Pix Transmissions reports 7.3% revenue growth in FY2016 and 2.0 pp EBITDA Margin decline from 18.1% to 16.1%

28-05-2016 • About Pix Transmissions ($PIXTRANS) • By InTwits

Pix Transmissions 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

Pix Transmissions's Revenue increased on 7.3%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 2.0 pp from 18.1% to 16.1% in FY2016.

Net Income margin showed almost no change in FY2016. During the last 5 years Net Income margin topped in FY2013 at 47.4% and was declining since that time.

Financial and operational results

Pix Transmissions ($PIXTRANS) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	2,182	2,451	2,106	2,030	2,178	7.3%
EBITDA	445	531	356	367	350	-4.5%
Net Income	6	1,163	75	34	37	6.1%
Balance Sheet
Cash	83	324
Short Term Debt		0
Long Term Debt	2,203	0
Cash flow
Ratios
Revenue growth	-5.8%	12.3%	-14.1%	-3.6%	7.3%
EBITDA growth	1.2%	19.3%	-33.0%	3.1%	-4.5%

EBITDA Margin	20.4%	21.7%	16.9%	18.1%	16.1%	-2.0%
Net Income Margin	0.3%	47.4%	3.6%	1.7%	1.7%	-0.0%

ROIC	8.8%	17.7%
ROE	1.2%	112.9%
Net Debt/EBITDA	4.8x	-0.6x	0.0x	0.0x	0.0x

Peers in Auto Tyres & Rubber Products

Below we provide Pix Transmissions benchmarking against other companies in Auto Tyres & Rubber Products 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
Rubfila International ($RUBFILA)	-	4.7%	25.1%	28.7%	1.0%
Ceat ($CEATLTD)	-	8.7%	9.9%	3.6%	-0.7%
Apollo Tyres ($APOLLOTYRE)	-	5.3%	4.0%	-4.4%	-8.0%
Balkrishna Industries ($BALKRISIND)	-	12.5%	11.1%	1.2%	-14.6%
Median (4 companies)	-2.1%	5.9%	9.9%	1.2%	-4.3%
Pix Transmissions ($PIXTRANS)	-	12.3%	-14.1%	-3.6%	7.3%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Balkrishna Industries ($BALKRISIND)	17.0%	20.1%	26.0%	19.1%	27.2%
Multibase India ($MULTIBASE)	-	-	-	17.0%	-
Apollo Tyres ($APOLLOTYRE)	9.7%	11.4%	14.2%	15.2%	16.8%
Ceat ($CEATLTD)	6.1%	9.0%	11.9%	13.7%	16.0%
Rubfila International ($RUBFILA)	12.3%	14.9%	12.6%	13.5%	8.8%
Median (7 companies)	11.0%	11.4%	12.6%	13.7%	16.4%
Pix Transmissions ($PIXTRANS)	20.4%	21.7%	16.9%	18.1%	16.1%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Balkrishna Industries ($BALKRISIND)	23.4%	29.9%	23.5%	9.7%	7.4%
Ceat ($CEATLTD)	3.1%	1.7%	2.7%	5.3%	12.3%
Apollo Tyres ($APOLLOTYRE)	6.5%	4.9%	3.7%	5.0%	14.7%
Rubfila International ($RUBFILA)	0.3%	9.1%	5.0%	2.2%	-
Multibase India ($MULTIBASE)	-	-	-	1.8%	-
Median (5 companies)	3.1%	4.9%	3.7%	5.0%	12.3%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Rubfila International ($RUBFILA)	35.1%	26.2%	22.7%	29.4%	15.9%
Ceat ($CEATLTD)	11.4%	19.1%	27.6%	28.8%	29.0%
Multibase India ($MULTIBASE)	12.3%	22.8%	22.0%	25.8%	-
Apollo Tyres ($APOLLOTYRE)	14.7%	16.8%	23.6%	23.9%	20.5%
Balkrishna Industries ($BALKRISIND)	17.7%	17.3%	19.7%	10.4%	12.4%
Median (8 companies)	13.5%	19.1%	23.1%	25.8%	18.2%
Pix Transmissions ($PIXTRANS)	8.8%	17.7%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Balkrishna Industries ($BALKRISIND)	3.2x	3.2x	2.5x	2.6x	1.8x
Ceat ($CEATLTD)	4.5x	2.1x	1.3x	0.8x	0.6x
Apollo Tyres ($APOLLOTYRE)	2.4x	1.3x	0.3x	0.3x	0.4x
Tirupati Foam ($TIRFOAM)	6.4x	5.4x	0.0x	0.0x	-
Goodyear India ($GOODYEAR)	-	-0.3x	-1.5x	0.0x	-
Median (7 companies)	3.2x	1.3x	0.0x	0.0x	0.5x
Pix Transmissions ($PIXTRANS)	4.8x	-0.6x	0.0x	0.0x	0.0x

Pix Transmissions stock price chart

Pix Transmissions financials

mln.	FY2010	FY2011	FY2012

Revenue	2,377	2,316	2,182
EBITDA	342.4	439.8	445.1
Net income	-2.290	19.006	6.201
CAPEX	812.3	243.0	0.000
Debt	2,029	2,086	2,203
Cash	29.266	84.127	83.175

About Pix Transmissions

PIX Transmissions Limited manufactures and sells belts and related mechanical transmissions products in India and internationally. The company offers wrapped construction belts, moulded raw edge cogged belts, ribbed/poly V- belts, timing/synchronous belts, and polyurethane belts for industrial, construction, and automotive applications. It also provides agricultural belts, such as wrapped varispeed belts, REC varispeed belts, flat belts, and carrot harvester belts; and lawn mover belts and heavy earth moving machinery belts. In addition, the company offers pulleys and bushes under the PowerWare brand; and accessories, such as digital and analog tension testers, laser guided pulley alignment tools, length measurement products, pulley gauges, and drive design software. PIX Transmissions Limited was founded in 1981 and is based in Nagpur, India.