Ivp reports 50.2% Net Income growth in 2016 and 2.8 pp EBITDA Margin growth from 6.6% to 9.5%
27-05-2016 • About Ivp (
$IVP) • By InTwits
Ivp reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is quite volatile: 9.5% in FY2016, 6.6% in FY2015, 2.8% in FY2014, 3.8% in FY2013, 5.8% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Ivp's Revenue decreased on 5.5%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.8 pp from 6.6% to 9.5% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2014 at 2.8% and was growing since that time.
Net Income margin increased on 2.5 pp from 4.3% to 6.8% in FY2016. During the last 5 years Net Income margin bottomed in FY2014 at 1.7% and was growing since that time.
Management team
The company's CEO is Mandar P Joshi. Mandar P Joshi has 5 years tenure with the company. Ivp's CFO Sameer Phatak has spent 5 years with the company.
Financial and operational results
Ivp ($IVP) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,534 | 1,501 | 1,459 | 1,629 | 1,539 | -5.5% |
| EBITDA | 89 | 56 | 41 | 108 | 146 | 35.0% |
| Net Income | 60 | 37 | 25 | 69 | 104 | 50.2% |
Balance Sheet
|
|---|
| Cash | 33 | 25 | | | | |
| Short Term Debt | 40 | 45 | | | | |
| Long Term Debt | 0 | 0 | | | | |
Cash flow
|
|---|
| Capex | 13 | | | | | |
Ratios
|
|---|
| Revenue growth | 19.0% | -2.1% | -2.8% | 11.6% | -5.5% | |
| EBITDA growth | 1.3% | -36.3% | -27.5% | 164.3% | 35.0% | |
|
|---|
| EBITDA Margin | 5.8% | 3.8% | 2.8% | 6.6% | 9.5% | 2.8% |
| Net Income Margin | 3.9% | 2.5% | 1.7% | 4.3% | 6.8% | 2.5% |
| CAPEX, % of revenue | 0.9% | | | | | |
|
|---|
| ROIC | 13.9% | 7.8% | | | | |
| ROE | 12.9% | 7.4% | | | | |
| Net Debt/EBITDA | 0.1x | 0.3x | 0.0x | 0.0x | 0.0x |
Peers in Commodity Chemicals
Below we provide Ivp benchmarking against other companies in Commodity Chemicals 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 |
|---|
| Tuticorin Alkali Chemicals & Fertilisers ($TUTIALKA) | - | -27.9% | -83.3% | 408.0% | 18.3% |
| Jayshree Chemicals ($JAYCH) | 288.9% | 17.5% | -75.2% | 262.3% | - |
| Jagran Production ($JAGPRO) | - | 4.4% | 514.9% | 192.3% | -32.9% |
| Shree Hari Chemicals Export ($SHHARICH) | -2.5% | -78.0% | 299.5% | 111.6% | - |
| Jindal Poly Films ($JINDPOLBBPH) | -17.2% | -6.3% | 131.7% | 46.9% | - |
| |
|---|
| Median (37 companies) | 33.8% | 11.2% | 11.5% | 5.6% | 0.0% |
|---|
| Ivp ($IVP) | - | -2.1% | -2.8% | 11.6% | -5.5% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Riddhi Siddhi Gluco Biols ($RIDDHI) | - | - | - | 104.7% | - |
| Mysore Petro Chemicals ($MYSORPETRO) | - | - | - | 47.1% | - |
| Aditya Birla Chemicals (India) ($ABCIL) | 26.8% | 27.1% | 23.6% | 21.9% | - |
| Indo Borax & Chemicals ($INDOBORAX) | - | - | - | 21.3% | - |
| Chemfab Alkalis ($CHEMFALKAL) | 22.3% | 32.9% | 24.2% | 19.8% | 23.2% |
| |
|---|
| Median (50 companies) | 11.3% | 8.4% | 8.6% | 6.6% | 10.6% |
|---|
| Ivp ($IVP) | 5.8% | 3.8% | 2.8% | 6.6% | 9.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kanoria Chemicals & Industries ($KANORICHEM) | 25.1% | 6.0% | 13.4% | 40.3% | 28.7% |
| Aditya Birla Chemicals (India) ($ABCIL) | 136.9% | 24.2% | 30.8% | 15.0% | - |
| Aarti Industries ($AARTIIND) | 8.0% | 11.2% | 11.0% | 10.4% | 16.8% |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 5.1% | 6.6% | 5.9% | 8.6% | 7.3% |
| Sukhjit Starch & Chemicals ($SUKHJITS) | 15.7% | 9.4% | 5.4% | 5.4% | 3.6% |
| |
|---|
| Median (22 companies) | 5.3% | 6.6% | 5.7% | 3.2% | 4.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bodal Chemicals ($BODALCHEM) | -1.3% | 3.3% | 39.0% | 38.3% | 33.1% |
| Elantas Beck India ($ELANTAS) | 20.4% | 33.9% | 31.0% | 36.6% | - |
| Alkyl Amines Chemicals ($ALKYLAMINE) | 16.0% | 18.7% | 25.0% | 23.7% | 24.7% |
| Aarti Industries ($AARTIIND) | 15.9% | 19.1% | 17.2% | 17.9% | 19.3% |
| Transpek Industry ($TRANSPEK) | -1.7% | 14.2% | 11.0% | 17.8% | 26.9% |
| |
|---|
| Median (60 companies) | 9.0% | 9.8% | 9.3% | 8.8% | 14.7% |
|---|
| Ivp ($IVP) | 13.9% | 7.8% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Iol Chemicals & Pharmaceuticals ($IOLCP) | 5.8x | 4.5x | 3.7x | 35.4x | 8.8x |
| India Glycols ($INDIAGLYCO) | 4.8x | 3.7x | 8.5x | 14.2x | 6.7x |
| Godrej Industries ($GODREJIND) | 9.9x | 5.7x | 7.9x | 10.7x | 10.0x |
| Kanoria Chemicals & Industries ($KANORICHEM) | 5.2x | 9.6x | 3.5x | 9.4x | 10.1x |
| Garware Polyester ($GARWARPOLY) | 2.2x | 3.8x | 4.0x | 5.2x | 3.1x |
| |
|---|
| Median (37 companies) | 2.6x | 3.2x | 1.4x | 1.1x | 1.1x |
|---|
| Ivp ($IVP) | 0.1x | 0.3x | 0.0x | 0.0x | 0.0x |
