Raunaq Automotive Components reports 8.6% revenue growth in FY2016 and 2.1 pp EBITDA Margin decline from 15.1% to 13.1%

28-05-2016 • About Raunaq Automotive Components ($RAUNAQAU) • By InTwits

Raunaq Automotive Components 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

The company's Revenue increased on 8.6%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.6 pp from 8.6% to 14.1% in FY2016. During FY2012-FY2016 EBITDA Margin topped in FY2015 at 15.1%.

Net Income margin showed almost no change in FY2016.

Financial and operational results

Raunaq Automotive Components ($RAUNAQAU) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	987	941	1,030	1,044	1,133	8.6%
EBITDA	101	99	124	158	148	-6.2%
Net Income	27	16	19	36	37	3.1%
Balance Sheet
Cash	2	9
Short Term Debt	122	236
Long Term Debt	174	185
Cash flow
Capex	111
Ratios
Revenue growth	19.4%	-4.6%	9.4%	1.4%	8.6%
EBITDA growth	12.2%	-1.9%	25.3%	27.6%	-6.2%

EBITDA Margin	10.2%	10.5%	12.0%	15.1%	13.1%	-2.1%
Net Income Margin	2.8%	1.7%	1.8%	3.4%	3.3%	-0.2%
CAPEX, % of revenue	11.2%

ROIC	15.2%	9.8%
ROE	14.4%	5.7%
Net Debt/EBITDA	2.9x	4.2x	0.0x	0.0x	0.0x

Peers in Auto Parts & Equipment

Below you can find Raunaq Automotive Components benchmarking vs. other companies in Auto Parts & Equipment 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
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 ($HARITASEAT)	-	-6.8%	-2.9%	13.0%	10.1%
Median (31 companies)	23.7%	2.7%	4.9%	9.3%	2.5%
Raunaq Automotive Components ($RAUNAQAU)	-	-4.6%	9.4%	1.4%	8.6%

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 ($SUPRAJIT)	16.2%	17.0%	17.2%	16.2%	-
Median (45 companies)	11.1%	9.8%	10.1%	9.9%	10.3%
Raunaq Automotive Components ($RAUNAQAU)	10.2%	10.5%	12.0%	15.1%	13.1%

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)	5.7%	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 ($GABRIEL)	19.9%	15.5%	18.0%	24.0%	25.0%
Median (51 companies)	16.4%	12.7%	15.1%	14.6%	13.6%
Raunaq Automotive Components ($RAUNAQAU)	15.2%	9.8%	-	-	-

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 ($AUTOPAL)	-	3.4x	3.8x	4.4x	0.0x
Median (43 companies)	1.2x	2.0x	0.9x	0.1x	0.0x
Raunaq Automotive Components ($RAUNAQAU)	2.9x	4.2x	0.0x	0.0x	0.0x

Raunaq Automotive Components stock price chart

Raunaq Automotive Components financials

mln.	FY2010	FY2011	FY2012

Revenue	1,154	827.0	987.2
EBITDA	83.377	89.645	100.6
Net income	24.860	25.953	27.200
CAPEX	104.2	88.742	110.9
Debt	135.5	187.3	296.1
Cash	0.460	2.003	2.089

About Raunaq Automotive Components

Raunaq Automotive Components Limited manufactures and sells automotive components to original equipment manufacturers in the automotive sector in India. The company offers transmission gears and shafts, reduction gears trains CVT gear boxes, engine timing gears, sub-assemblies, sprockets and ratchets, precision machined parts, synchronizing cones and rings, and industrial gears for motorcycles and scooters, three and four wheeler passenger and cargo vehicles, agricultural machinery, tractors, ATVs, light and heavy commercial vehicles, etc. Raunaq Automotive Components Limited was incorporated in 1983 and is headquartered in New Delhi, India.