Ginni Filaments Debt dropped on 22.2% and Revenue dropped on 11.5%
30-04-2016 • About Ginni Filaments (
$GINNIFIL) • By InTwits
Ginni Filaments reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- EBITDA Margin is quite volatile: 9.6% in FY2016, 10.7% in FY2015, 14.5% in FY2014, 12.6% in FY2013, 2.7% in FY2012
- The company has business model with low profitability: ROIC is 9.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Ginni Filaments's Revenue dropped on 11.5%. During FY2012-FY2016 Revenue growth topped in FY2014 at 16.6% and was decelerating since that time. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.2 pp from 15.3% to 20.5% in FY2016. During FY2012-FY2016 EBITDA Margin topped in FY2014 at 14.5% and was declining since that time.
Net Income margin showed almost no change in FY2016. During the last 5 years Net Income margin topped in FY2014 at 4.2% and was declining since that time.
Return on investment
The company operates at low ROIC (9.8%) and ROE (3.2%). ROIC decreased on 3.1 pp from 12.8% to 9.8% in FY2016. ROE decreased on 2.1 pp from 5.2% to 3.2% in FY2016. During the last 5 years ROIC topped in FY2014 at 21.6% and was declining since that time. During FY2012-FY2016 ROE topped in FY2014 at 31.6% and was declining since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is 3.4x and Debt / EBITDA is 3.4x. Net Debt / EBITDA decreased on 0.1x from 3.4x to 3.4x in FY2016. Debt dropped on 22.2% while cash jumped on 111%.
Ginni Filaments has short term refinancing risk: cash is only 2.4% of short term debt.
Financial and operational results
Ginni Filaments ($GINNIFIL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 7,121 | 7,447 | 8,680 | 8,477 | 7,503 | -11.5% |
| EBITDA | 195 | 937 | 1,260 | 910 | 717 | -21.3% |
| Net Income | -437 | 175 | 363 | 78 | 44 | -43.5% |
Balance Sheet
|
|---|
| Cash | 39 | 27 | 42 | 19 | 40 | 111.3% |
| Short Term Debt | 1,390 | 1,977 | 1,502 | 2,026 | 1,653 | -18.4% |
| Long Term Debt | 2,271 | 1,833 | 1,623 | 1,114 | 790 | -29.1% |
Cash flow
|
|---|
| Capex | | 148 | | 134 | | |
Ratios
|
|---|
| Revenue growth | 2.8% | 4.6% | 16.6% | -2.3% | -11.5% | |
| EBITDA growth | -77.6% | 379.4% | 34.5% | -27.7% | -21.3% | |
|
|---|
| EBITDA Margin | 2.7% | 12.6% | 14.5% | 10.7% | 9.6% | -1.2% |
| Net Income Margin | -6.1% | 2.4% | 4.2% | 0.9% | 0.6% | -0.3% |
| CAPEX, % of revenue | | 2.0% | | 1.6% | | |
|
|---|
| ROIC | -1.0% | 15.2% | 21.6% | 12.8% | 9.8% | -3.1% |
| ROE | -43.2% | 19.3% | 31.6% | 5.2% | 3.2% | -2.1% |
| Net Debt/EBITDA | 18.5x | 4.0x | 2.4x | 3.4x | 3.4x | -0.1x |
Peers in
Below we provide Ginni Filaments benchmarking against other companies in 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 |
|---|
| Rane Engine Valve ($RANENGIN) | 6.5% | -14.4% | -1.2% | 49.3% | - |
| Indbulbbph ($INDBULBBPH) | - | -6.5% | 33.5% | 49.2% | 0.9% |
| Monetbbph ($MONETBBPH) | 22.3% | 3.7% | 11.6% | 40.8% | - |
| Asleyf ($ASLEYF) | 15.5% | -3.3% | -8.0% | 33.6% | - |
| Bharat Rasayan ($BHARATRA) | 51.3% | 32.1% | 92.7% | 21.4% | - |
| |
|---|
| Median (18 companies) | 17.7% | 10.8% | 3.5% | 9.1% | 5.3% |
|---|
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oswal Chemicals & Fertilizers ($OSWALCHEM) | - | - | - | 53.4% | - |
| Kaleconbbph ($KALECONBBPH) | 27.7% | 44.3% | 43.5% | 37.9% | - |
| Paushak ($PAUSHAK) | - | - | - | 25.6% | - |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | - | - | - | 24.7% | - |
| Indbulbbph ($INDBULBBPH) | 36.7% | 34.6% | 29.5% | 23.5% | 28.7% |
| |
|---|
| Median (21 companies) | 15.4% | 14.2% | 14.7% | 10.7% | 12.8% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Monetbbph ($MONETBBPH) | 131.4% | 5.2% | 139.2% | 89.2% | - |
| Jklakbbph ($JKLAKBBPH) | 28.5% | 28.8% | 24.6% | 23.6% | - |
| Rilbbph ($RILBBPH) | 4.6% | 7.7% | 13.8% | 16.9% | 18.0% |
| Gkw ($GKW) | - | - | - | 15.5% | - |
| Paushak ($PAUSHAK) | - | - | - | 12.3% | - |
| |
|---|
| Median (18 companies) | 8.8% | 5.2% | 4.5% | 5.0% | 0.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaleconbbph ($KALECONBBPH) | - | 89.0% | 103.8% | 81.0% | - |
| Bharat Rasayan ($BHARATRA) | 22.1% | 13.7% | 21.9% | 26.1% | - |
| Uplbbph ($UPLBBPH) | 17.1% | 15.9% | 18.2% | 22.1% | 22.2% |
| Rane Brake Lining ($RANEBRAKE) | 14.1% | 7.9% | 11.1% | 12.8% | - |
| Merckbbph ($MERCKBBPH) | 21.3% | 13.1% | 8.6% | 10.6% | - |
| |
|---|
| Median (29 companies) | 8.5% | 7.6% | 5.9% | 4.4% | 2.7% |
|---|
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Monetbbph ($MONETBBPH) | 9.8x | 16.3x | 27.4x | 140.3x | - |
| Indbulbbph ($INDBULBBPH) | 4.3x | 4.8x | 5.5x | 9.6x | 6.5x |
| Jklakbbph ($JKLAKBBPH) | 2.1x | 2.3x | 5.3x | 5.5x | - |
| Asleyf ($ASLEYF) | 2.5x | 5.0x | 17.8x | 5.0x | - |
| Rane Engine Valve ($RANENGIN) | 2.1x | 11.3x | 4.5x | 4.8x | - |
| |
|---|
| Median (17 companies) | 1.8x | 2.1x | 2.2x | 1.1x | 0.5x |
|---|
