Sarda Plywood Industries reports 100% EBITDA decline in 2016 and 3.2 pp EBITDA Margin decline from 3.2% to -0.0082%

25-05-2016 • About Sarda Plywood Industries ($SARDAPLY) • By InTwits

Sarda Plywood Industries 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: -0.0%
• EBITDA Margin is quite volatile: -0.0% in FY2016, 3.2% in FY2015, -1.2% in FY2014, 2.8% in FY2013, 0.1% in FY2012
• It operates with high leverage: Net Debt/EBITDA is 2.2x while industry average is 0.3x

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 10.4%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.2 pp from 3.2% to -0.0082% in FY2016.

Net Income margin decreased on 2.9 pp from -0.24% to -3.1% in FY2016.

Financial and operational results

Sarda Plywood Industries ($SARDAPLY) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,684	1,872	1,833	2,034	1,823	-10.4%
EBITDA	2	52	-21	66	-0	-100.2%
Net Income	-57	-24	-65	-5	-57
Balance Sheet
Cash	10	21
Short Term Debt	254	332
Long Term Debt	40	73
Cash flow
Capex	20
Ratios
Revenue growth	14.0%	11.2%	-2.1%	10.9%	-10.4%
EBITDA growth	-97.6%	2,955.2%	-141.2%	-408.5%	-100.2%
EBITDA Margin	0.1%	2.8%	-1.2%	3.2%	-0.0%	-3.2%
Net Income Margin	-3.4%	-1.3%	-3.5%	-0.2%	-3.1%	-2.9%
CAPEX, % of revenue	1.2%
ROIC	-2.3%	6.1%
ROE	-18.8%	-8.7%
Net Debt/EBITDA	167.2x	7.4x		0.0x

Peers in Comm.Trading & Distribution

Below you can find Sarda Plywood Industries benchmarking vs. other companies in Comm.Trading & Distribution 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
Shri Krishna Prasadam ($SKP)	69.6%	57.3%	1,074.7%	148.2%	-
Sunil Industries ($SUNILTX)	15.9%	57.2%	12.1%	59.6%	-
Gagan Polycot India ($GAGANPO)	-59.4%	76.3%	18.2%	43.2%	-
Ptl Enterprises ($PTL)	-	12.6%	17.7%	35.1%	-2.4%
Parker Agrochem Exports ($PARKERAC)	-	1,542.3%	39.1%	33.1%	-63.4%
Median (19 companies)	-1.7%	13.6%	14.0%	12.6%	-2.4%
Sarda Plywood Industries ($SARDAPLY)	-	11.2%	-2.1%	10.9%	-10.4%

Top companies by EBITDA margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Hexa Tradex ($HEXATRADEX)	-	-	-	48.1%	-
Indiabulls Wholesale Services ($IBWSL)	30.8%	25.9%	19.4%	21.4%	27.6%
Bombay Cycle & Motor Agency ($BOMBCYC)	-	-	-	19.5%	-
Ptl Enterprises ($PTL)	26.6%	22.7%	21.6%	18.5%	20.9%
Remi Elektrotechnik ($REMIELEK)	-	-	-	15.1%	-
Median (37 companies)	3.2%	2.8%	2.3%	2.4%	2.2%
Sarda Plywood Industries ($SARDAPLY)	0.1%	2.8%	-1.2%	3.2%	-0.0%

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ptl Enterprises ($PTL)	5.0%	4.5%	2.4%	4.2%	5.8%
Maxwell Industries ($MAXWELL)	0.9%	1.9%	2.4%	1.8%	-
Redington (India) ($REDINGTON)	0.2%	0.7%	0.2%	0.2%	0.2%
Mmtc ($MMTC)	0.0%	0.1%	0.1%	0.1%	-
Kothari Products ($KOTHARIPRO)	2.5%	0.1%	0.2%	0.0%	0.1%
Median (5 companies)	0.3%	0.1%	0.2%	0.2%	0.2%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ptl Enterprises ($PTL)	18.5%	19.5%	21.1%	22.1%	12.8%
Redington (India) ($REDINGTON)	17.2%	16.0%	16.3%	15.3%	14.4%
Risa International ($RISAINTL)	-	-0.2%	14.8%	11.9%	-
Maxwell Industries ($MAXWELL)	9.0%	6.6%	9.6%	11.2%	-
Kothari Products ($KOTHARIPRO)	23.4%	20.0%	28.3%	10.6%	11.7%
Median (52 companies)	4.8%	4.7%	9.6%	11.2%	12.8%
Sarda Plywood Industries ($SARDAPLY)	-2.3%	6.1%	-	-	-

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Maxwell Industries ($MAXWELL)	3.7x	5.8x	3.5x	3.3x	-
Redington (India) ($REDINGTON)	2.6x	2.6x	1.7x	1.9x	2.3x
Kothari Products ($KOTHARIPRO)	1.2x	0.6x	0.4x	1.4x	1.5x
Ptl Enterprises ($PTL)	2.2x	2.0x	2.0x	1.2x	0.5x
Rama Vision ($RAMAVISION)	-1.8x	0.3x	0.0x	0.0x	-
Median (29 companies)	1.6x	1.7x	0.0x	0.0x	0.0x
Sarda Plywood Industries ($SARDAPLY)	167.2x	7.4x	-	0.0x	-

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