Dynemic Products reports 19.8% Net Income decline in 2016 while 3.1% Revenue growth

28-05-2016 • About Dynemic Products ($DYNPRO) • By InTwits

Dynemic Products 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

Dynemic Products's Revenue increased on 3.1%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.3 pp from 23.5% to 24.9% in FY2016.

Net Income margin decreased slightly on 1.7 pp from 7.5% to 5.8% in FY2016.

Management team

Dynemic Products's CFO Amisha R Patel has spent 6 years with the company.

Financial and operational results

Dynemic Products ($DYNPRO) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	832	832	1,170	1,257	1,296	3.1%
EBITDA	113	93	187	179	155	-12.9%
Net Income	54	44	103	94	76	-19.8%
Balance Sheet
Cash	9	9
Short Term Debt	198	204
Long Term Debt	10	4
Cash flow
Capex	32
Ratios
Revenue growth	27.4%	-0.0%	40.6%	7.5%	3.1%
EBITDA growth	0.1%	-17.3%	100.6%	-4.7%	-12.9%

EBITDA Margin	13.6%	11.2%	16.0%	14.2%	12.0%	-2.2%
Net Income Margin	6.4%	5.3%	8.8%	7.5%	5.8%	-1.7%
CAPEX, % of revenue	3.8%

ROIC	15.9%	11.7%
ROE	14.7%	11.1%
Net Debt/EBITDA	1.8x	2.1x	0.0x	0.0x	0.0x

Peers in Specialty Chemicals

Below you can find Dynemic Products benchmarking vs. other companies in Specialty Chemicals 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 5	FY2012	FY2013	FY2014	FY2015	FY2016
Vikas Globalone ($VIKASGLOB)	-	53.0%	-0.9%	-10.0%	36.6%
Cochin Minerals & Rutile ($COCHINM)	-	-15.9%	-33.8%	-11.0%	35.6%
Ultramarine & Pigments ($ULTRAMAR)	-	3.0%	7.2%	14.2%	27.7%
Anil ($ANILLTD)	-	9.5%	16.8%	17.5%	26.6%
Sudarshan Chemical Industries ($SUDARSCHEM)	-	9.1%	28.2%	8.3%	15.3%
Median (23 companies)	17.4%	14.1%	11.3%	11.7%	-0.5%
Dynemic Products ($DYNPRO)	-	-0.0%	40.6%	7.5%	3.1%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Vinati Organics ($VINATIORGA)	21.7%	21.8%	22.7%	24.9%	32.8%
Indian Toners & Developers ($INDTONER)	-	-	-	22.6%	-
Solar Industries India ($SOLARINDS)	18.5%	17.5%	17.9%	19.3%	19.3%
Anil ($ANILLTD)	18.1%	16.9%	17.1%	17.4%	16.2%
Ultramarine & Pigments ($ULTRAMAR)	18.0%	15.5%	17.4%	17.2%	17.2%
Median (34 companies)	9.4%	10.5%	10.6%	10.5%	15.3%
Dynemic Products ($DYNPRO)	13.6%	11.2%	16.0%	14.2%	12.0%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Plastiblends India ($PLASTIBLEN)	2.1%	1.9%	0.9%	4.0%	15.6%
Camlin Fine Sciences ($CAMLINFIN)	4.3%	5.7%	7.1%	5.1%	13.7%
Vinati Organics ($VINATIORGA)	13.6%	28.2%	4.2%	7.4%	12.1%
Dai-Ichi Karkaria ($DAICHI)	3.2%	-	-	1.6%	10.3%
Solar Industries India ($SOLARINDS)	13.0%	9.9%	12.3%	10.3%	9.6%
Median (17 companies)	5.2%	4.6%	4.4%	5.1%	7.7%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Vinati Organics ($VINATIORGA)	29.6%	26.2%	30.6%	34.8%	32.2%
Camlin Fine Sciences ($CAMLINFIN)	11.1%	17.8%	24.2%	29.5%	23.3%
Pidilite Industries ($PIDILITIND)	27.4%	29.3%	29.8%	29.0%	38.3%
Adi Finechem ($ADIFINCHM)	30.6%	29.8%	46.4%	26.3%	20.6%
Ultramarine & Pigments ($ULTRAMAR)	20.0%	16.3%	20.8%	25.7%	30.2%
Median (37 companies)	14.7%	14.9%	11.2%	17.1%	20.6%
Dynemic Products ($DYNPRO)	15.9%	11.7%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Anil ($ANILLTD)	2.2x	3.4x	3.8x	4.0x	4.2x
Jayant Agro-Organics ($JAYAGROGN)	2.8x	3.1x	4.6x	6.5x	3.4x
Sudarshan Chemical Industries ($SUDARSCHEM)	2.4x	5.1x	3.2x	3.2x	2.4x
Meghmani Organics ($MEGH)	4.2x	3.7x	4.3x	3.1x	1.9x
Vikas Globalone ($VIKASGLOB)	2.5x	4.4x	4.9x	0.0x	1.8x
Median (26 companies)	1.5x	1.7x	1.7x	0.0x	0.0x
Dynemic Products ($DYNPRO)	1.8x	2.1x	0.0x	0.0x	0.0x

Dynemic Products stock price chart

Dynemic Products financials

mln.	FY2010	FY2011	FY2012

Revenue	1,476	653.2	832.2
EBITDA	107.0	112.9	113.0
Net income	49.020	57.582	53.553
CAPEX	2.955	26.468	31.515
Debt	173.4	173.0	208.1
Cash	9.300	5.318	8.936

About Dynemic Products

Dynemic Products Limited manufactures and markets dyes and dye intermediates in India. The company offers food colors used in foodstuff, beverages, animal feed, etc.; lake colors for use in pharmaceuticals, cosmetic and personal products, spice compounds, bakery products, dairy products, and snack foods; and blended colors. It also provides colors used in food, drugs, and cosmetic products; salt free dyes for use in cartridge ink, roller ball point ink, etc.; and D&C and natural food colors for use in pharmaceutical products. In addition, the company offers dyes intermediates, which are used in the manufacture of food colors, acid dyes, reactive dyes, ramazol dyes, metal complex dyes, and direct dyes. Dynemic Products Limited also exports its products to the United States, the United Kingdom, Germany, South America, the Middle East, South Africa, Indonesia, Thailand, the Philippines, China, Brazil, Argentina, Chile, etc. The company was founded in 1990 and is based in Ahmedabad, India.