Choksi Imaging revenue dropped on 57.3%

16-05-2016 • About Choksi Imaging ($CHOKSI) • By InTwits

Choksi Imaging reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Choksi Imaging is a company in decline: FY2016 revenue growth was -57.3%, 5 years revenue CAGR was -23.2%.

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

Revenue and profitability

Choksi Imaging's Revenue dropped on 57.3%. Revenue decline was accelerating on average at -19.1 pp per annum in the last 5 years.

Net Income margin increased on 4.4 pp from 0.39% to 4.8% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at -3.8% and was growing since that time.

Financial and operational results

Choksi Imaging ($CHOKSI) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,843	2,277	1,688	1,066	455	-57.3%
EBITDA	57	25	-40		21
Net Income	13	2	-65	4	22	415.3%
Balance Sheet
Cash	17	12
Short Term Debt	337	326
Long Term Debt	4	0
Cash flow
Capex	27
Ratios
Revenue growth	7.9%	23.6%	-25.9%	-36.8%	-57.3%
EBITDA growth	-36.1%	-56.0%	-257.3%

EBITDA Margin	3.1%	1.1%	-2.4%		4.7%
Net Income Margin	0.7%	0.1%	-3.8%	0.4%	4.8%	4.4%
CAPEX, % of revenue	1.5%

ROIC	10.2%	3.6%
ROE	6.8%	1.2%
Net Debt/EBITDA	5.7x	12.4x			0.0x

Peers in Photographic Products

Below we provide Choksi Imaging benchmarking against other companies in Photographic Products 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	FY2012	FY2013	FY2014	FY2015	FY2016
Photoquip India ($PHOTOQUP)	33.4%	-5.0%	17.8%	10.2%	-
Jindal Photo ($JINDALPHOT)	0.9%	16.5%	-29.7%	-11.1%	-
Median (2 companies)	17.1%	5.8%	-5.9%	-0.4%	-
Choksi Imaging ($CHOKSI)	-	23.6%	-25.9%	-36.8%	-57.3%

Top companies by ROIC, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Photoquip India ($PHOTOQUP)	-	-	-	-	-
Jindal Photo ($JINDALPHOT)	1.8%	0.3%	-0.4%	-	-
Median (2 companies)	1.8%	0.3%	-0.4%	-	-
Choksi Imaging ($CHOKSI)	10.2%	3.6%	-	-	-

Choksi Imaging stock price chart

Choksi Imaging financials

mln.	FY2010	FY2011	FY2012

Revenue	1,166	1,708	1,843
EBITDA	60.975	89.779	57.406
Net income	47.887	34.050	12.664
CAPEX	18.745	17.734	26.938
Debt	254.2	276.1	341.8
Cash	14.355	25.615	17.305

About Choksi Imaging

Choksi Imaging Limited manufactures and deals in photosensitized materials and other products for the healthcare industry primarily in India. The company manufactures medical X-ray films; and trades coronary stents, and other consumables and equipment. It offers dental radiology equipment, such as intra oral sensors, X-rays, and OPG and CBCT products; and CR System, which consists of single-plate CR reader, flexible phosphor screens, advanced image management software, and a PC based review station that enable imaging functions at the point of patient care. The company also provides laser imagers; ultrasound and color doppler products, including portable black and white, general imaging, cardiovascular, and eSaote compact color and doppler products; X-Ray films and chemicals, such as laser green, laser blue, and laser chemical products; and X-Ray accessories, including screens, cassettes, illuminators, and aprons. In addition, it offers industrial X-ray films, Laser NDT chemicals, processors, dryers, and digital and other equipment. The company also exports its products. Choksi Imaging Limited was incorporated in 1992 and is based in Mumbai, India.