Xpro India revenue increased on 6.5%

05-05-2016 • About Xpro India ($XPROINDIA) • By InTwits

Xpro India reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Xpro India's Revenue increased on 6.5%. Revenue decline was slowing down on average by 6.8 pp per annum in FY2012-FY2016.

Net Income margin decreased on 7.4 pp from -5.4% to -12.8% in FY2016. Net Income margin stuck to a declining trend at -5.6 pp per annum in the last 5 years.

Financial and operational results

Xpro India ($XPROINDIA) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	2,459	2,256	2,427	2,585	2,753	6.5%
EBITDA	300	144		28
Net Income	336	-41	-104	-139	-351
Balance Sheet
Cash	784	545
Short Term Debt	334	423
Long Term Debt	184	1,231
Cash flow
Capex	195	1,188
Ratios
Revenue growth	-20.1%	-8.3%	7.6%	6.5%	6.5%
EBITDA growth	-9.8%	-51.8%

EBITDA Margin	12.2%	6.4%		1.1%
Net Income Margin	13.7%	-1.8%	-4.3%	-5.4%	-12.8%	-7.4%
CAPEX, % of revenue	7.9%	52.7%

ROIC	9.1%	1.5%
ROE	25.4%	-2.8%
Net Debt/EBITDA	-0.9x	7.7x		0.0x

Peers in Commodity Chemicals

Below we provide Xpro India 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 ($JINDPOLBBPH)	-17.2%	-6.3%	131.7%	46.9%	-
Median (37 companies)	19.0%	11.2%	11.5%	5.6%	17.2%
Xpro India ($XPROINDIA)	-	-8.3%	7.6%	6.5%	6.5%

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 ($CHEMFALKAL)	22.3%	32.9%	24.2%	19.8%	-
Median (50 companies)	9.6%	8.4%	8.5%	6.6%	9.0%
Xpro India ($XPROINDIA)	12.2%	6.4%	-	1.1%	-

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%	6.3%	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 ($TRANSPEK)	-1.7%	14.2%	11.0%	17.8%	-
Median (60 companies)	9.1%	9.8%	9.3%	8.8%	3.5%
Xpro India ($XPROINDIA)	9.1%	1.5%	-	-	-

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 ($GARWARPOLY)	2.2x	3.8x	4.0x	5.2x	-
Median (37 companies)	2.6x	3.0x	1.1x	1.1x	0.0x
Xpro India ($XPROINDIA)	-0.9x	7.7x	-	0.0x	-

Xpro India stock price chart

Xpro India financials

mln.	FY2010	FY2011	FY2012

Revenue	3,023	3,078	2,459
EBITDA	207.8	332.2	299.7
Net income	24.984	114.0	335.9
CAPEX	95.319	188.3	195.3
Debt	846.5	647.1	518.4
Cash	27.185	287.5	783.9

About Xpro India

Xpro India Limited manufactures and sells polymers primarily in India. The company operates through Biax and Coex divisions. It offers bi-axially oriented polypropylene films for use in various packing applications, such as adhesive tapes, bakery products, biscuits, cigarette overwraps, confectionery, metalizing, potato chips, print lamination, processed foods, salted snacks, and supermarket products. The company also provides specialty coextruded cast films, including stretch wrap films for use in pallet stretch wrap and food bundle overwraps; soft blister films for medical disposals packaging; release films for use in rubber, tire and tread, and conveyor belting industry; cast polypropylene films for application in packaging and lamination, and stationery products; and hygiene films for use as diaper backing film, in sanitary napkins, and in surgical drapes. In addition, it offers mono-layer and coextruded plastic sheets for use in refrigerator door and cabinet liners; luggage shells; automotive flooring, trims, and panels; disposable cups and containers; stationary files and folders; and industrial thermoforming applications, such as furniture, packaging, and bathroom cabinets. Further, the company provides dielectric films for various applications, such as power transmission and distribution, motor run, power film/electronic, magnetic lighting ballast, microwave oven, low voltage industrial power factor correction, AC and pulse film, interference suppression, and hybrid cars capacitors, as well as for energy storage applications. Additionally, it offers thermoformed liners for refrigerator inner and door liners; automotive interior and exterior trims; furniture; luggage shells; sanitary products; electrical/electronic housings; and industrial trays. The company was formerly known as Biax Films Limited and changed its name to Xpro India Limited in September 1998. Xpro India Limited was incorporated in 1997 and is based in Faridabad, India.