Rathi Bars reports 13.1% revenue decline in FY2015
06-06-2015 • About Rathi Bars (
$RATHIBAR) • By InTwits
Rathi Bars reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Rathi Bars is a company in decline: FY2015 revenue growth was -13.1%, 5 years revenue CAGR was -3.0%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Rathi Bars ($RATHIBAR) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,107 | 3,117 | 3,150 | 3,047 | 2,647 | -13.1% |
| EBITDA | 93 | 69 | 84 | | 107 | |
| Net Income | 48 | 31 | 21 | 24 | 2 | -90.5% |
Balance Sheet
|
|---|
| Cash | 26 | | 19 | | | |
| Short Term Debt | 162 | | 259 | | | |
| Long Term Debt | 85 | | 90 | | | |
Cash flow
|
|---|
| Capex | 29 | | | | | |
Ratios
|
|---|
| Revenue growth | -31.6% | 47.9% | 1.1% | -3.3% | -13.1% | |
| EBITDA growth | 9.2% | -25.8% | 21.7% | | | |
| EBITDA Margin | 4.4% | 2.2% | 2.7% | 0.0% | 4.0% | 4.0% |
| Net Income Margin | 2.3% | 1.0% | 0.7% | 0.8% | 0.1% | -0.7% |
| CAPEX, % of revenue | 1.4% | | | | | 0.0% |
| ROIC | 7.9% | | | | | 0.0% |
| ROE | 7.6% | | | | | 0.0% |
| Net Debt/EBITDA | 2.4x | 0.0x | 3.9x | | 0.0x | 0.0x |
Revenue and profitability
The company's Revenue dropped on 13.1% in FY2015.
Net Income marign decreased slightly on 0.71 pp from 0.80% to 0.088% in FY2015.
Appendix 1: Peers in Iron & Steel Products
Below you can find Rathi Bars benchmarking vs. other companies in Iron & Steel 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 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bedmutha Industries ($BEDMUTHA) | | 10.7% | -7.4% | 2.7% | 44.6% |
| Remi Edelstahl Tubulars ($REMIEDEL) | | 40.9% | -10.8% | -24.4% | 40.7% |
| Nile ($NILE) | | 7.5% | -19.1% | 6.9% | 38.7% |
| Apl Apollo Tubes ($APLAPOLLO) | | 54.5% | 44.2% | 24.3% | 25.7% |
| Usha Martin ($USHAMART) | | 10.4% | 7.8% | 12.5% | 12.0% |
| |
|---|
| Median (9 companies) | -61.2% | 15.2% | -8.6% | 7.2% | 12.0% |
|---|
| Rathi Bars ($RATHIBAR) | | 47.9% | 1.1% | -3.3% | -13.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Gandhi Special Tubes ($GANDHITUBE) | | | | | 25.5% |
| National Fittings ($NATFIT) | | | | | 19.3% |
| Usha Martin ($USHAMART) | 18.7% | 13.2% | 18.1% | 18.7% | 16.5% |
| Shree Steel Wire Ropes ($SSWRL) | | | | | 12.5% |
| Lakshmi Precision Screws ($LAKPRE) | 14.5% | 15.9% | 16.2% | 7.0% | 12.4% |
| |
|---|
| Median (12 companies) | 9.0% | 6.0% | 6.4% | 6.6% | 6.7% |
|---|
| Rathi Bars ($RATHIBAR) | 4.4% | 2.2% | 2.7% | | 4.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Usha Martin ($USHAMART) | 26.0% | 21.6% | 23.5% | 29.0% | 13.2% |
| Apl Apollo Tubes ($APLAPOLLO) | 8.8% | 5.6% | 4.2% | 5.1% | 5.9% |
| Gandhi Special Tubes ($GANDHITUBE) | | | | | 4.0% |
| |
|---|
| Median (3 companies) | 11.6% | 5.8% | 2.5% | 15.4% | 5.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Apl Apollo Tubes ($APLAPOLLO) | 20.5% | 18.2% | 19.5% | 16.0% | 16.6% |
| Lakshmi Precision Screws ($LAKPRE) | 13.7% | 14.4% | 11.9% | 3.1% | 11.9% |
| Gandhi Special Tubes ($GANDHITUBE) | 31.2% | 28.3% | 18.9% | 13.2% | 11.1% |
| Usha Martin ($USHAMART) | 9.5% | 4.3% | 6.5% | 7.6% | 5.6% |
| National Fittings ($NATFIT) | 26.0% | 18.6% | 22.1% | | |
| |
|---|
| Median (21 companies) | 9.5% | 8.5% | 8.0% | 6.7% | 11.5% |
|---|
| Rathi Bars ($RATHIBAR) | 7.9% | | | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Lakshmi Precision Screws ($LAKPRE) | 2.4x | 2.7x | 3.4x | 8.1x | 4.4x |
| Msp Steel & Power ($MSPL) | 9.2x | | 6.4x | 6.6x | |
| Usha Martin ($USHAMART) | 2.6x | 10.0x | 4.8x | 4.8x | 5.2x |
| Apl Apollo Tubes ($APLAPOLLO) | 2.5x | 2.7x | 2.8x | 3.1x | 2.3x |
| National Fittings ($NATFIT) | 0.6x | 0.8x | 0.1x | 0.0x | 0.0x |
| |
|---|
| Median (14 companies) | 2.6x | 2.6x | 3.4x | 0.0x | 0.0x |
|---|
