Asahi Industries revenue dropped on 47.3% while EBITDA Margin increased on 3.4 pp from 2.5% to 6.0%
25-05-2016 • About Asahi Industries (
$ASAHIIND) • By InTwits
Asahi Industries reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 6.0% in FY2016, 2.5% in FY2015, 5.8% in FY2014, 7.4% in FY2013, 9.5% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 47.3%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.4 pp from 2.5% to 6.0% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2015 at 2.5%.
Net Income margin showed almost no change in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2015 at 0.036%.
Financial and operational results
Asahi Industries ($ASAHIIND) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,695 | 2,085 | 2,593 | 5,288 | 2,785 | -47.3% |
| EBITDA | 161 | 155 | 150 | 134 | 167 | 23.9% |
| Net Income | 19 | 8 | 9 | 2 | 6 | 228.5% |
Balance Sheet
|
|---|
| Cash | 2 | 2 | | | | |
| Short Term Debt | 0 | 0 | | | | |
| Long Term Debt | 1,366 | 1,350 | | | | |
Cash flow
|
|---|
| Capex | 25 | | | | | |
Ratios
|
|---|
| Revenue growth | 36.2% | 23.0% | 24.4% | 103.9% | -47.3% | |
| EBITDA growth | 24.6% | -3.9% | -3.5% | -10.1% | 23.9% | |
|
|---|
| EBITDA Margin | 9.5% | 7.4% | 5.8% | 2.5% | 6.0% | 3.4% |
| Net Income Margin | 1.1% | 0.4% | 0.4% | 0.0% | 0.2% | 0.2% |
| CAPEX, % of revenue | 1.4% | | | | | |
|
|---|
| ROIC | 1.8% | 1.3% | | | | |
| ROE | 21.7% | 8.4% | | | | |
| Net Debt/EBITDA | 8.5x | 8.7x | 0.0x | 0.0x | 0.0x |
Peers in Textiles
Below we provide Asahi Industries 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 ($SANTASPN) | 6.0% | 60.7% | -40.9% | 112.0% | - |
| Blue Chip Tex Industries ($BLUECHIPT) | - | 12.9% | 29.9% | 56.1% | 23.7% |
| Jaybharat Textiles & Real Estate ($JAYTEX) | - | -26.3% | 0.4% | 38.0% | -73.7% |
| |
|---|
| Median (74 companies) | 4.5% | 8.9% | 14.3% | -0.3% | -2.7% |
|---|
| Asahi Industries ($ASAHIIND) | - | 23.0% | 24.4% | 103.9% | -47.3% |
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 ($PREMSYN) | - | - | - | 25.9% | - |
| |
|---|
| Median (85 companies) | 6.2% | 9.5% | 9.8% | 7.4% | 9.3% |
|---|
| Asahi Industries ($ASAHIIND) | 9.5% | 7.4% | 5.8% | 2.5% | 6.0% |
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 ($WELSPUNIND) | 5.6% | 7.8% | 16.4% | 10.9% | 17.7% |
| |
|---|
| Median (21 companies) | 3.4% | 5.6% | 6.8% | 6.7% | 5.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Welspun India ($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) | 3.6% | 9.2% | 8.9% | 9.5% | 12.4% |
|---|
| Asahi Industries ($ASAHIIND) | 1.8% | 1.3% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bombay Rayon Fashions ($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 (70 companies) | 3.8x | 3.2x | 0.0x | 0.0x | 0.0x |
|---|
| Asahi Industries ($ASAHIIND) | 8.5x | 8.7x | 0.0x | 0.0x | 0.0x |
