Pioneer Distilleries Net Income surged on 258% and EBITDA Margin surged on 37.0 pp from 19.5% to 56.5%
16-05-2016 • About Pioneer Distilleries (
$PIONDIST) • By InTwits
Pioneer Distilleries reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 56.5% in FY2016 vs. 19.5% in FY2015 vs. -3.0% in FY2012
- EBITDA Margin is quite volatile: 56.5% in FY2016, 19.5% in FY2015, 6.6% in FY2014, -7.5% in FY2013, -3.0% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 5.3%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin jumped on 37.0 pp from 19.5% to 56.5% in FY2016. EBITDA Margin grew at 14.6 pp per annum in FY2012-FY2016.
Net Income margin jumped on 38.3 pp from -14.3% to 24.0% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2013 at -27.0% and was growing since that time.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.3x and Debt / EBITDA is 0.3x. Net Debt / EBITDA dropped on 1.8x from 2.1x to 0.3x in FY2016. Debt dropped on 63.8% while cash dropped on 64.7%.
Pioneer Distilleries has short term refinancing risk: cash is only 26.7% of short term debt.
Financial and operational results
Pioneer Distilleries ($PIONDIST) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,040 | 1,030 | 1,289 | 1,509 | 1,429 | -5.3% |
| EBITDA | -31 | -77 | 85 | 294 | 808 | 174.4% |
| Net Income | -253 | -279 | -213 | -216 | 342 | |
Balance Sheet
|
|---|
| Cash | 19 | 6 | 15 | 21 | 7 | -64.7% |
| Short Term Debt | 201 | 347 | 373 | 305 | 28 | -90.9% |
| Long Term Debt | 823 | 717 | 522 | 322 | 200 | -38.1% |
Cash flow
|
|---|
| Capex | 310 | 361 | 387 | 185 | | |
Ratios
|
|---|
| Revenue growth | 94.2% | -0.9% | 25.1% | 17.0% | -5.3% | |
| EBITDA growth | -84.1% | 150.9% | -209.7% | 246.7% | 174.4% | |
|
|---|
| EBITDA Margin | -3.0% | -7.5% | 6.6% | 19.5% | 56.5% | 37.0% |
| Net Income Margin | -24.3% | -27.0% | -16.5% | -14.3% | 24.0% | 38.3% |
| CAPEX, % of revenue | 29.8% | 35.0% | 30.0% | 12.3% | | |
|
|---|
| ROIC | -12.3% | -17.4% | -3.3% | 70.5% | | |
| Net Debt/EBITDA | | | 10.4x | 2.1x | 0.3x | -1.8x |
Peers in Breweries & Distilleries
Below you can find Pioneer Distilleries benchmarking vs. other companies in Breweries & Distilleries 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 |
|---|
| Ifb Agro Industries ($IFBAGRO) | - | 5.4% | 8.4% | 19.2% | 4.8% |
| United Breweries ($UBL) | - | 9.5% | 8.5% | 10.8% | 8.3% |
| Som Distilleries & Breweries ($SDBL) | 11.0% | 5.0% | -6.5% | 8.3% | - |
| G.M.Breweries ($GMBREW) | - | 12.0% | 0.3% | 6.5% | 17.0% |
| Khoday India ($KHODAY) | 19.9% | -24.7% | 34.3% | -5.6% | - |
| |
|---|
| Median (7 companies) | 18.4% | 9.5% | 8.4% | 6.5% | 8.3% |
|---|
| Pioneer Distilleries ($PIONDIST) | - | -0.9% | 25.1% | 17.0% | -5.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tilaknagar Industries ($TI) | 26.2% | 22.7% | 21.0% | 15.0% | - |
| Som Distilleries & Breweries ($SDBL) | 14.4% | 15.0% | 15.0% | 14.9% | - |
| United Breweries ($UBL) | 11.6% | 12.3% | 10.3% | 13.3% | 14.4% |
| G.M.Breweries ($GMBREW) | 10.0% | 9.1% | 13.7% | 11.5% | 23.8% |
| United Spirits ($UNITDSPR) | 12.2% | 12.6% | -1.3% | 6.1% | - |
| |
|---|
| Median (10 companies) | 12.2% | 12.3% | 13.7% | 5.6% | 14.4% |
|---|
| Pioneer Distilleries ($PIONDIST) | -3.0% | -7.5% | 6.6% | 19.5% | 56.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tilaknagar Industries ($TI) | 20.6% | 10.0% | 14.8% | 13.7% | - |
| United Breweries ($UBL) | 10.7% | 9.8% | 5.0% | 8.7% | 4.8% |
| Ifb Agro Industries ($IFBAGRO) | 4.6% | 1.8% | 9.8% | 4.5% | 7.4% |
| United Spirits ($UNITDSPR) | 7.4% | 2.8% | 2.2% | 1.8% | - |
| Som Distilleries & Breweries ($SDBL) | 12.3% | 3.3% | 0.9% | 1.5% | - |
| |
|---|
| Median (6 companies) | 7.4% | 4.5% | 3.6% | 3.1% | 4.8% |
|---|
| Pioneer Distilleries ($PIONDIST) | 29.8% | 35.0% | 30.0% | 12.3% | - |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| G.M.Breweries ($GMBREW) | 18.4% | 17.0% | 21.9% | 18.0% | 46.7% |
| Som Distilleries & Breweries ($SDBL) | 23.3% | 22.2% | 19.2% | 16.5% | - |
| United Breweries ($UBL) | 11.5% | 11.6% | 8.1% | 14.3% | 17.1% |
| Ifb Agro Industries ($IFBAGRO) | 33.3% | 26.7% | 18.8% | 4.8% | 8.0% |
| Tilaknagar Industries ($TI) | 11.6% | 11.7% | 10.7% | 4.6% | - |
| |
|---|
| Median (11 companies) | 15.0% | 11.6% | 10.7% | 9.5% | 17.1% |
|---|
| Pioneer Distilleries ($PIONDIST) | -12.3% | -17.4% | -3.3% | 70.5% | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| United Spirits ($UNITDSPR) | 7.3x | 6.1x | - | 8.4x | - |
| Tilaknagar Industries ($TI) | 4.3x | 3.8x | 4.8x | 8.4x | - |
| United Breweries ($UBL) | 2.0x | 2.5x | 2.7x | 1.3x | 0.9x |
| Som Distilleries & Breweries ($SDBL) | 0.5x | -0.1x | -0.0x | 0.7x | - |
| G.M.Breweries ($GMBREW) | 0.9x | 0.7x | 0.6x | 0.5x | -0.4x |
| |
|---|
| Median (7 companies) | 2.2x | 1.8x | 0.6x | 0.7x | 0.8x |
|---|
| Pioneer Distilleries ($PIONDIST) | - | - | 10.4x | 2.1x | 0.3x |
