Bsl reports 5.0% EBITDA decline in 2016 and almost no change in EBITDA Margin of 9.6%

11-05-2016 • About Bsl ($BSL) • By InTwits

Bsl reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is relatively stable: 9.6% in FY2016 vs. 10.1% in FY2015 vs. 10.6% 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 showed almost no change in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 16.4 pp from 64.4% to 80.8% in FY2016. EBITDA Margin declined at -0.27 pp per annum in FY2012-FY2016.

Net Income margin showed almost no change in FY2016. Net Income margin stuck to a growing trend at 0.55 pp per annum in the last 5 years.

Financial and operational results

Bsl ($BSL) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	3,036	2,952	3,381	3,799	3,783	-0.4%
EBITDA	321	321	343	383	364	-5.0%
Net Income	1	4	34	72	71	-1.0%
Balance Sheet
Cash	2	3
Short Term Debt	775	748
Long Term Debt	719	656
Cash flow
Capex	188
Ratios
Revenue growth	12.1%	-2.8%	14.6%	12.3%	-0.4%
EBITDA growth	-9.6%	0.1%	6.9%	11.5%	-5.0%
EBITDA Margin	10.6%	10.9%	10.1%	10.1%	9.6%	-0.5%
Net Income Margin	0.0%	0.1%	1.0%	1.9%	1.9%	-0.0%
CAPEX, % of revenue	6.2%
ROIC	8.3%	8.0%
ROE	0.2%	0.6%
Net Debt/EBITDA	4.7x	4.4x	0.0x	0.0x	0.0x

Peers in Textiles

Below you can find Bsl benchmarking vs. other companies in Textiles 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 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 ($BLUECHIPT)	-	12.9%	29.9%	56.1%	23.7%
Median (74 companies)	4.8%	9.7%	14.3%	-0.3%	2.1%
Bsl ($BSL)	-	-2.8%	14.6%	12.3%	-0.4%

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 ($PREMSYN)	-	-	-	25.9%	-
Median (85 companies)	6.2%	9.3%	9.5%	7.0%	12.4%
Bsl ($BSL)	10.6%	10.9%	10.1%	10.1%	9.6%

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Nitin Spinners ($NITINSPIN)	1.9%	2.6%	8.0%	42.3%	4.7%
Maharaja Shree Umaid Mills ($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%	13.0%
Welspun India ($WELSPUNIND)	5.6%	7.8%	16.4%	10.9%	17.7%
Median (21 companies)	3.2%	5.6%	6.8%	6.7%	6.3%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Welspun India ($WELSPUNIND)	9.3%	15.6%	8.5%	21.9%	25.2%
Maharaja Shree Umaid Mills ($MAHASHR)	-0.5%	9.2%	8.3%	20.4%	-
Nitin Spinners ($NITINSPIN)	6.0%	19.5%	21.5%	17.5%	17.8%
Sutlej Textiles & Industries ($SUTLEJTEX)	9.5%	13.6%	19.8%	14.6%	14.4%
Arvind ($ARVIND)	11.3%	11.2%	13.7%	13.2%	-
Median (127 companies)	3.5%	9.2%	8.9%	9.5%	13.6%
Bsl ($BSL)	8.3%	8.0%	-	-	-

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 ($RAIREKMOH)	10.0x	0.0x	0.0x	4.6x	-
Median (70 companies)	3.8x	3.2x	0.0x	0.0x	1.6x
Bsl ($BSL)	4.7x	4.4x	0.0x	0.0x	0.0x

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