Murudeshwar Ceramics reports 16.7% revenue decline in FY2016 and 1.3 pp EBITDA Margin growth from 23.5% to 24.9%
28-05-2016 • About Murudeshwar Ceramics (
$MURUDCERA) • By InTwits
Murudeshwar Ceramics reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Murudeshwar Ceramics is a company in decline: FY2016 revenue growth was -16.7%, 5 years revenue CAGR was -7.8%.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 16.7%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.3 pp from 23.5% to 24.9% in FY2016. During FY2012-FY2016 EBITDA Margin bottomed in FY2014 at 21.6% and was growing since that time.
Net Income margin showed almost no change in FY2016. During the last 5 years Net Income margin bottomed in FY2013 at 0.58% and was growing since that time.
Financial and operational results
Murudeshwar Ceramics ($MURUDCERA) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,791 | 1,441 | 1,461 | 1,381 | 1,150 | -16.7% |
| EBITDA | 422 | 315 | 315 | 325 | 286 | -11.9% |
| Net Income | 38 | 8 | 12 | 17 | 16 | -8.7% |
Balance Sheet
|
|---|
| Cash | 24 | 52 | | | | |
| Short Term Debt | 762 | 784 | | | | |
| Long Term Debt | 596 | 549 | | | | |
Cash flow
|
|---|
| Capex | 66 | | | | | |
Ratios
|
|---|
| Revenue growth | 3.6% | -19.5% | 1.3% | -5.5% | -16.7% | |
| EBITDA growth | -20.3% | -25.4% | 0.2% | 3.0% | -11.9% | |
|
|---|
| EBITDA Margin | 23.6% | 21.8% | 21.6% | 23.5% | 24.9% | 1.3% |
| Net Income Margin | 2.1% | 0.6% | 0.8% | 1.2% | 1.4% | 0.1% |
| CAPEX, % of revenue | 3.7% | | | | | |
|
|---|
| ROIC | 5.7% | 5.1% | | | | |
| ROE | 1.3% | 0.3% | | | | |
| Net Debt/EBITDA | 3.2x | 4.1x | 0.0x | 0.0x | 0.0x |
Peers in Furniture-Furnishing-Paints
Below we provide Murudeshwar Ceramics benchmarking against other companies in Furniture-Furnishing-Paints 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 |
|---|
| Kajaria Ceramics ($KAJARIACER) | - | 22.8% | 13.9% | 19.1% | 10.6% |
| Asian Paints ($ASIANPAINT) | - | 13.3% | 15.7% | 11.3% | 9.5% |
| Nitco ($NITCO) | 31.0% | -8.1% | 0.1% | 7.7% | - |
| Shalimar Paints ($SHALPAINTS) | - | 2.5% | -3.2% | -10.3% | -7.0% |
| Hanung Toys & Textiles ($HANUNG) | 24.6% | 27.6% | -73.8% | -71.2% | - |
| |
|---|
| Median (5 companies) | 27.8% | 13.3% | 0.1% | 7.7% | 9.5% |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | - | -19.5% | 1.3% | -5.5% | -16.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kajaria Ceramics ($KAJARIACER) | 15.8% | 15.3% | 15.6% | 16.3% | 19.4% |
| Asian Paints ($ASIANPAINT) | 16.0% | 16.0% | 16.0% | 16.0% | 18.3% |
| Neycer India ($NEYCERI) | - | - | - | 9.3% | - |
| Bil Continental ($BILCONTI) | - | - | - | 2.9% | - |
| Shalimar Paints ($SHALPAINTS) | 7.8% | 7.6% | 3.0% | 2.1% | 7.8% |
| |
|---|
| Median (6 companies) | 15.8% | 15.3% | 9.3% | 6.1% | 18.3% |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | 23.6% | 21.8% | 21.6% | 23.5% | 24.9% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kajaria Ceramics ($KAJARIACER) | 5.7% | 9.6% | 8.5% | 12.3% | 11.3% |
| Asian Paints ($ASIANPAINT) | 5.7% | 5.9% | 2.0% | 3.2% | 5.4% |
| Shalimar Paints ($SHALPAINTS) | 0.7% | 2.1% | 2.8% | 6.5% | 2.1% |
| |
|---|
| Median (3 companies) | 5.7% | 5.9% | 2.8% | 6.5% | 5.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Asian Paints ($ASIANPAINT) | 47.1% | 43.0% | 39.8% | 37.1% | 40.7% |
| Kajaria Ceramics ($KAJARIACER) | 27.9% | 28.6% | 28.8% | 29.8% | 31.3% |
| Shalimar Paints ($SHALPAINTS) | 25.9% | 22.2% | 6.2% | 2.4% | 13.9% |
| Euro Ceramics ($EUROCERA) | -8.1% | -11.2% | - | - | - |
| Neycer India ($NEYCERI) | - | -6.5% | - | - | - |
| |
|---|
| Median (10 companies) | 20.8% | 9.0% | 17.5% | 29.8% | 31.3% |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | 5.7% | 5.1% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shalimar Paints ($SHALPAINTS) | 1.5x | 1.9x | 7.3x | 13.7x | 3.8x |
| Kajaria Ceramics ($KAJARIACER) | 1.3x | 1.3x | 0.8x | 0.7x | 0.6x |
| Asian Paints ($ASIANPAINT) | 0.1x | -0.0x | 0.0x | 0.1x | -0.0x |
| Neycer India ($NEYCERI) | 11.8x | 107.4x | - | 0.0x | - |
| Bil Continental ($BILCONTI) | 7.9x | 7.0x | 0.0x | 0.0x | - |
| |
|---|
| Median (5 companies) | 6.2x | 3.2x | 0.4x | 0.1x | 0.6x |
|---|
| Murudeshwar Ceramics ($MURUDCERA) | 3.2x | 4.1x | 0.0x | 0.0x | 0.0x |
