Cochin Minerals & Rutile revenue jumped on 35.6%
19-05-2016 • About Cochin Minerals & Rutile (
$COCHINM) • By InTwits
Cochin Minerals & Rutile reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is declining: -8.2% in FY2016 vs. in FY2015 vs. 38.1% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Cochin Minerals & Rutile's Revenue surged on 35.6%. During FY2012-FY2016 Revenue growth bottomed in FY2014 at -33.8% and was accelerating since that time.
Net Income margin increased on 9.5 pp from -18.4% to -8.9% in FY2016. Net Income margin followed a declining trend at -10.6 pp per annum in the last 5 years.
Financial and operational results
Cochin Minerals & Rutile ($COCHINM) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,358 | 1,982 | 1,313 | 1,168 | 1,583 | 35.6% |
| EBITDA | 897 | 686 | 11 | | -129 | |
| Net Income | 571 | 433 | -39 | -215 | -140 | |
Balance Sheet
|
|---|
| Cash | 127 | 82 | 274 | | | |
| Short Term Debt | 49 | 26 | 370 | | | |
| Long Term Debt | 60 | 36 | 262 | | | |
Cash flow
|
|---|
| Capex | 11 | 43 | 44 | | | |
Ratios
|
|---|
| Revenue growth | 84.1% | -15.9% | -33.8% | -11.0% | 35.6% | |
| EBITDA growth | 595.3% | -23.5% | -98.4% | | | |
|
|---|
| EBITDA Margin | 38.1% | 34.6% | 0.8% | | -8.2% |
| Net Income Margin | 24.2% | 21.9% | -3.0% | -18.4% | -8.9% | 9.5% |
| CAPEX, % of revenue | 0.5% | 2.2% | 3.3% | | | |
|
|---|
| ROIC | 122.1% | 60.7% | -0.9% | | | |
| ROE | 99.7% | 44.5% | -3.5% | | | |
| Net Debt/EBITDA | -0.0x | -0.0x | 32.3x | | |
Peers in Specialty Chemicals
Below we provide Cochin Minerals & Rutile benchmarking against other companies in Specialty 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 |
|---|
| Kiri Industries ($KIRIINDUS) | 7.9% | -86.5% | 24.8% | 34.7% | - |
| Vidhi Dyestuffs Manufacturing ($VIDHIDYE) | 14.1% | 4.7% | 19.5% | 30.0% | - |
| Keltech Energies ($KELENRG) | 60.2% | -13.4% | -0.4% | 24.4% | - |
| Dai-Ichi Karkaria ($DAICHI) | - | 31.4% | 45.4% | 22.8% | -36.4% |
| Nitta Gelatin India ($NITTAGELA) | - | 27.8% | -5.5% | 21.2% | -0.5% |
| |
|---|
| Median (27 companies) | 17.9% | 14.1% | 13.7% | 10.9% | -1.0% |
|---|
| Cochin Minerals & Rutile ($COCHINM) | - | -15.9% | -33.8% | -11.0% | 35.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vinati Organics ($VINATIORGA) | 21.7% | 21.8% | 22.7% | 24.9% | 32.8% |
| Indian Toners & Developers ($INDTONER) | - | - | - | 22.6% | - |
| Solar Industries India ($SOLARINDS) | 18.5% | 17.5% | 17.9% | 19.3% | 19.3% |
| Anil ($ANILLTD) | 18.1% | 16.9% | 17.1% | 17.4% | - |
| Ultramarine & Pigments ($ULTRAMAR) | 18.0% | 15.5% | 17.4% | 17.2% | - |
| |
|---|
| Median (33 companies) | 10.6% | 11.2% | 10.6% | 10.7% | 17.3% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Adi Finechem ($ADIFINCHM) | 7.3% | 4.8% | 12.6% | 16.9% | 9.0% |
| Anil ($ANILLTD) | - | 6.7% | 5.2% | 11.5% | - |
| Solar Industries India ($SOLARINDS) | 13.0% | 9.9% | 12.3% | 10.3% | 9.6% |
| Pidilite Industries ($PIDILITIND) | 5.2% | 2.9% | 4.4% | 8.5% | 3.8% |
| Oricon Enterprises ($ORICON) | 10.2% | 6.2% | 4.7% | 7.9% | - |
| |
|---|
| Median (17 companies) | 5.2% | 4.7% | 4.5% | 5.1% | 9.0% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Vinati Organics ($VINATIORGA) | 29.6% | 26.2% | 30.6% | 34.8% | 32.2% |
| Camlin Fine Sciences ($CAMLINFIN) | 11.1% | 17.8% | 24.2% | 29.5% | - |
| Pidilite Industries ($PIDILITIND) | 27.4% | 29.3% | 29.8% | 29.0% | 38.3% |
| Adi Finechem ($ADIFINCHM) | 30.6% | 29.8% | 46.4% | 26.3% | 20.6% |
| Ultramarine & Pigments ($ULTRAMAR) | 20.0% | 16.3% | 20.8% | 25.7% | - |
| |
|---|
| Median (35 companies) | 14.7% | 14.8% | 12.3% | 17.1% | 20.6% |
|---|
| Cochin Minerals & Rutile ($COCHINM) | 122.1% | 60.7% | -0.9% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kiri Industries ($KIRIINDUS) | 8.2x | 31.3x | 10.6x | 7.7x | - |
| Jayant Agro-Organics ($JAYAGROGN) | 2.8x | 3.1x | 4.6x | 6.5x | 3.4x |
| Anil ($ANILLTD) | 2.2x | 3.4x | 3.8x | 4.0x | - |
| Oricon Enterprises ($ORICON) | 1.2x | 1.0x | 1.7x | 3.2x | - |
| Sudarshan Chemical Industries ($SUDARSCHEM) | 2.4x | 5.1x | 3.2x | 3.2x | - |
| |
|---|
| Median (31 companies) | 1.5x | 1.7x | 1.7x | 0.0x | 0.0x |
|---|
