Autoline Industries revenue decline accelerated from 25.2% in FY2015 to 38.6% in FY2016
28-05-2016 • About Autoline Industries (
$AUTOIND) • By InTwits
Autoline Industries reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Autoline Industries is a company in decline: FY2016 revenue growth was -38.6%, 5 years revenue CAGR was -13.7%
- The company operates at negative EBITDA Margin: -0.4%
- EBITDA Margin is quite volatile: -0.4% in FY2016, -1.0% in FY2015, 3.2% in FY2014, 7.2% in FY2013, 11.1% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Autoline Industries's Revenue dropped on 38.6%. Revenue decline was accelerating on average at -13.1 pp per annum in FY2012-FY2016. Revenue decline happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.56 pp from -0.99% to -0.44% in FY2016. EBITDA Margin stuck to a declining trend at -3.1 pp per annum in FY2012-FY2016.
Net Income margin decreased slightly on 1.3 pp from -11.2% to -12.5% in FY2016. Net Income margin followed a declining trend at -4.9 pp per annum in the last 5 years.
Financial and operational results
Autoline Industries ($AUTOIND) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 6,930 | 8,007 | 6,771 | 5,067 | 3,111 | -38.6% |
| EBITDA | 767 | 580 | 219 | -50 | -14 | |
| Net Income | 397 | 109 | -398 | -569 | -388 | |
Balance Sheet
|
|---|
| Cash | 11 | 147 | 50 | | | |
| Short Term Debt | 1,450 | 1,571 | 2,086 | | | |
| Long Term Debt | 1,005 | 890 | 593 | | | |
Cash flow
|
|---|
| Capex | 59 | | | | | |
Ratios
|
|---|
| Revenue growth | 6.4% | 15.5% | -15.4% | -25.2% | -38.6% | |
| EBITDA growth | 6.7% | -24.4% | -62.2% | -123.0% | -73.0% | |
|
|---|
| EBITDA Margin | 11.1% | 7.2% | 3.2% | -1.0% | -0.4% | 0.6% |
| Net Income Margin | 5.7% | 1.4% | -5.9% | -11.2% | -12.5% | -1.3% |
| CAPEX, % of revenue | 0.8% | | | | | |
|
|---|
| ROIC | 10.1% | 6.1% | -0.5% | | | |
| ROE | 15.5% | 4.0% | -14.2% | | | |
| Net Debt/EBITDA | 3.2x | 4.0x | 12.0x | | |
Peers in Auto Parts & Equipment
Below we provide Autoline Industries benchmarking against other companies in Auto Parts & Equipment 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 |
|---|
| Ip Rings ($IPRINGLTD) | - | 2.4% | -0.1% | 19.5% | 16.7% |
| Amara Raja Batteries ($AMARAJABAT) | - | 25.1% | 16.1% | 22.6% | 11.4% |
| Spectra Industries ($SPECTRA) | - | 40.2% | -10.1% | 57.1% | 11.1% |
| Motherson Sumi Systems ($MOTHERSUMI) | - | 71.3% | 20.2% | 14.0% | 10.7% |
| Harita Seating Systems ($HARITASEAT) | - | -6.8% | -2.9% | 13.0% | 10.1% |
| |
|---|
| Median (31 companies) | 23.7% | 2.4% | 5.0% | 9.3% | 2.8% |
|---|
| Autoline Industries ($AUTOIND) | - | 15.5% | -15.4% | -25.2% | -38.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ist ($ISTLTD) | - | - | - | 71.6% | - |
| Tube Investments Of India ($TUBEINVEST) | 18.4% | 24.4% | 28.3% | 30.0% | 21.4% |
| Shivam Autotech ($SHIVAMAUTO) | 24.1% | 24.1% | 20.6% | 18.7% | 16.6% |
| Amara Raja Batteries ($AMARAJABAT) | 14.9% | 15.7% | 14.2% | 17.0% | 17.6% |
| Suprajit Engineering ($SUPRAJIT) | 16.2% | 17.0% | 17.2% | 16.2% | - |
| |
|---|
| Median (45 companies) | 10.8% | 9.9% | 10.8% | 10.3% | 10.8% |
|---|
| Autoline Industries ($AUTOIND) | 11.1% | 7.2% | 3.2% | -1.0% | -0.4% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Amtek Auto ($AMTEKAUTO) | 18.9% | - | 27.1% | 30.3% | - |
| Jbm Auto ($JBMA) | 9.8% | 8.4% | - | 14.4% | - |
| Rico Auto Industries ($RICOAUTO) | 5.8% | 10.9% | 5.7% | 14.2% | 7.4% |
| Shivam Autotech ($SHIVAMAUTO) | 11.6% | 4.1% | 4.9% | 12.5% | 27.9% |
| Amara Raja Batteries ($AMARAJABAT) | 3.7% | 2.5% | 10.9% | 9.6% | 11.0% |
| |
|---|
| Median (26 companies) | 5.8% | 4.5% | 4.8% | 4.6% | 4.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Amara Raja Batteries ($AMARAJABAT) | 32.1% | 34.5% | 30.3% | 35.4% | 33.7% |
| Exide Industries ($EXIDEIND) | 24.2% | 24.3% | 29.5% | 26.9% | 20.5% |
| Munjal Showa ($MUNJALSHOW) | 29.9% | 23.8% | 22.5% | 24.9% | 19.8% |
| Motherson Sumi Systems ($MOTHERSUMI) | 13.5% | 16.5% | 25.0% | 24.9% | 25.1% |
| Gabriel India ($GABRIEL) | 19.9% | 15.5% | 18.0% | 24.0% | 25.0% |
| |
|---|
| Median (51 companies) | 16.4% | 12.7% | 15.6% | 14.6% | 13.6% |
|---|
| Autoline Industries ($AUTOIND) | 10.1% | 6.1% | -0.5% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tube Investments Of India ($TUBEINVEST) | 17.6x | 17.8x | 17.3x | 16.4x | 0.1x |
| Amtek Auto ($AMTEKAUTO) | 4.8x | - | 5.3x | 5.8x | - |
| Remsons Industries ($REMSONSIND) | 2.8x | 4.3x | 3.6x | 5.7x | 0.0x |
| Steel Strips Wheels ($SSWL) | 5.4x | 6.3x | 6.5x | 5.6x | 4.2x |
| Autopal Industries ($AUTOPAL) | - | 3.4x | 3.8x | 4.4x | 0.0x |
| |
|---|
| Median (44 companies) | 1.2x | 2.0x | 0.7x | 0.0x | 0.0x |
|---|
