Rajshree Sugars & Chemicals EBITDA jumped on 587% and Revenue showed almost no change
28-05-2016 • About Rajshree Sugars & Chemicals (
$RAJSREESUG) • By InTwits
Rajshree Sugars & Chemicals reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- EBITDA Margin is quite volatile: 6.0% in FY2016, 0.9% in FY2015, 6.9% in FY2014, 13.3% in FY2013, 12.2% in FY2012
- It operates with high leverage: Net Debt/EBITDA is 15.3x while industry average is 7.4x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue showed almost no change in FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 3.8 pp from 16.0% to 19.8% in FY2016.
Net Income margin increased on 6.5 pp from -9.2% to -2.7% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 15.3x and Debt / EBITDA is 15.3x. Net Debt / EBITDA jumped15.3x from 0x to 15.3x in FY2016. Debt surged while cash jumped.
Rajshree Sugars & Chemicals has short term refinancing risk: cash is only 1.7% of short term debt.
Financial and operational results
Rajshree Sugars & Chemicals ($RAJSREESUG) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 8,363 | 9,507 | 9,218 | 7,106 | 7,129 | 0.3% |
| EBITDA | 1,018 | 1,264 | 636 | 62 | 426 | 587.4% |
| Net Income | -1 | 55 | -344 | -657 | -193 | |
Balance Sheet
|
|---|
| Cash | 118 | 96 | 916 | | 34 | |
| Short Term Debt | 1,645 | 2,253 | 1,675 | | 2,018 | |
| Long Term Debt | 3,838 | 3,121 | 5,197 | | 4,511 | |
Cash flow
|
|---|
| Capex | 1,635 | 517 | | | | |
Ratios
|
|---|
| Revenue growth | 13.3% | 13.7% | -3.0% | -22.9% | 0.3% | |
| EBITDA growth | 51.8% | 24.2% | -49.7% | -90.3% | 587.4% | |
|
|---|
| EBITDA Margin | 12.2% | 13.3% | 6.9% | 0.9% | 6.0% | 5.1% |
| Net Income Margin | -0.0% | 0.6% | -3.7% | -9.2% | -2.7% | 6.5% |
| CAPEX, % of revenue | 19.5% | 5.4% | | | | |
|
|---|
| ROIC | 10.5% | 12.7% | 3.4% | | | |
| ROE | -0.1% | 4.8% | -33.9% | | | |
| Net Debt/EBITDA | 5.3x | 4.2x | 9.4x | 0.0x | 15.3x |
Peers in Sugar
Below you can find Rajshree Sugars & Chemicals benchmarking vs. other companies in Sugar 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 |
|---|
| K.M.Sugar Mills ($KMSUGAR) | -11.3% | 7.0% | 48.3% | 36.1% | - |
| Sbec Sugar ($SBECSUG) | -8.7% | 8.0% | 24.4% | 11.0% | - |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | - | 25.4% | -14.5% | 10.6% | -5.8% |
| Dhampur Sugar Mills ($DHAMPURSUG) | - | -3.7% | 23.1% | -2.5% | 25.6% |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | - | 35.8% | 19.4% | -3.5% | 1.4% |
| |
|---|
| Median (9 companies) | -8.7% | 13.8% | 20.0% | -3.5% | -2.2% |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | - | 13.7% | -3.0% | -22.9% | 0.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 11.6% | 15.0% | 9.1% | 9.9% | 19.4% |
| Dhampur Sugar Mills ($DHAMPURSUG) | 13.3% | 15.0% | 7.1% | 8.4% | 10.3% |
| Shree Renuka Sugars ($RENUKA) | - | 15.1% | 8.5% | 4.7% | - |
| Uttam Sugar Mills ($UTTAMSUGAR) | 3.6% | 17.2% | - | -2.0% | - |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 12.2% | 17.3% | 15.5% | -4.6% | 4.5% |
| |
|---|
| Median (7 companies) | 6.8% | 15.0% | 8.5% | -2.0% | 8.0% |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 12.2% | 13.3% | 6.9% | 0.9% | 6.0% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 2.1% | 14.6% | 15.1% | 4.4% | 7.4% |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 1.3% | 1.6% | 0.4% | 3.5% | 2.0% |
| Dhampur Sugar Mills ($DHAMPURSUG) | 3.9% | 6.0% | 13.7% | 2.8% | 2.2% |
| Shree Renuka Sugars ($RENUKA) | - | 3.5% | 2.6% | 1.9% | - |
| |
|---|
| Median (4 companies) | 2.0% | 3.5% | 2.6% | 3.1% | 2.2% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dhampur Sugar Mills ($DHAMPURSUG) | - | 8.4% | 2.9% | 5.2% | 8.7% |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 3.6% | 6.0% | 4.4% | 4.7% | 7.9% |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 10.1% | 21.0% | 14.5% | -8.8% | 2.1% |
| Shree Renuka Sugars ($RENUKA) | 0.0% | 6.6% | -1.2% | -9.3% | - |
| Sir Shadi Lal Enterprises ($SSLEL) | -11.2% | 4.3% | - | - | - |
| |
|---|
| Median (12 companies) | 3.8% | 6.6% | 3.6% | -2.1% | 7.9% |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 10.5% | 12.7% | 3.4% | - | - |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dhampur Sugar Mills ($DHAMPURSUG) | 4.8x | 6.4x | 10.2x | 9.8x | 6.3x |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 2.4x | 0.6x | 1.3x | - | 5.1x |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 7.5x | 5.1x | 7.1x | 6.9x | 4.0x |
| Sir Shadi Lal Enterprises ($SSLEL) | - | 10.6x | - | - | 0.0x |
| |
|---|
| Median (4 companies) | 4.8x | 5.3x | 3.2x | 9.8x | 4.6x |
|---|
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 5.3x | 4.2x | 9.4x | 0.0x | 15.3x |
