Rasoya Proteins EBITDA dropped on 89.8% in 2015 and EBITDA Margin decreased on 4.8 pp from 6.3% to 1.5%
01-06-2015 • About Rasoya Proteins (
$RASOYPR) • By InTwits
Rasoya Proteins reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Rasoya Proteins is a company in decline: FY2015 revenue growth was -56.6%, 5 years revenue CAGR was -2.9%
- EBITDA Margin is quite volatile: 1.5% in FY2015, 6.3% in FY2014, 6.0% in FY2013, 7.3% in FY2012, 6.0% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rasoya Proteins ($RASOYPR) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 4,169 | 13,711 | 14,695 | 16,693 | 7,244 | -56.6% |
| EBITDA | 251 | 1,003 | 878 | 1,054 | 107 | -89.8% |
| Net Income | 71 | 724 | 518 | 540 | -496 | -191.9% |
Balance Sheet
|
|---|
| Cash | 18 | 46 | 154 | 197 | | -100.0% |
| Short Term Debt | 738 | 1,105 | 1,591 | 1,933 | | -100.0% |
| Long Term Debt | 764 | 807 | 968 | 771 | | -100.0% |
Cash flow
|
|---|
| Capex | 581 | 501 | 327 | 31 | | -100.0% |
Ratios
|
|---|
| Revenue growth | -50.3% | 228.9% | 7.2% | 13.6% | -56.6% | |
| EBITDA growth | | 300.3% | -12.5% | 20.0% | -89.8% | |
| EBITDA Margin | 6.0% | 7.3% | 6.0% | 6.3% | 1.5% | -4.8% |
| Net Income Margin | 1.7% | 5.3% | 3.5% | 3.2% | -6.8% | -10.1% |
| CAPEX, % of revenue | 13.9% | 3.7% | 2.2% | 0.2% | | -0.2% |
| ROIC | | 19.0% | 12.5% | 12.6% | | -12.6% |
| ROE | | 23.2% | 13.0% | 11.3% | | -11.3% |
| Net Debt/EBITDA | 5.9x | 1.9x | 2.7x | 2.4x | 0.0x | -2.4x |
Revenue and profitability
Rasoya Proteins's Revenue dropped on 56.6% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.4 pp from 10.4% to 11.8% in FY2015.
Net Income marign dropped on 10.1 pp from 3.2% to -6.8% in FY2015.
Management team
Rasoya Proteins's CEO Anil Narayan Lonkar has spent 10 years at the company.
Appendix 1: Peers in Edible Oils
Below you can find Rasoya Proteins benchmarking vs. other companies in Edible Oils 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 |
|---|
| Ajanta Soya ($AJANTSOY) | | 22.4% | 13.2% | 13.1% | 16.8% |
| Gokul Refoils & Solvent ($GOKUL) | | 36.6% | -11.7% | 10.9% | -8.3% |
| Natraj Proteins ($NATRAJPR) | | 16.3% | 44.1% | 14.8% | -17.1% |
| Poona Dal & Oil Industries ($POONADAL) | | 2.1% | 30.1% | -23.2% | -33.5% |
| Divya Jyoti Industries ($DIVYAJYQ) | | 15.4% | 33.3% | -2.7% | -49.5% |
| |
|---|
| Median (7 companies) | | 22.4% | 13.2% | 10.9% | -33.5% |
|---|
| Rasoya Proteins ($RASOYPR) | | 228.9% | 7.2% | 13.6% | -56.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Natraj Proteins ($NATRAJPR) | 2.9% | 4.5% | 6.4% | 4.2% | |
| Gokul Refoils & Solvent ($GOKUL) | 4.1% | 0.5% | 1.5% | 2.8% | 1.7% |
| Divya Jyoti Industries ($DIVYAJYQ) | 2.4% | 3.3% | 2.2% | 2.0% | |
| Ruchi Infrastructure ($RUCHINFRA) | 3.9% | 1.7% | 1.9% | 1.0% | 0.5% |
| Ajanta Soya ($AJANTSOY) | 0.9% | 1.0% | 0.5% | 0.7% | |
| |
|---|
| Median (5 companies) | 2.4% | 1.7% | 1.5% | 2.0% | 0.5% |
|---|
| Rasoya Proteins ($RASOYPR) | 6.0% | 7.3% | 6.0% | 6.3% | 1.5% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gokul Refoils & Solvent ($GOKUL) | 0.9% | 0.8% | 0.4% | 0.4% | 0.9% |
| Ruchi Infrastructure ($RUCHINFRA) | 0.4% | 0.6% | 0.1% | 0.1% | 2.0% |
| |
|---|
| Median (2 companies) | 0.7% | 0.6% | 0.3% | 0.3% | 1.4% |
|---|
| Rasoya Proteins ($RASOYPR) | 13.9% | 3.7% | 2.2% | 0.2% | |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gokul Refoils & Solvent ($GOKUL) | 15.1% | 0.1% | 2.8% | 10.9% | 6.9% |
| Ruchi Infrastructure ($RUCHINFRA) | 9.4% | 4.5% | 3.5% | 1.9% | -1.3% |
| Murli Industries ($MURLIIND) | -3.8% | -12.3% | -8.8% | | |
| Sam Industries ($SAMINDUS) | 12.7% | 25.4% | 4.9% | | |
| Poona Dal & Oil Industries ($POONADAL) | 17.2% | 18.1% | 13.2% | | |
| |
|---|
| Median (9 companies) | 11.0% | 5.1% | 3.5% | 6.4% | 2.8% |
|---|
| Rasoya Proteins ($RASOYPR) | | 19.0% | 12.5% | 12.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ruchi Infrastructure ($RUCHINFRA) | 3.3x | 3.1x | 7.7x | 13.3x | 52.1x |
| Gokul Refoils & Solvent ($GOKUL) | 2.8x | 46.9x | 8.9x | 2.3x | 3.7x |
| Divya Jyoti Industries ($DIVYAJYQ) | 8.5x | 0.0x | 2.9x | 0.0x | |
| Ajanta Soya ($AJANTSOY) | 4.6x | 8.5x | 12.7x | 0.0x | |
| Natraj Proteins ($NATRAJPR) | 6.2x | 5.1x | 1.2x | 0.0x | |
| |
|---|
| Median (5 companies) | 3.9x | 3.1x | 2.9x | 0.0x | 27.9x |
|---|
| Rasoya Proteins ($RASOYPR) | 5.9x | 1.9x | 2.7x | 2.4x | 0.0x |
