Cil Nova Petrochemicals revenue decline decelerated to 17.0% in FY2016 vs. 23.3% a year earliner

23-05-2016 • About Cil Nova Petrochemicals ($CNOVAPETRO) • By InTwits

Cil Nova Petrochemicals reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: Cil Nova Petrochemicals is a company in decline: FY2016 revenue growth was -17.0%, 5 years revenue CAGR was -6.6%.

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 dropped on 17.0%.

Net Income margin increased slightly on 1.1 pp from 1.7% to 2.7% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2014 at 0.91% and was growing since that time.

Financial and operational results

Cil Nova Petrochemicals ($CNOVAPETRO) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	3,217	2,963	3,170	2,430	2,018	-17.0%
EBITDA	199	186	170		172
Net Income	47	28	29	40	55	36.3%
Balance Sheet
Cash	15	16
Short Term Debt	326	259
Long Term Debt	624	621
Cash flow
Capex	12
Ratios
Revenue growth	13.5%	-7.9%	7.0%	-23.3%	-17.0%
EBITDA growth	-0.1%	-6.3%	-8.5%
EBITDA Margin	6.2%	6.3%	5.4%		8.5%
Net Income Margin	1.5%	0.9%	0.9%	1.7%	2.7%	1.1%
CAPEX, % of revenue	0.4%
ROIC	8.3%	7.6%
ROE	11.5%	5.9%
Net Debt/EBITDA	4.7x	4.7x	0.0x		0.0x

Peers in Textiles

Below we provide Cil Nova Petrochemicals benchmarking against other companies in Textiles 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
Olympia Industries ($OLYMPTX)	-58.0%	-96.6%	74,809.1%	1,749.9%	-
Shri Dinesh Mills ($SHRIDINE)	5.0%	5.1%	-76.5%	304.9%	-
Santaram Spinners ($SANTASPN)	6.0%	60.7%	-40.9%	112.0%	-
Asahi Industries ($ASAHIIND)	36.2%	23.0%	24.4%	103.9%	-
Blue Chip Tex Industries ($BLUECHIPT)	-	12.9%	29.9%	56.1%	23.7%
Median (74 companies)	5.0%	9.7%	14.5%	0.2%	1.5%
Cil Nova Petrochemicals ($CNOVAPETRO)	-	-7.9%	7.0%	-23.3%	-17.0%

Top companies by EBITDA margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Sil Investments ($SILINV)	-	-	-	93.8%	-
Swadeshi Polytex ($SWADPOL)	-	-	-	64.4%	-
Binny ($BINNY)	-	-	-	60.9%	-
Ruby Mills ($RUBYMILLS)	28.3%	25.1%	28.6%	29.3%	-
Premier Synthetics ($PREMSYN)	-	-	-	25.9%	-
Median (86 companies)	6.5%	9.5%	9.8%	7.2%	11.1%

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Nitin Spinners ($NITINSPIN)	1.9%	2.6%	8.0%	42.3%	4.7%
Maharaja Shree Umaid Mills ($MAHASHR)	18.6%	24.1%	6.8%	16.8%	-
Jindal Worldwide ($JINDWORLD)	3.0%	10.5%	20.7%	11.6%	-
SRF ($SRF)	0.0%	18.7%	20.0%	11.4%	13.0%
Welspun India ($WELSPUNIND)	5.6%	7.8%	16.4%	10.9%	17.7%
Median (21 companies)	3.4%	5.6%	6.8%	6.7%	6.2%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Welspun India ($WELSPUNIND)	9.3%	15.6%	8.5%	21.9%	25.2%
Maharaja Shree Umaid Mills ($MAHASHR)	-0.5%	9.2%	8.3%	20.4%	-
Nitin Spinners ($NITINSPIN)	6.0%	19.5%	21.5%	17.5%	17.8%
Sutlej Textiles & Industries ($SUTLEJTEX)	9.5%	13.6%	19.8%	14.6%	14.4%
Arvind ($ARVIND)	11.3%	11.2%	13.7%	13.2%	13.1%
Median (127 companies)	3.5%	9.2%	8.9%	9.5%	12.8%
Cil Nova Petrochemicals ($CNOVAPETRO)	8.3%	7.6%	-	-	-

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Bombay Rayon Fashions ($BRFL)	4.9x	4.9x	11.6x	10.0x	7.3x
Ruby Mills ($RUBYMILLS)	12.6x	15.3x	10.8x	8.6x	-
Dcm ($DCM)	13.5x	3.5x	3.7x	5.5x	-
Nahar Spinning Mills ($NAHARSPING)	70.8x	3.8x	3.2x	4.9x	-
Rai Saheb Rekhchand Mohota Spg.& Wvg.Mills ($RAIREKMOH)	10.0x	0.0x	0.0x	4.6x	-
Median (71 companies)	3.8x	3.2x	0.0x	0.0x	0.5x

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