Andhra Petrochemicals revenue returned to growth in FY2016: increased 139% vs. 45.9% decline a year earliner
20-05-2016 • About Andhra Petrochemicals (
$ANDHRAPET) • By InTwits
Andhra Petrochemicals reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company operates at negative EBITDA Margin: -3.5%
- It operates with high leverage: Net Debt/EBITDA is 2.9x while industry average is 2.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Andhra Petrochemicals's Revenue jumped on 139%. During FY2012-FY2016 Revenue growth bottomed in FY2014 at -53.9% and was accelerating since that time. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.4 pp from 31.2% to 27.9% in FY2016. During FY2012-FY2016 EBITDA Margin bottomed in FY2015 at -21.0%.
Net Income margin surged on 24.6 pp from -31.7% to -7.2% in FY2016. During the last 5 years Net Income margin bottomed in FY2015 at -31.7%.
Financial and operational results
Andhra Petrochemicals ($ANDHRAPET) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 5,972 | 5,628 | 2,593 | 1,403 | 3,357 | 139.3% |
| EBITDA | 712 | 281 | -127 | -294 | -117 | |
| Net Income | 300 | 31 | -257 | -445 | -241 | |
Balance Sheet
|
|---|
| Cash | 29 | 132 | | | | |
| Short Term Debt | 271 | 268 | | | | |
| Long Term Debt | 366 | 172 | | | | |
Cash flow
|
|---|
| Capex | 25 | | | | | |
Ratios
|
|---|
| Revenue growth | 30.8% | -5.8% | -53.9% | -45.9% | 139.3% | |
| EBITDA growth | -19.8% | -60.5% | -145.1% | 132.1% | -60.3% | |
|
|---|
| EBITDA Margin | 11.9% | 5.0% | -4.9% | -21.0% | -3.5% | 17.5% |
| Net Income Margin | 5.0% | 0.6% | -9.9% | -31.7% | -7.2% | 24.6% |
| CAPEX, % of revenue | 0.4% | | | | | |
|
|---|
| ROIC | 14.5% | 4.8% | | | | |
| ROE | 15.0% | 1.5% | | | | |
| Net Debt/EBITDA | 0.9x | 1.1x | | | |
Peers in Commodity Chemicals
Below you can find Andhra Petrochemicals benchmarking vs. other companies in Commodity Chemicals 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 |
|---|
| Tuticorin Alkali Chemicals & Fertilisers ($TUTIALKA) | 354.1% | -27.9% | -83.3% | 408.0% | - |
| Jayshree Chemicals ($JAYCH) | 288.9% | 17.5% | -75.2% | 262.3% | - |
| Jagran Production ($JAGPRO) | 589.4% | 4.4% | 514.9% | 192.3% | - |
| Shree Hari Chemicals Export ($SHHARICH) | -2.5% | -78.0% | 299.5% | 111.6% | - |
| Jindal Poly Films ($JINDPOLBBPH) | -17.2% | -6.3% | 131.7% | 46.9% | - |
| |
|---|
| Median (37 companies) | 19.0% | 11.2% | 11.5% | 6.3% | -1.6% |
|---|
| Andhra Petrochemicals ($ANDHRAPET) | - | -5.8% | -53.9% | -45.9% | 139.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Riddhi Siddhi Gluco Biols ($RIDDHI) | - | - | - | 104.7% | - |
| Mysore Petro Chemicals ($MYSORPETRO) | - | - | - | 47.1% | - |
| Aditya Birla Chemicals (India) ($ABCIL) | 26.8% | 27.1% | 23.6% | 21.9% | - |
| Indo Borax & Chemicals ($INDOBORAX) | - | - | - | 21.3% | - |
| Chemfab Alkalis ($CHEMFALKAL) | 22.3% | 32.9% | 24.2% | 19.8% | 23.2% |
| |
|---|
| Median (50 companies) | 9.6% | 8.4% | 8.6% | 6.6% | 12.0% |
|---|
| Andhra Petrochemicals ($ANDHRAPET) | 11.9% | 5.0% | -4.9% | -21.0% | -3.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kanoria Chemicals & Industries ($KANORICHEM) | 25.1% | 6.0% | 13.4% | 40.3% | - |
| Aditya Birla Chemicals (India) ($ABCIL) | 136.9% | 24.2% | 30.8% | 15.0% | - |
| Aarti Industries ($AARTIIND) | 8.0% | 11.2% | 11.0% | 10.4% | 16.8% |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 5.1% | 6.6% | 5.9% | 8.6% | 7.3% |
| Sukhjit Starch & Chemicals ($SUKHJITS) | 15.7% | 9.4% | 5.4% | 5.4% | - |
| |
|---|
| Median (22 companies) | 5.3% | 6.6% | 5.7% | 3.2% | 5.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bodal Chemicals ($BODALCHEM) | -1.3% | 3.3% | 39.0% | 38.3% | - |
| Elantas Beck India ($ELANTAS) | 20.4% | 33.9% | 31.0% | 36.6% | - |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 16.0% | 18.7% | 25.0% | 23.7% | 24.7% |
| Aarti Industries ($AARTIIND) | 15.9% | 19.1% | 17.2% | 17.9% | 19.3% |
| Transpek Industry ($TRANSPEK) | -1.7% | 14.2% | 11.0% | 17.8% | - |
| |
|---|
| Median (60 companies) | 9.0% | 9.8% | 9.3% | 8.8% | 19.3% |
|---|
| Andhra Petrochemicals ($ANDHRAPET) | 14.5% | 4.8% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Iol Chemicals & Pharmaceuticals ($IOLCP) | 5.8x | 4.5x | 3.7x | 35.4x | 8.8x |
| India Glycols ($INDIAGLYCO) | 4.8x | 3.7x | 8.5x | 14.2x | - |
| Godrej Industries ($GODREJIND) | 9.9x | 5.7x | 7.9x | 10.7x | - |
| Kanoria Chemicals & Industries ($KANORICHEM) | 5.2x | 9.6x | 3.5x | 9.4x | - |
| Garware Polyester ($GARWARPOLY) | 2.2x | 3.8x | 4.0x | 5.2x | - |
| |
|---|
| Median (38 companies) | 2.6x | 3.2x | 1.1x | 1.0x | 0.0x |
|---|
