Filatex India revenue dropped on 18.7% while EBITDA Margin increased slightly on 1.9 pp from 5.0% to 6.9%
22-04-2016 • About Filatex India (
$FILATEX) • By InTwits
Filatex India reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 6.9% in FY2016, 5.0% in FY2015, 2.4% in FY2014, 3.6% in FY2013, 6.8% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 4.9x while industry average is 1.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 18.7%. During the last 5 years Revenue growth topped in FY2013 at 159% and was decelerating since that time. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from 5.0% to 6.9% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2014 at 2.4% and was growing since that time.
Net Income margin increased slightly on 1.4 pp from 0.61% to 2.1% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at -0.46% and was growing since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is 4.9x and Debt / EBITDA is 5.1x. Net Debt / EBITDA surged4.9x from 0x to 4.9x in FY2016. Debt jumped while cash jumped.
Filatex India has short term refinancing risk: cash is only 9.1% of short term debt.
Valuation and dividends
The company's trades at EV/EBITDA 6.5x and P/E 5.3x while industy averages are 17.8x and 21.9x.
Financial and operational results
Filatex India ($FILATEX) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 4,734 | 12,248 | 17,694 | 15,684 | 12,756 | -18.7% |
| EBITDA | 323 | 444 | 422 | 789 | 880 | 11.5% |
| Net Income | 137 | 24 | -81 | 96 | 263 | 173.6% |
Balance Sheet
|
|---|
| Cash | 33 | 704 | | | 125 | |
| Short Term Debt | 740 | 1,758 | | | 1,378 | |
| Long Term Debt | 1,863 | 1,838 | | | 3,076 | |
Cash flow
|
|---|
| Capex | 2,333 | | | | | |
Ratios
|
|---|
| Revenue growth | -2.7% | 158.7% | 44.5% | -11.4% | -18.7% | |
| EBITDA growth | -22.4% | 37.5% | -4.9% | 86.9% | 11.5% | |
|
|---|
| EBITDA Margin | 6.8% | 3.6% | 2.4% | 5.0% | 6.9% | 1.9% |
| Net Income Margin | 2.9% | 0.2% | -0.5% | 0.6% | 2.1% | 1.4% |
| CAPEX, % of revenue | 49.3% | | | | | |
|
|---|
| ROIC | 7.2% | 4.9% | | | | |
| ROE | 10.4% | 1.6% | | | | |
| Net Debt/EBITDA | 8.0x | 6.5x | 0.0x | 0.0x | 4.9x |
Peers in Textiles
Below we provide Filatex India benchmarking against other companies in Textiles industry for the last 5 years. We show data for the top-5 companies by key financial metric together with the median value for all the companies in the industry.
Top companies by Revenue growth, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Olympia Industries ($OLYMPTX) | -58.0% | -96.6% | 74,809.1% | 1,749.9% | - |
| Shri Dinesh Mills ($SHRIDINE) | 5.0% | 5.1% | -76.5% | 304.9% | - |
| Santaram Spinners ($SANTASPN) | 6.0% | 60.7% | -40.9% | 112.0% | - |
| Asahi Industries ($ASAHIIND) | 36.2% | 23.0% | 24.4% | 103.9% | - |
| Blue Chip Tex Industries ($BLUECHIPT) | - | 12.9% | 29.9% | 56.1% | 23.7% |
| |
|---|
| Median (73 companies) | 5.0% | 9.3% | 14.2% | -0.1% | 23.7% |
|---|
| Filatex India ($FILATEX) | - | 158.7% | 44.5% | -11.4% | -18.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Sil Investments ($SILINV) | - | - | - | 93.8% | - |
| Swadeshi Polytex ($SWADPOL) | - | - | - | 64.4% | - |
| Binny ($BINNY) | - | - | - | 60.9% | - |
| Ruby Mills ($RUBYMILLS) | 28.3% | 25.1% | 28.6% | 29.3% | - |
| Premier Synthetics ($PREMSYN) | - | - | - | 25.9% | - |
| |
|---|
| Median (84 companies) | 6.3% | 9.5% | 10.1% | 7.4% | 4.8% |
|---|
| Filatex India ($FILATEX) | 6.8% | 3.6% | 2.4% | 5.0% | 6.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Nitin Spinners ($NITINSPIN) | 1.9% | 2.6% | 8.0% | 42.3% | - |
| Maharaja Shree Umaid Mills ($MAHASHR) | 18.6% | 24.1% | 6.8% | 16.8% | - |
| Jindal Worldwide ($JINDWORLD) | 3.0% | 10.5% | 20.7% | 11.6% | - |
| SRF ($SRF) | 0.0% | 18.7% | 20.0% | 11.4% | - |
| Welspun India ($WELSPUNIND) | 5.6% | 7.8% | 16.4% | 10.9% | - |
| |
|---|
| Median (21 companies) | 3.0% | 5.6% | 6.8% | 6.7% | - |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Welspun India ($WELSPUNIND) | 9.3% | 15.6% | 8.5% | 21.9% | - |
| Maharaja Shree Umaid Mills ($MAHASHR) | -0.5% | 9.2% | 8.3% | 20.4% | - |
| Nitin Spinners ($NITINSPIN) | 6.0% | 19.5% | 21.5% | 17.5% | - |
| Sutlej Textiles & Industries ($SUTLEJTEX) | 9.5% | 13.6% | 19.8% | 14.6% | - |
| Arvind ($ARVIND) | 11.3% | 11.2% | 13.7% | 13.2% | - |
| |
|---|
| Median (126 companies) | 3.5% | 9.3% | 9.2% | 9.5% | - |
|---|
| Filatex India ($FILATEX) | 7.2% | 4.9% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bombay Rayon Fashions ($BRFL) | 4.9x | 4.9x | 11.6x | 10.0x | - |
| Ruby Mills ($RUBYMILLS) | 12.6x | 15.3x | 10.8x | 8.6x | - |
| Dcm ($DCM) | 13.5x | 3.5x | 3.7x | 5.5x | - |
| Nahar Spinning Mills ($NAHARSPING) | 70.8x | 3.8x | 3.2x | 4.9x | - |
| Rai Saheb Rekhchand Mohota Spg.& Wvg.Mills ($RAIREKMOH) | 10.0x | 0.0x | 0.0x | 4.6x | - |
| |
|---|
| Median (69 companies) | 3.8x | 3.2x | 0.0x | 0.0x | 0.0x |
|---|
| Filatex India ($FILATEX) | 8.0x | 6.5x | 0.0x | 0.0x | 4.9x |
