Vadilal Enterprises EBITDA surged on 110% in 2015 and EBITDA Margin increased slightly on 0.70 pp from 0.83% to 1.5%
01-06-2015 • About Vadilal Enterprises (
$VADILENT) • By InTwits
Vadilal Enterprises reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 1.5% in FY2015, 0.8% in FY2014, 11.5% in FY2013, 1.1% in FY2012, 1.7% in FY2011.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Vadilal Enterprises ($VADILENT) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,451 | 2,938 | 3,183 | 3,651 | 4,171 | 14.2% |
| EBITDA | 41 | 34 | 368 | 30 | 64 | 110.2% |
| Net Income | 8 | 10 | 60 | -6 | 0 | |
Balance Sheet
|
|---|
| Cash | 3 | 3 | 11 | 9 | | -100.0% |
| Short Term Debt | 38 | 53 | 737 | 44 | | -100.0% |
| Long Term Debt | 19 | 26 | 756 | 35 | | -100.0% |
Cash flow
|
|---|
| Capex | 46 | 79 | | | | |
Ratios
|
|---|
| Revenue growth | -50.4% | 19.8% | 8.4% | 14.7% | 14.2% | |
| EBITDA growth | -1.0% | -17.6% | 994.4% | -91.7% | 110.2% | |
| EBITDA Margin | 1.7% | 1.1% | 11.5% | 0.8% | 1.5% | 0.7% |
| Net Income Margin | 0.3% | 0.3% | 1.9% | -0.2% | 0.0% | 0.2% |
| CAPEX, % of revenue | 1.9% | 2.7% | | | | 0.0% |
| ROIC | 3.6% | -3.1% | 17.8% | -1.6% | | 1.6% |
| ROE | 20.4% | 19.8% | 9.9% | -1.0% | | 1.0% |
| Net Debt/EBITDA | 1.3x | 2.3x | 4.0x | 2.3x | 0.0x | -2.3x |
Revenue and profitability
The company's Revenue surged on 14.2% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.70 pp from 0.83% to 1.5% in FY2015.
Net Income marign showed almost no change in FY2015.
Appendix 1: Peers in Comm.Trading & Distribution
Below you can find Vadilal Enterprises benchmarking vs. other companies in Comm.Trading & Distribution 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 |
|---|
| Shri Krishna Prasadam ($SKP) | | 69.6% | 57.3% | 1,074.7% | 148.2% |
| Sunil Industries ($SUNILTX) | | 15.9% | 57.2% | 12.1% | 59.6% |
| Gagan Polycot India ($GAGANPO) | | -59.4% | 76.3% | 18.2% | 43.2% |
| Ptl Enterprises ($PTL) | | 17.9% | 12.6% | 17.7% | 35.1% |
| Parker Agrochem Exports ($PARKERAC) | | -77.2% | 1,542.3% | 39.1% | 33.1% |
| |
|---|
| Median (18 companies) | | 4.1% | 13.4% | 12.5% | 11.8% |
|---|
| Vadilal Enterprises ($VADILENT) | | 19.8% | 8.4% | 14.7% | 14.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Hexa Tradex ($HEXATRADEX) | | | | | 48.1% |
| Bombay Cycle & Motor Agency ($BOMBCYC) | | | | | 19.5% |
| Ptl Enterprises ($PTL) | 27.6% | 26.6% | 22.7% | 21.6% | 18.5% |
| Remi Elektrotechnik ($REMIELEK) | | | | | 15.1% |
| Maxwell Industries ($MAXWELL) | 6.7% | 9.9% | 6.7% | 9.0% | 10.7% |
| |
|---|
| Median (32 companies) | 3.0% | 2.9% | 2.7% | 2.2% | 2.3% |
|---|
| Vadilal Enterprises ($VADILENT) | 1.7% | 1.1% | 11.5% | 0.8% | 1.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ptl Enterprises ($PTL) | 1.0% | 5.0% | 4.5% | 2.4% | 4.2% |
| Maxwell Industries ($MAXWELL) | 1.2% | 0.9% | 1.9% | 2.4% | 1.8% |
| Redington (India) ($REDINGTON) | 0.3% | 0.2% | 0.7% | 0.2% | 0.2% |
| Mmtc ($MMTC) | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% |
| Kothari Products ($KOTHARIPRO) | 0.9% | 2.5% | 0.1% | 0.2% | 0.0% |
| |
|---|
| Median (5 companies) | 0.5% | 0.2% | 0.1% | 0.2% | 0.2% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ptl Enterprises ($PTL) | 18.1% | 18.5% | 19.5% | 21.1% | 22.1% |
| Redington (India) ($REDINGTON) | 15.5% | 17.2% | 16.0% | 16.3% | 15.3% |
| Risa International ($RISAINTL) | | | -0.2% | 14.8% | 11.9% |
| Maxwell Industries ($MAXWELL) | 5.3% | 9.0% | 6.6% | 9.6% | 11.2% |
| Kothari Products ($KOTHARIPRO) | 7.4% | 23.4% | 20.0% | 28.3% | 10.6% |
| |
|---|
| Median (46 companies) | 2.5% | 4.8% | 4.8% | 9.7% | 11.2% |
|---|
| Vadilal Enterprises ($VADILENT) | 3.6% | -3.1% | 17.8% | -1.6% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Maxwell Industries ($MAXWELL) | 5.7x | 3.7x | 5.8x | 3.5x | 3.3x |
| Redington (India) ($REDINGTON) | 2.4x | 2.6x | 2.6x | 1.7x | 1.9x |
| Kothari Products ($KOTHARIPRO) | 1.6x | 1.2x | 0.6x | 0.4x | 1.4x |
| Ptl Enterprises ($PTL) | 3.7x | 2.2x | 2.0x | 2.0x | 1.2x |
| Vijay Textiles ($VIJAYTX) | 5.9x | 6.1x | 5.6x | | 0.0x |
| |
|---|
| Median (25 companies) | 3.2x | 1.7x | 1.8x | 0.0x | 0.0x |
|---|
| Vadilal Enterprises ($VADILENT) | 1.3x | 2.3x | 4.0x | 2.3x | 0.0x |
