Khaitan Chemicals & Fertilizers revenue surged on 19.2%

27-05-2016 • About Khaitan Chemicals & Fertilizers ($KHAICHEM) • By InTwits

Khaitan Chemicals & Fertilizers reported FY2016 financial results today. 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 surged on 19.2%.

Net Income margin decreased slightly on 0.64 pp from 1.1% to 0.42% in FY2016.

Management team

Khaitan Chemicals & Fertilizers's CFO H V Agnihotri has spent 5 years with the company.

Financial and operational results

Khaitan Chemicals & Fertilizers ($KHAICHEM) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	6,414	4,550	3,881	3,293	3,923	19.2%
EBITDA	706	308	359	346
Net Income	217	21	-16	35	17	-52.7%
Balance Sheet
Cash	415	296	100
Short Term Debt	1,851	2,905	1,782
Long Term Debt	238	149	201
Cash flow
Capex	96	195
Ratios
Revenue growth	41.2%	-29.1%	-14.7%	-15.2%	19.2%
EBITDA growth	-0.7%	-56.4%	16.6%	-3.5%

EBITDA Margin	11.0%	6.8%	9.2%	10.5%
Net Income Margin	3.4%	0.5%	-0.4%	1.1%	0.4%	-0.6%
CAPEX, % of revenue	1.5%	4.3%

ROIC	20.1%	5.9%	7.3%
ROE	18.7%	1.7%	-1.3%
Net Debt/EBITDA	2.4x	9.0x	5.3x	0.0x

Peers in Fertilizers

Below we provide Khaitan Chemicals & Fertilizers benchmarking against other companies in Fertilizers 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	FY2012	FY2013	FY2014	FY2015	FY2016
Gujarat State Fertilizers & Chemicals ($GSFC)	-	17.9%	-13.4%	-1.6%	15.8%
Chambal Fertilisers & Chemicals ($CHAMBLFERT)	-	8.8%	8.6%	9.3%	8.1%
Coromandel International ($COROMANDEL)	-	-38.7%	18.8%	13.4%	0.9%
Rama Phosphates ($RAMAPHO)	-	11.4%	-13.9%	-25.0%	-2.5%
Median (4 companies)	63.9%	8.8%	7.7%	-1.6%	4.5%
Khaitan Chemicals & Fertilizers ($KHAICHEM)	-	-29.1%	-14.7%	-15.2%	19.2%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Coromandel International ($COROMANDEL)	10.8%	16.3%	14.0%	12.8%	8.7%
Gujarat State Fertilizers & Chemicals ($GSFC)	22.4%	13.6%	12.1%	12.3%	11.1%
Basant Agro Tech (India) ($BASANTGL)	8.7%	9.4%	8.6%	9.1%	-
Chambal Fertilisers & Chemicals ($CHAMBLFERT)	13.2%	10.7%	10.6%	8.2%	8.3%
Rama Phosphates ($RAMAPHO)	11.2%	7.7%	0.2%	0.1%	6.7%
Median (5 companies)	11.2%	10.7%	10.6%	9.1%	8.5%
Khaitan Chemicals & Fertilizers ($KHAICHEM)	11.0%	6.8%	9.2%	10.5%	-

Top companies by CAPEX/Revenue, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Chambal Fertilisers & Chemicals ($CHAMBLFERT)	1.6%	1.2%	1.7%	2.0%	6.4%
Gujarat State Fertilizers & Chemicals ($GSFC)	7.7%	6.6%	5.6%	2.6%	4.0%
Coromandel International ($COROMANDEL)	-	4.4%	1.6%	1.2%	1.3%
Median (3 companies)	4.1%	4.4%	1.7%	2.0%	4.0%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Coromandel International ($COROMANDEL)	22.2%	16.7%	18.3%	20.5%	12.5%
Gujarat State Fertilizers & Chemicals ($GSFC)	27.1%	14.2%	9.2%	10.2%	9.7%
Chambal Fertilisers & Chemicals ($CHAMBLFERT)	13.6%	9.3%	9.2%	8.6%	9.4%
Kothari Industrial Corporation ($KOTIC)	-	-5.5%	-	-	-
Teesta Agro Industries ($TEEAI)	-	-	-	-	-
Median (7 companies)	22.2%	13.6%	9.2%	10.2%	9.7%
Khaitan Chemicals & Fertilizers ($KHAICHEM)	20.1%	5.9%	7.3%	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Chambal Fertilisers & Chemicals ($CHAMBLFERT)	3.3x	5.4x	4.5x	4.5x	5.4x
Coromandel International ($COROMANDEL)	1.8x	2.8x	1.4x	2.0x	2.9x
Gujarat State Fertilizers & Chemicals ($GSFC)	-0.2x	1.6x	0.6x	0.6x	1.8x
Teesta Agro Industries ($TEEAI)	0.0x	-	-	-	0.0x
Rama Phosphates ($RAMAPHO)	0.8x	1.2x	0.0x	0.0x	0.0x
Median (5 companies)	1.8x	2.8x	0.6x	0.6x	1.8x

Khaitan Chemicals & Fertilizers stock price chart

Khaitan Chemicals & Fertilizers financials

mln.	FY2010	FY2011	FY2012

Revenue	3,993	4,542	6,414
EBITDA	81.556	711.1	706.1
Net income	8.351	314.3	217.4
CAPEX	25.801	176.8	95.986
Debt	1,240	1,516	2,089
Cash	99.402	25.998	414.8

About Khaitan Chemicals & Fertilizers

Khaitan Chemicals & Fertilizers Limited manufactures and sells single super phosphate (SSP), a phosphatic fertilizer product in India. The company operates in three segments: Fertilizer and Chemicals, Soya, and Others. It sells SSP under the Khaitan Khad brand name, which is used as a fertilizer for crops, such as oilseeds, pulses, sugarcane, fruits and vegetables, tea, etc. The company also offers sulphuric acid, oleum, and liquid So3. Its oleum and liquid So3 products are used as intermediate products for the manufacture of dyes and chemicals; as sulphating and sulphonating agents; and as dehydrating agents in nitration, petroleum refining, laboratory reagent, etc. In addition, it manufactures soya oil and de-oiled cakes; and refined vegetable oil under the Khaitan Vegetable Oil brand name. Further, the company generates and sells wind power. Khaitan Chemicals & Fertilizers Limited was incorporated in 1982 and is headquartered in Indore, India.