly on 1.3 pp from 4.9% to 3.7% in FY2015.

Net Income marign decreased slightly on 1.7 pp from 0.35% to -1.4% in FY2015.

Appendix 1: Peers in Jute & Jute Products

Below you can find Ai Champdany Industries benchmarking vs. other companies in Jute & Jute Products 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	FY2011	FY2012	FY2013	FY2014	FY2015
Cheviot Co ($CHEVIOT)		-2.5%	-1.6%	-4.1%	-4.1%
Ludlow Jute & Specialities ($LUDLOWJUT)		-11.6%	1.1%	-2.6%	-15.7%
Median (2 companies)		-7.1%	-0.3%	-3.4%	-9.9%
Ai Champdany Industries ($AICHAMP)		14.5%	-8.8%	-4.4%	-11.4%

Top companies by EBITDA margin, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Cheviot Co ($CHEVIOT)	11.5%	13.3%	14.5%	13.5%	10.1%
Ludlow Jute & Specialities ($LUDLOWJUT)	7.6%	4.3%	6.4%	3.7%	-2.5%
Median (2 companies)	9.6%	8.8%	10.4%	8.6%	3.8%
Ai Champdany Industries ($AICHAMP)	2.9%	4.3%	4.0%	4.9%	3.7%

Top companies by CAPEX/Revenue, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Cheviot Co ($CHEVIOT)		2.9%	2.6%	3.0%	1.0%
Median (1 company)	1.8%	2.9%	2.6%	3.0%	1.0%

Top companies by ROIC, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Cheviot Co ($CHEVIOT)	23.5%	22.7%	11.8%	9.5%	5.7%
Ludlow Jute & Specialities ($LUDLOWJUT)	42.8%	18.5%	29.3%
Median (2 companies)	33.2%	20.6%	20.6%	9.5%	5.7%
Ai Champdany Industries ($AICHAMP)		4.7%	3.5%

Top companies by Net Debt / EBITDA

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Cheviot Co ($CHEVIOT)	0.0x	0.3x	0.1x	0.2x	0.3x
Ludlow Jute & Specialities ($LUDLOWJUT)	0.3x	-0.3x	0.2x	0.0x
Median (2 companies)	0.2x	-0.0x	0.2x	0.1x	0.3x
Ai Champdany Industries ($AICHAMP)	10.3x	5.6x	6.9x	0.0x	0.0x

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