Indo Amines EBITDA jumped on 38.0% and EBITDA Margin increased slightly on 1.8 pp from 10.4% to 12.2%

04-05-2016 • About Indo Amines ($INDOAMIN) • By InTwits

Indo Amines reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:

• Indo Amines is a growth stock: FY2016 revenue growth was 17.2%, 5 year revenue CAGR was 10.1% at FY2016 ROIC
• EBITDA Margin is expanding: 12.2% in FY2016 vs. 10.4% in FY2015 vs. 7.8% in FY2012

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 jumped on 17.2%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.8 pp from 10.4% to 12.2% in FY2016. EBITDA Margin grew at 1.1 pp per annum in the last 5 years.

Net Income margin increased slightly on 1.5 pp from 2.1% to 3.6% in FY2016.

Management team

The company's CFO Ajay Marathe has spent 5 years with the company.

Financial and operational results

Indo Amines ($INDOAMIN) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,913	1,998	2,212	2,155	2,526	17.2%
EBITDA	149	167	189	224	309	38.0%
Net Income	40	67	58	46	91	97.6%
Balance Sheet
Cash	35
Short Term Debt	342
Long Term Debt	81
Cash flow
Capex	102
Ratios
Revenue growth	22.3%	4.4%	10.7%	-2.6%	17.2%
EBITDA growth	65.6%	11.7%	13.3%	18.4%	38.0%
EBITDA Margin	7.8%	8.4%	8.6%	10.4%	12.2%	1.8%
Net Income Margin	2.1%	3.3%	2.6%	2.1%	3.6%	1.5%
CAPEX, % of revenue	5.3%
ROIC	20.3%
ROE	17.3%
Net Debt/EBITDA	2.6x	0.0x	0.0x	0.0x	0.0x

Peers in Commodity Chemicals

Below we provide Indo Amines benchmarking against other companies in Commodity Chemicals 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
Tuticorin Alkali Chemicals & Fertilisers ($TUTIALKA)	354.1%	-27.9%	-83.3%	408.0%	-
Jayshree Chemicals ($JAYCH)	288.9%	17.5%	-75.2%	262.3%	-
Jagran Production ($JAGPRO)	589.4%	4.4%	514.9%	192.3%	-
Shree Hari Chemicals Export ($SHHARICH)	-2.5%	-78.0%	299.5%	111.6%	-
Jindal Poly Films ($JINDPOLBBPH)	-17.2%	-6.3%	131.7%	46.9%	-
Median (37 companies)	17.1%	11.2%	11.4%	6.3%	10.0%
Indo Amines ($INDOAMIN)	-	4.4%	10.7%	-2.6%	17.2%

Top companies by EBITDA margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Riddhi Siddhi Gluco Biols ($RIDDHI)	-	-	-	104.7%	-
Mysore Petro Chemicals ($MYSORPETRO)	-	-	-	47.1%	-
Aditya Birla Chemicals (India) ($ABCIL)	26.8%	27.1%	23.6%	21.9%	-
Indo Borax & Chemicals ($INDOBORAX)	-	-	-	21.3%	-
Chemfab Alkalis ($CHEMFALKAL)	22.3%	32.9%	24.2%	19.8%	-
Median (50 companies)	11.3%	8.3%	8.5%	6.6%	5.8%
Indo Amines ($INDOAMIN)	7.8%	8.4%	8.6%	10.4%	12.2%

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Kanoria Chemicals & Industries ($KANORICHEM)	25.1%	6.0%	13.4%	40.3%	-
Aditya Birla Chemicals (India) ($ABCIL)	136.9%	24.2%	30.8%	15.0%	-
Aarti Industries ($AARTIIND)	8.0%	11.2%	11.0%	10.4%	-
Alkyl Amines Chemicals ($ALKYLAMINE)	5.1%	6.6%	5.9%	8.6%	-
Sukhjit Starch & Chemicals ($SUKHJITS)	15.7%	9.4%	5.4%	5.4%	-
Median (22 companies)	5.2%	6.6%	5.7%	3.2%	4.7%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Bodal Chemicals ($BODALCHEM)	-1.3%	3.3%	39.0%	38.3%	-
Elantas Beck India ($ELANTAS)	20.4%	33.9%	31.0%	36.6%	-
Alkyl Amines Chemicals ($ALKYLAMINE)	16.0%	18.7%	25.0%	23.7%	-
Aarti Industries ($AARTIIND)	15.9%	19.1%	17.2%	17.9%	-
Transpek Industry ($TRANSPEK)	-1.7%	14.2%	11.0%	17.8%	-
Median (60 companies)	9.0%	9.8%	9.3%	8.8%	3.5%
Indo Amines ($INDOAMIN)	20.3%	-	-	-	-

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Iol Chemicals & Pharmaceuticals ($IOLCP)	5.8x	4.5x	3.7x	35.4x	8.8x
India Glycols ($INDIAGLYCO)	4.8x	3.7x	8.5x	14.2x	-
Godrej Industries ($GODREJIND)	9.9x	5.7x	7.9x	10.7x	-
Kanoria Chemicals & Industries ($KANORICHEM)	5.2x	9.6x	3.5x	9.4x	-
Garware Polyester ($GARWARPOLY)	2.2x	3.8x	4.0x	5.2x	-
Median (37 companies)	2.6x	3.2x	1.4x	1.1x	4.4x
Indo Amines ($INDOAMIN)	2.6x	0.0x	0.0x	0.0x	0.0x

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