Ashapura Intimates Fashion Net Income jumped on 42.8% and Revenue increased on 4.8%
28-05-2016 • About Ashapura Intimates Fashion (
$AIFL) • By InTwits
Ashapura Intimates Fashion reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: The company has highly profitable business model: ROIC is 30.2%.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased on 4.8%. Revenue followed a declining trend in the last 5 years. EBITDA Margin showed almost no change in FY2016. EBITDA Margin stuck to a growing trend at 1.2 pp per annum in the last 5 years.
Net Income margin increased slightly on 1.8 pp from 4.9% to 6.7% in FY2016.
Return on investment
The company operates at high and attractive ROIC (30.2%) and ROE (21.6%). ROIC decreased on 9.7 pp from 39.9% to 30.2% in FY2016. ROE increased on 2.7 pp from 18.8% to 21.6% in FY2016. During FY2012-FY2016 ROE bottomed in FY2014 at 17.6% and was growing since that time.
Leverage (Debt)
Debt level is 1.2x Net Debt / EBITDA and 1.2x Debt / EBITDA. Net Debt / EBITDA surged on 0.8x from 0.4x to 1.2x in FY2016. Debt surged on 171% while cash dropped on 92.9%.
Ashapura Intimates Fashion has short term refinancing risk: cash is only 0.9% of short term debt.
Financial and operational results
Ashapura Intimates Fashion ($AIFL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,015 | 1,306 | 1,657 | 1,774 | 1,860 | 4.8% |
| EBITDA | 96 | 138 | 177 | 243 | 260 | 6.8% |
| Net Income | 34 | 47 | 54 | 87 | 124 | 42.8% |
Balance Sheet
|
|---|
| Cash | 1 | 12 | 136 | 29 | 2 | -92.9% |
| Short Term Debt | 320 | 515 | | | 234 | |
| Long Term Debt | 23 | 114 | 111 | 115 | 78 | -32.0% |
Cash flow
|
|---|
| Capex | 29 | 45 | 15 | | | |
Ratios
|
|---|
| Revenue growth | 100.9% | 28.7% | 26.8% | 7.1% | 4.8% | |
| EBITDA growth | 112.6% | 43.5% | 28.3% | 37.7% | 6.8% | |
|
|---|
| EBITDA Margin | 9.5% | 10.5% | 10.7% | 13.7% | 14.0% | 0.3% |
| Net Income Margin | 3.4% | 3.6% | 3.3% | 4.9% | 6.7% | 1.8% |
| CAPEX, % of revenue | 2.8% | 3.5% | 0.9% | | | |
|
|---|
| ROIC | 24.1% | 19.1% | 23.4% | 39.9% | 30.2% | -9.7% |
| ROE | 37.3% | 31.8% | 17.6% | 18.8% | 21.6% | 2.7% |
| Net Debt/EBITDA | 3.6x | 4.5x | -0.1x | 0.4x | 1.2x | 0.8x |
Peers in Other Apparels & Accessories
Below we provide Ashapura Intimates Fashion benchmarking against other companies in Other Apparels & Accessories 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 |
|---|
| Bhartiya International ($BIL) | - | 20.9% | 36.7% | 34.7% | 12.1% |
| Page Industries ($PAGEIND) | - | 26.3% | 37.5% | 30.0% | 15.5% |
| Mini Diamonds (India) ($MINID) | - | 59.6% | 117.1% | 26.9% | 3.1% |
| Cantabil Retail India ($CANTABIL) | - | -30.4% | -3.3% | 25.0% | 12.0% |
| Thangamayil Jewellery ($THANGAMAYL) | - | 34.6% | -21.8% | 19.3% | -10.5% |
| |
|---|
| Median (23 companies) | 2.6% | 19.1% | 14.1% | -0.9% | 3.8% |
|---|
| Ashapura Intimates Fashion ($AIFL) | - | 28.7% | 26.8% | 7.1% | 4.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ceenik Exports (India) ($CEENIK) | - | - | - | 27.2% | - |
| Arrow Textiles ($ARROWTEX) | - | - | - | 25.2% | - |
| Page Industries ($PAGEIND) | 21.1% | 20.5% | 21.5% | 20.7% | 21.2% |
| Banaras Beads ($BANARBEADS) | - | - | - | 17.9% | - |
| Rupa & Company ($RUPA) | 12.7% | 15.0% | 15.3% | 14.5% | - |
| |
|---|
| Median (31 companies) | 7.5% | 5.5% | 5.4% | 4.8% | 3.8% |
|---|
| Ashapura Intimates Fashion ($AIFL) | 9.5% | 10.5% | 10.7% | 13.7% | 14.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Zodiac Clothing Co ($ZODIACLOTH) | 5.7% | 3.9% | 4.0% | 5.0% | 7.0% |
| Page Industries ($PAGEIND) | 4.0% | 5.2% | 4.4% | 3.6% | 1.5% |
| Pearl Global Industries ($PGIL) | 0.9% | 0.7% | 1.3% | 3.1% | 1.7% |
| Rupa & Company ($RUPA) | 1.9% | 3.9% | 1.7% | 2.2% | - |
| Bhartiya International ($BIL) | 4.5% | 3.9% | 1.8% | 2.1% | 0.5% |
| |
|---|
| Median (11 companies) | 1.5% | 1.3% | 1.2% | 0.7% | 0.9% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Page Industries ($PAGEIND) | 54.9% | 58.5% | 61.6% | 59.2% | 60.1% |
| Rupa & Company ($RUPA) | 22.4% | 27.1% | 25.8% | 23.8% | - |
| Tara Jewels ($TARAJEWELS) | 17.5% | 18.6% | 15.1% | 13.5% | 9.9% |
| Bhartiya International ($BIL) | 13.0% | 10.6% | 11.2% | 12.8% | 11.4% |
| Asian Star Co ($ASTAR) | 6.6% | 6.9% | 8.5% | 8.2% | 6.6% |
| |
|---|
| Median (40 companies) | 9.3% | 7.2% | 10.9% | 7.3% | 9.2% |
|---|
| Ashapura Intimates Fashion ($AIFL) | 24.1% | 19.1% | 23.4% | 39.9% | 30.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Thangamayil Jewellery ($THANGAMAYL) | 2.2x | 2.6x | 11.9x | 61.2x | 2.9x |
| Shrenuj & Co ($SHRENUJ) | 9.3x | 11.2x | 11.7x | 13.5x | - |
| Gokaldas Exports ($GOKEX) | - | - | 3.6x | 10.4x | - |
| Tribhovandas Bhimji Zaveri ($TBZ) | 1.6x | 2.7x | 4.1x | 6.6x | 16.2x |
| Asian Star Co ($ASTAR) | 7.1x | 7.1x | 5.9x | 4.8x | 5.2x |
| |
|---|
| Median (24 companies) | 2.2x | 2.7x | 0.3x | 0.2x | 0.1x |
|---|
| Ashapura Intimates Fashion ($AIFL) | 3.6x | 4.5x | -0.1x | 0.4x | 1.2x |
