C. Mahendra Exports reports 141% EBITDA decline and 85.7% Revenue decline
07-09-2015 • About C. Mahendra Exports (
$CMAHENDRA) • By InTwits
C. Mahendra Exports reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- C. Mahendra Exports is a company in decline: FY2015 revenue growth was -85.7%, 5 years revenue CAGR was -3.9%
- EBITDA Margin is declining: -15.7% in FY2015 vs. 5.4% in FY2014 vs. 6.9% in FY2011
- EBITDA Margin is quite volatile: -15.7% in FY2015, 5.4% in FY2014, 6.1% in FY2013, 7.5% in FY2012, 6.9% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
C. Mahendra Exports ($CMAHENDRA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 33,584 | 35,013 | 41,707 | 40,304 | 5,756 | -85.7% |
| EBITDA | 2,305 | 2,619 | 2,555 | 2,177 | -901 | -141.4% |
| Net Income | 1,574 | 1,608 | 1,584 | 1,226 | -1,340 | -209.3% |
Balance Sheet
|
|---|
| Cash | 1,660 | 374 | 283 | 65 | | -100.0% |
| Short Term Debt | 10,994 | 12,125 | 12,775 | 12,971 | | -100.0% |
| Long Term Debt | 130 | 62 | 60 | 194 | | -100.0% |
Cash flow
|
|---|
| Capex | 153 | | 113 | 34 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 377.8% | 4.3% | 19.1% | -3.4% | -85.7% | |
| EBITDA growth | 57.3% | 13.6% | -2.4% | -14.8% | -141.4% | |
| EBITDA Margin | 6.9% | 7.5% | 6.1% | 5.4% | -15.7% | -21.1% |
| Net Income Margin | 4.7% | 4.6% | 3.8% | 3.0% | -23.3% | -26.3% |
| CAPEX, % of revenue | 0.5% | | 0.3% | 0.1% | | -0.1% |
| ROIC | 13.2% | 12.9% | 11.1% | 8.5% | | -8.5% |
| ROE | 29.9% | 20.9% | 16.8% | 11.0% | | -11.0% |
| Net Debt/EBITDA | 4.1x | 4.5x | 4.9x | 6.0x | | -6.0x |
Revenue and profitability
The company's Revenue dropped on 85.7% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 21.1 pp from 5.4% to -15.7% in FY2015.
Net Income marign dropped on 26.3 pp from 3.0% to -23.3% in FY2015.
Appendix 1: Peers in Other Apparels & Accessories
Below you can find C. Mahendra Exports benchmarking vs. other companies in Other Apparels & Accessories 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 |
|---|
| Bhartiya International ($BIL) | | 28.4% | 20.9% | 36.7% | 34.7% |
| Page Industries ($PAGEIND) | | 39.0% | 26.3% | 37.5% | 30.0% |
| Mini Diamonds (India) ($MINID) | | 35.0% | 59.6% | 117.1% | 26.9% |
| Cantabil Retail India ($CANTABIL) | | -11.6% | -30.4% | -3.3% | 25.0% |
| Thangamayil Jewellery ($THANGAMAYL) | | 72.0% | 34.6% | -21.8% | 19.3% |
| |
|---|
| Median (23 companies) | | 10.4% | 19.5% | 15.3% | 2.4% |
|---|
| C. Mahendra Exports ($CMAHENDRA) | | 4.3% | 19.1% | -3.4% | -85.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ceenik Exports (India) ($CEENIK) | | | | | 27.2% |
| Arrow Textiles ($ARROWTEX) | | | | | 25.2% |
| Page Industries ($PAGEIND) | 19.9% | 21.1% | 20.5% | 21.5% | 20.7% |
| Banaras Beads ($BANARBEADS) | | | | | 17.9% |
| Rupa & Company ($RUPA) | 10.7% | 12.7% | 15.0% | 15.3% | 14.5% |
| |
|---|
| Median (31 companies) | 8.7% | 7.6% | 5.5% | 6.1% | 5.2% |
|---|
| C. Mahendra Exports ($CMAHENDRA) | 6.9% | 7.5% | 6.1% | 5.4% | -15.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Page Industries ($PAGEIND) | 5.8% | 4.0% | 5.2% | 4.4% | 3.6% |
| Zodiac Clothing Co ($ZODIACLOTH) | 9.3% | 5.7% | 3.9% | 4.0% | 5.0% |
| Tara Jewels ($TARAJEWELS) | 1.8% | 1.6% | 1.3% | 3.1% | |
| Bhartiya International ($BIL) | 4.5% | 4.5% | 3.9% | 1.8% | 2.1% |
| Rupa & Company ($RUPA) | 4.5% | 1.9% | 3.9% | 1.7% | 2.2% |
| |
|---|
| Median (14 companies) | 1.9% | 1.6% | 1.7% | 1.2% | 0.7% |
|---|
| C. Mahendra Exports ($CMAHENDRA) | 0.5% | | 0.3% | 0.1% | |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Page Industries ($PAGEIND) | 44.2% | 54.9% | 58.5% | 61.6% | 59.2% |
| Ashapura Intimates Fashion ($AIFL) | 21.7% | 24.1% | 19.1% | 23.4% | 39.9% |
| Rupa & Company ($RUPA) | 20.2% | 22.4% | 27.1% | 25.8% | 23.8% |
| Tara Jewels ($TARAJEWELS) | 14.8% | 17.5% | 18.6% | 15.1% | 13.5% |
| Bhartiya International ($BIL) | 10.4% | 13.0% | 10.6% | 11.2% | 12.8% |
| |
|---|
| Median (40 companies) | 8.8% | 9.3% | 7.2% | 11.0% | 7.7% |
|---|
| C. Mahendra Exports ($CMAHENDRA) | 13.2% | 12.9% | 11.1% | 8.5% | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Thangamayil Jewellery ($THANGAMAYL) | 2.2x | 2.2x | 2.6x | 11.9x | 61.2x |
| Shrenuj & Co ($SHRENUJ) | 8.6x | 9.3x | 11.2x | 11.7x | 13.5x |
| Gokaldas Exports ($GOKEX) | | | | 3.6x | 10.4x |
| Tribhovandas Bhimji Zaveri ($TBZ) | 2.4x | 1.6x | 2.7x | 4.1x | 6.6x |
| Asian Star Co ($ASTAR) | 8.2x | 7.1x | 7.1x | 5.9x | 4.8x |
| |
|---|
| Median (25 companies) | 2.7x | 2.2x | 2.7x | 0.0x | 0.4x |
|---|
