Khoday India reports 97.2% EBITDA decline and 18.7 pp EBITDA Margin decline from 19.2% to 0.58%
01-06-2015 • About Khoday India (
$KHODAY) • By InTwits
Khoday India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Khoday India is a company in decline: FY2015 revenue growth was -5.6%, 5 years revenue CAGR was -3.0%
- EBITDA Margin is quite volatile: 0.6% in FY2015, 19.2% in FY2014, 7.1% in FY2013, 28.0% in FY2012, 9.1% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Khoday India ($KHODAY) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,374 | 1,648 | 1,240 | 1,665 | 1,571 | -5.6% |
| EBITDA | 125 | 461 | 88 | 320 | 9 | -97.2% |
| Net Income | -134 | 158 | -231 | 34 | -339 | -1,087.7% |
Balance Sheet
|
|---|
| Cash | 121 | 8 | 28 | | | |
| Short Term Debt | 739 | 869 | 809 | | | |
| Long Term Debt | 351 | 277 | 308 | | | |
Cash flow
|
|---|
| Capex | 99 | 44 | 56 | | | |
Ratios
|
|---|
| Revenue growth | -25.0% | 19.9% | -24.7% | 34.3% | -5.6% | |
| EBITDA growth | -14.7% | 269.4% | -81.0% | 265.0% | -97.2% | |
| EBITDA Margin | 9.1% | 28.0% | 7.1% | 19.2% | 0.6% | -18.7% |
| Net Income Margin | -9.7% | 9.6% | -18.6% | 2.1% | -21.6% | -23.6% |
| CAPEX, % of revenue | 7.2% | 2.7% | 4.5% | | | 0.0% |
| ROIC | 3.5% | 19.2% | 1.8% | | | 0.0% |
| ROE | -13.1% | 15.5% | -23.9% | | | 0.0% |
| Net Debt/EBITDA | 7.8x | 2.5x | 12.4x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Khoday India's Revenue decreased on 5.6% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 18.7 pp from 19.2% to 0.58% in FY2015.
Net Income marign dropped on 23.6 pp from 2.1% to -21.6% in FY2015.
Appendix 1: Peers in Breweries & Distilleries
Below you can find Khoday India benchmarking vs. other companies in Breweries & Distilleries 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 |
|---|
| Ifb Agro Industries ($IFBAGRO) | | -4.8% | 5.4% | 8.4% | 19.2% |
| Pioneer Distilleries ($PIONDIST) | | 94.2% | -0.9% | 25.1% | 17.0% |
| United Breweries ($UBL) | | 16.3% | 9.5% | 8.5% | 10.8% |
| Som Distilleries & Breweries ($SDBL) | | 11.0% | 5.0% | -6.5% | 8.3% |
| G.M.Breweries ($GMBREW) | | 10.9% | 12.0% | 0.3% | 6.5% |
| |
|---|
| Median (7 companies) | | 16.3% | 9.5% | 8.4% | 8.3% |
|---|
| Khoday India ($KHODAY) | | 19.9% | -24.7% | 34.3% | -5.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pioneer Distilleries ($PIONDIST) | -36.1% | -3.0% | -7.5% | 6.6% | 19.5% |
| Tilaknagar Industries ($TI) | 24.6% | 26.2% | 22.7% | 21.0% | 15.0% |
| Som Distilleries & Breweries ($SDBL) | 15.0% | 14.4% | 15.0% | 15.0% | 14.9% |
| United Breweries ($UBL) | 12.8% | 11.6% | 12.3% | 10.3% | 13.3% |
| G.M.Breweries ($GMBREW) | 15.5% | 10.0% | 9.1% | 13.7% | 11.5% |
| |
|---|
| Median (9 companies) | 15.0% | 11.6% | 12.3% | 10.3% | 11.5% |
|---|
| Khoday India ($KHODAY) | 9.1% | 28.0% | 7.1% | 19.2% | 0.6% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Tilaknagar Industries ($TI) | 23.7% | 20.6% | 10.0% | 14.8% | 13.7% |
| Pioneer Distilleries ($PIONDIST) | 33.1% | 29.8% | 35.0% | 30.0% | 12.3% |
| United Breweries ($UBL) | 14.4% | 10.7% | 9.8% | 5.0% | 8.7% |
| Ifb Agro Industries ($IFBAGRO) | 2.7% | 4.6% | 1.8% | 9.8% | 4.5% |
| United Spirits ($UNITDSPR) | 3.7% | 7.4% | 2.8% | 2.2% | 1.8% |
| |
|---|
| Median (7 companies) | 7.2% | 10.7% | 6.7% | 5.0% | 4.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Pioneer Distilleries ($PIONDIST) | -17.6% | -12.3% | -17.4% | -3.3% | 70.5% |
| G.M.Breweries ($GMBREW) | 29.6% | 18.4% | 17.0% | 21.9% | 18.0% |
| Som Distilleries & Breweries ($SDBL) | 25.8% | 23.3% | 22.2% | 19.2% | 16.5% |
| United Breweries ($UBL) | 12.4% | 11.5% | 11.6% | 8.1% | 14.3% |
| Ifb Agro Industries ($IFBAGRO) | 25.9% | 33.3% | 26.7% | 18.8% | 4.8% |
| |
|---|
| Median (10 companies) | 12.4% | 11.5% | 11.6% | 9.4% | 14.3% |
|---|
| Khoday India ($KHODAY) | 3.5% | 19.2% | 1.8% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| United Spirits ($UNITDSPR) | 5.3x | 7.3x | 6.1x | | 8.4x |
| Tilaknagar Industries ($TI) | 3.6x | 4.3x | 3.8x | 4.8x | 8.4x |
| Pioneer Distilleries ($PIONDIST) | | | | 10.4x | 2.1x |
| United Breweries ($UBL) | 1.9x | 2.0x | 2.5x | 2.7x | 1.3x |
| Som Distilleries & Breweries ($SDBL) | 0.1x | 0.5x | -0.1x | -0.0x | 0.7x |
| |
|---|
| Median (7 companies) | 1.9x | 2.0x | 1.1x | 1.2x | 1.3x |
|---|
| Khoday India ($KHODAY) | 7.8x | 2.5x | 12.4x | 0.0x | 0.0x |
