Triton Valves reports 14.2 pp EBITDA Margin decline from 14.2% to in 2016 in 2016

20-05-2016 • About Triton Valves ($TRITONV) • By InTwits

Triton Valves reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Triton Valves's Revenue decreased on 2.4%.

Net Income margin showed almost no change in FY2016. Net Income margin stuck to a growing trend at 0.82 pp per annum in the last 5 years.

Financial and operational results

Triton Valves ($TRITONV) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,376	1,445	1,606	1,695	1,654	-2.4%
EBITDA	135	164	182	240
Net Income	21	22	29	74	70	-5.9%
Balance Sheet
Cash	5	6
Short Term Debt	406	401
Long Term Debt	199	175
Cash flow
Capex	231	58
Ratios
Revenue growth	10.3%	5.0%	11.2%	5.5%	-2.4%
EBITDA growth	-11.7%	21.1%	10.9%	32.1%

EBITDA Margin	9.8%	11.3%	11.3%	14.2%
Net Income Margin	1.5%	1.5%	1.8%	4.4%	4.2%	-0.2%
CAPEX, % of revenue	16.8%	4.0%

ROIC	8.0%	10.1%
ROE	4.7%	4.9%
Net Debt/EBITDA	4.4x	3.5x	0.0x	0.0x

Peers in Auto Parts & Equipment

Below you can find Triton Valves benchmarking vs. other companies in Auto Parts & Equipment 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
Spectra Industries ($SPECTRA)	16.4%	40.2%	-10.1%	57.1%	-
India Nippon Electricals ($INDNIPPON)	13.6%	3.2%	-2.4%	24.8%	-
Amara Raja Batteries ($AMARAJABAT)	34.3%	25.1%	16.1%	22.6%	-
Enkei Wheels (India) ($ENKEIWHEL)	16.9%	1.3%	11.7%	21.6%	-
Ip Rings ($IPRINGLTD)	4.0%	2.4%	-0.1%	19.5%	-
Median (37 companies)	16.8%	2.2%	4.7%	8.8%	1.1%
Triton Valves ($TRITONV)	-	5.0%	11.2%	5.5%	-2.4%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ist ($ISTLTD)	-	-	-	71.6%	-
Tube Investments Of India ($TUBEINVEST)	18.4%	24.4%	28.3%	30.0%	21.4%
Shivam Autotech ($SHIVAMAUTO)	24.1%	24.1%	20.6%	18.7%	-
Amara Raja Batteries ($AMARAJABAT)	14.9%	15.7%	14.2%	17.0%	-
Suprajit Engineering ($SUPRAJIT)	16.2%	17.0%	17.2%	16.2%	-
Median (43 companies)	11.1%	9.7%	10.0%	9.9%	10.8%
Triton Valves ($TRITONV)	9.8%	11.3%	11.3%	14.2%	-

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Amtek Auto ($AMTEKAUTO)	18.9%	-	27.1%	30.3%	-
Jbm Auto ($JBMA)	9.8%	8.4%	-	14.4%	-
Rico Auto Industries ($RICOAUTO)	5.8%	10.9%	5.7%	14.2%	7.4%
Shivam Autotech ($SHIVAMAUTO)	11.6%	4.1%	4.9%	12.5%	-
Amara Raja Batteries ($AMARAJABAT)	3.7%	2.5%	10.9%	9.6%	-
Median (26 companies)	5.6%	4.7%	4.9%	4.6%	5.2%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Amara Raja Batteries ($AMARAJABAT)	32.1%	34.5%	30.3%	35.4%	-
Exide Industries ($EXIDEIND)	24.2%	24.3%	29.5%	26.9%	20.5%
Munjal Showa ($MUNJALSHOW)	29.9%	23.8%	22.5%	24.9%	19.8%
Motherson Sumi Systems ($MOTHERSUMI)	13.5%	16.5%	25.0%	24.9%	25.1%
Gabriel India ($GABRIEL)	19.9%	15.5%	18.0%	24.0%	25.0%
Median (49 companies)	16.4%	12.0%	13.6%	14.5%	15.5%
Triton Valves ($TRITONV)	8.0%	10.1%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Tube Investments Of India ($TUBEINVEST)	17.6x	17.8x	17.3x	16.4x	0.1x
Amtek Auto ($AMTEKAUTO)	4.8x	-	5.3x	5.8x	-
Remsons Industries ($REMSONSIND)	2.8x	4.3x	3.6x	5.7x	-
Steel Strips Wheels ($SSWL)	5.4x	6.3x	6.5x	5.6x	4.2x
Ucal Fuel Systems ($UCALFUEL)	4.3x	5.6x	5.7x	3.6x	-
Median (41 companies)	1.2x	1.7x	0.7x	0.1x	0.1x
Triton Valves ($TRITONV)	4.4x	3.5x	0.0x	0.0x	-

Triton Valves stock price chart

Triton Valves financials

mln.	FY2010	FY2011	FY2012

Revenue	1,954	1,247	1,376
EBITDA	122.7	153.1	135.2
Net income	48.098	60.372	20.728
CAPEX	43.792	196.5	231.0
Debt	264.9	503.4	604.7
Cash	1.958	2.145	4.759

About Triton Valves

Triton Valves Limited designs, manufactures, and sells automotive tire tube valves, valve cores, and accessories in India. It offers valves for bicycles, mopeds, motor cycles, scooters, cars and vans, trucks and buses, tractors, industrial vehicles, aircrafts, curing bags, and OTRs; cores, such as standard and large bores; and accessories comprising valve caps, bridge and ring washers, rubber washers, rubber bases, bushes, as well as rim, hex, and lock nuts. The company also provides adapters and plugs, including water filling adapters, envelope adapters, and tubeless rim hole plugs; and service tools, including valve core tighteners for standard bore double ended type core tighteners, tubeless snap-in valve pullers for passenger cars and motor cycles, and tire tread depth gauges. Triton Valves Limited supplies its products to the tire and tube manufacturers. The company also exports its products. The company was incorporated in 1975 and is based in Bengaluru, India.