Gateway Distriparks Net Income dropped on 41.6% and EBITDA Margin decreased on 5.1 pp from 29.4% to 24.3%
27-04-2016 • About Gateway Distriparks (
$GDL) • By InTwits
Gateway Distriparks reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Gateway Distriparks has high CAPEX intensity: 5 year average CAPEX/Revenue was 16.6%. At the same time it's in pair with industry average of 18.3%
- CAPEX is quite volatile: ₹229m in FY2016, ₹243m in FY2015, ₹473m in FY2014, ₹420m in FY2013, ₹599m in FY2012
- The company has business model with average profitability: ROIC is 11.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 5.4%. Revenue decline was accelerating on average at -9.1 pp per annum in the last 5 years. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 5.1 pp from 29.4% to 24.3% in FY2016.
Net Income margin decreased on 6.5 pp from 16.9% to 10.4% in FY2016.
Investments (CAPEX, working capital and M&A)
Gateway Distriparks's CAPEX/Revenue was 10.8% in FY2016. The company showed big decline in CAPEX/Revenue of 14.3 pp from 25.1% in FY2013 to 10.8% in FY2016. It's average CAPEX/Revenue for the last three years was 14.8%. During FY2012-FY2016 CAPEX as a % of Revenue topped in FY2013 at 25.1% and was declining since that time.
Return on investment
The company operates at low ROIC (11.8%) and ROE (11.8%). ROIC decreased on 3.8 pp from 15.6% to 11.8% in FY2016. ROE decreased on 9.6 pp from 21.3% to 11.8% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.8x and Debt / EBITDA is 0.9x. Net Debt / EBITDA jumped on 0.4x from 0.4x to 0.8x in FY2016. Debt jumped on 22.1% while cash dropped on 51.7%.
Gateway Distriparks has short term refinancing risk: cash is only 70.3% of short term debt.
Financial and operational results
Gateway Distriparks ($GDL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 8,214 | 9,539 | 10,128 | 11,113 | 10,509 | -5.4% |
| EBITDA | 2,500 | 2,441 | 2,577 | 3,270 | 2,552 | -22.0% |
| Net Income | 1,320 | 1,267 | 1,358 | 1,878 | 1,096 | -41.6% |
Balance Sheet
|
|---|
| Cash | 841 | 696 | 698 | 416 | 201 | -51.7% |
| Short Term Debt | 234 | 568 | 1,018 | 450 | 286 | -36.5% |
| Long Term Debt | 1,037 | 1,953 | 2,222 | 1,370 | 1,936 | 41.3% |
Cash flow
|
|---|
| Capex | 1,123 | 2,393 | 1,984 | 1,557 | 1,134 | -27.1% |
Ratios
|
|---|
| Revenue growth | 36.6% | 16.1% | 6.2% | 9.7% | -5.4% | |
| EBITDA growth | 52.1% | -2.4% | 5.6% | 26.9% | -22.0% | |
|
|---|
| EBITDA Margin | 30.4% | 25.6% | 25.4% | 29.4% | 24.3% | -5.1% |
| Net Income Margin | 16.1% | 13.3% | 13.4% | 16.9% | 10.4% | -6.5% |
| CAPEX, % of revenue | 13.7% | 25.1% | 19.6% | 14.0% | 10.8% | -3.2% |
|
|---|
| ROIC | 15.3% | 13.0% | 11.7% | 15.6% | 11.8% | -3.8% |
| ROE | 18.4% | 16.5% | 16.7% | 21.3% | 11.8% | -9.6% |
| Net Debt/EBITDA | 0.2x | 0.7x | 1.0x | 0.4x | 0.8x | 0.4x |
Peers in Transportation - Logistics
Below you can find Gateway Distriparks benchmarking vs. other companies in Transportation - Logistics 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Snowman Logistics ($SNOWMAN) | - | 85.2% | 34.9% | 32.3% | 18.3% |
| Sical Logistics ($SICAL) | 1.3% | -2.4% | 10.7% | -1.7% | - |
| Arshiya ($ARSHIYA) | 28.7% | 7.8% | -54.7% | -37.2% | - |
| |
|---|
| Median (3 companies) | 15.0% | 7.1% | 10.7% | -1.7% | 9.4% |
|---|
| Gateway Distriparks ($GDL) | - | 16.1% | 6.2% | 9.7% | -5.4% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Snowman Logistics ($SNOWMAN) | 25.7% | 22.8% | 26.0% | 23.2% | 21.1% |
| Sical Logistics ($SICAL) | 10.4% | 12.2% | 11.9% | 10.1% | - |
| Arshiya ($ARSHIYA) | 25.7% | 15.5% | -6.3% | 9.7% | - |
| Gati ($GATI) | 6.7% | 6.5% | - | 8.6% | 8.0% |
| |
|---|
| Median (4 companies) | 18.0% | 13.9% | 11.9% | 9.9% | 14.5% |
|---|
| Gateway Distriparks ($GDL) | 30.4% | 25.6% | 25.4% | 29.4% | 24.3% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Snowman Logistics ($SNOWMAN) | 46.2% | 100.1% | 76.9% | 46.9% | 58.8% |
| Sical Logistics ($SICAL) | 19.4% | 21.9% | 10.2% | 19.1% | - |
| Gati ($GATI) | - | 3.1% | - | 7.4% | 2.5% |
| Arshiya ($ARSHIYA) | 92.5% | 38.8% | 3.1% | 0.2% | - |
| |
|---|
| Median (4 companies) | 46.2% | 30.3% | 10.2% | 13.3% | 30.6% |
|---|
| Gateway Distriparks ($GDL) | 13.7% | 25.1% | 19.6% | 14.0% | 10.8% |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Gati ($GATI) | 4.8% | 4.8% | 0.0% | 8.3% | 7.8% |
| Snowman Logistics ($SNOWMAN) | 9.4% | 10.0% | 8.1% | 5.2% | 3.9% |
| Sical Logistics ($SICAL) | 4.1% | 4.3% | 4.2% | 2.6% | - |
| Arshiya ($ARSHIYA) | 9.1% | 3.5% | -3.3% | -2.2% | - |
| |
|---|
| Median (4 companies) | 7.0% | 4.6% | 2.1% | 3.9% | 5.9% |
|---|
| Gateway Distriparks ($GDL) | 15.3% | 13.0% | 11.7% | 15.6% | 11.8% |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Arshiya ($ARSHIYA) | 8.2x | 15.0x | - | 80.6x | - |
| Sical Logistics ($SICAL) | 6.4x | 7.3x | 8.1x | 9.9x | - |
| Gati ($GATI) | 4.1x | 5.2x | - | 2.9x | 3.5x |
| Snowman Logistics ($SNOWMAN) | -0.8x | 3.4x | 3.3x | 0.1x | 2.5x |
| |
|---|
| Median (4 companies) | 5.2x | 6.3x | 5.7x | 6.4x | 3.0x |
|---|
| Gateway Distriparks ($GDL) | 0.2x | 0.7x | 1.0x | 0.4x | 0.8x |
