Scooters India reports 107% EBITDA decline in 2016 and 5.0 pp EBITDA Margin decline from 4.7% to -0.37%
26-05-2016 • About Scooters India (
$SCOOTER) • By InTwits
Scooters India reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Scooters India is a company in decline: FY2016 revenue growth was -8.5%, 5 years revenue CAGR was -2.8%
- The company operates at negative EBITDA Margin: -0.4%
- EBITDA Margin is quite volatile: -0.4% in FY2016, 4.7% in FY2015, 1.0% in FY2014, -3.4% in FY2013, -1.6% in FY2012
- Scooters India spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -0.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 8.5%. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.0 pp from 4.7% to -0.37% in FY2016.
Net Income margin decreased on 3.4 pp from 7.3% to 3.9% in FY2016. During FY2012-FY2016 Net Income margin topped in FY2014 at 7.8% and was declining since that time.
Financial and operational results
Scooters India ($SCOOTER) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,080 | 1,897 | 1,749 | 1,519 | 1,390 | -8.5% |
| EBITDA | -34 | -65 | 18 | 71 | -5 | -107.4% |
| Net Income | -199 | -60 | 136 | 111 | 55 | -50.5% |
Balance Sheet
|
|---|
| Cash | 21 | 26 | 715 | | | |
| Short Term Debt | 562 | 130 | 21 | | | |
| Long Term Debt | 421 | 15 | 211 | | | |
Cash flow
|
|---|
| Capex | 6 | 4 | | 9 | | |
Ratios
|
|---|
| Revenue growth | 30.0% | -8.8% | -7.8% | -13.1% | -8.5% | |
| EBITDA growth | -50.3% | 92.3% | -128.0% | 288.8% | -107.4% | |
|
|---|
| EBITDA Margin | -1.6% | -3.4% | 1.0% | 4.7% | -0.4% | -5.0% |
| Net Income Margin | -9.6% | -3.2% | 7.8% | 7.3% | 3.9% | -3.4% |
| CAPEX, % of revenue | 0.3% | 0.2% | | 0.6% | | |
|
|---|
| ROIC | | -654.7% | 0.9% | | | |
| ROE | | | 22.5% | | | |
| Net Debt/EBITDA | | | -26.5x | 0.0x | |
Peers in 2/3 Wheelers
Below you can find Scooters India benchmarking vs. other companies in 2/3 Wheelers 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tvs Motor Company ($TVSMOTOR) | - | 1.0% | 11.6% | 22.3% | 12.3% |
| Bajaj Auto ($BAJAJ-AUTO) | - | 3.1% | 1.0% | 7.0% | 5.4% |
| Lml ($LML) | - | -19.1% | 10.9% | -24.0% | -23.2% |
| |
|---|
| Median (3 companies) | - | 1.0% | 10.9% | 7.0% | 5.4% |
|---|
| Scooters India ($SCOOTER) | - | -8.8% | -7.8% | -13.1% | -8.5% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bajaj Auto ($BAJAJ-AUTO) | 19.6% | 18.7% | 21.1% | 19.5% | 21.5% |
| Tvs Motor Company ($TVSMOTOR) | 6.6% | 7.1% | 5.9% | 5.9% | 6.7% |
| Lml ($LML) | 1.0% | -7.0% | -8.1% | -14.3% | -15.2% |
| |
|---|
| Median (3 companies) | 6.6% | 7.1% | 5.9% | -4.2% | 6.7% |
|---|
| Scooters India ($SCOOTER) | -1.6% | -3.4% | 1.0% | 4.7% | -0.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tvs Motor Company ($TVSMOTOR) | 6.3% | 2.2% | 3.4% | 3.7% | 4.8% |
| Bajaj Auto ($BAJAJ-AUTO) | 1.9% | 2.6% | 1.1% | 1.3% | 1.2% |
| |
|---|
| Median (2 companies) | 2.7% | 2.4% | 2.3% | 2.5% | 3.0% |
|---|
| Scooters India ($SCOOTER) | 0.3% | 0.2% | - | 0.6% | - |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bajaj Auto ($BAJAJ-AUTO) | 64.1% | 48.7% | 42.8% | 35.5% | 36.4% |
| Tvs Motor Company ($TVSMOTOR) | 17.2% | 17.4% | 16.8% | 18.4% | 20.2% |
| Lml ($LML) | - | - | - | - | - |
| |
|---|
| Median (3 companies) | 17.2% | 17.4% | 29.8% | 26.9% | 28.3% |
|---|
| Scooters India ($SCOOTER) | - | -654.7% | 0.9% | - | - |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tvs Motor Company ($TVSMOTOR) | 2.0x | 1.9x | 1.3x | 1.8x | 1.4x |
| Bajaj Auto ($BAJAJ-AUTO) | -0.3x | -0.1x | -0.1x | -0.1x | -0.2x |
| |
|---|
| Median (2 companies) | 2.0x | 0.9x | 0.6x | 0.8x | 0.6x |
|---|
| Scooters India ($SCOOTER) | - | - | -26.5x | 0.0x | - |
