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T T EBITDA Margin decreased on 9.2 pp from 9.2% to in 2016

11-05-2016 • About T T ($TTL) • By InTwits

T T reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: It operates with high leverage: Net Debt/EBITDA is 1.6x while industry average is 1.2x.

Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


T T's Revenue increased on 2.1%.

Net Income margin showed almost no change in FY2016. During the last 5 years Net Income margin topped in FY2013 at 1.3% and was declining since that time.

Financial and operational results


T T ($TTL) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue3,8054,8987,2406,6576,8002.1%
EBITDA188529609
Net Income-2266904022-46.7%
Balance Sheet
Cash1914
Short Term Debt1,0791,158
Long Term Debt1,3321,753
Cash flow
Ratios
Revenue growth-21.8%28.7%47.8%-8.0%2.1%
EBITDA growth-66.7%181.2%

EBITDA Margin4.9%10.8%9.2%
Net Income Margin-0.6%1.3%1.2%0.6%0.3%-0.3%

ROIC2.3%11.5%
ROE-2.4%6.8%
Net Debt/EBITDA12.7x5.5x0.0x

Peers in Textiles


Below we provide T T benchmarking against other companies in Textiles 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
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%8.9%14.3%0.2%0.9%
T T ($TTL)-28.7%47.8%-8.0%2.1%


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)6.5%9.3%9.5%7.0%12.4%
T T ($TTL)4.9%10.8%-9.2%-


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)3.4%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)3.6%8.9%8.9%9.5%13.6%
T T ($TTL)2.3%11.5%---


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Bombay Rayon Fashions ($BRFL)4.9x4.9x11.6x10.0x-
Ruby Mills ($RUBYMILLS)12.6x15.3x10.8x8.6x-
Dcm ($DCM)13.5x3.5x3.7x5.5x-
Nahar Spinning Mills ($NAHARSPING)70.8x3.8x3.2x4.9x-
Rai Saheb Rekhchand Mohota Spg.& Wvg.Mills ($RAIREKMOH)10.0x0.0x0.0x4.6x-
 
Median (70 companies)3.8x3.2x0.0x0.0x1.6x
T T ($TTL)12.7x5.5x-0.0x-