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Venus Remedies EBITDA Margin dropped on 19.3 pp from 19.3% to in 2016

28-05-2016 • About Venus Remedies ($VENUSREM) • By InTwits

Venus Remedies reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is declining: in FY2016 vs. 19.3% in FY2015 vs. 25.2% in FY2012.

Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


Venus Remedies's Revenue decreased on 8.3%.

Net Income margin decreased slightly on 0.60 pp from 1.0% to 0.41% in FY2016. During FY2012-FY2016 Net Income margin topped in FY2013 at 12.2% and was declining since that time.

Financial and operational results


Venus Remedies ($VENUSREM) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue4,0884,6865,4164,4974,126-8.3%
EBITDA1,0311,2011,382869
Net Income4715736434517-62.6%
Balance Sheet
Cash10337
Short Term Debt1,2129571,101
Long Term Debt9911,2911,400
Cash flow
Capex9501,040947
Ratios
Revenue growth12.6%14.6%15.6%-17.0%-8.3%
EBITDA growth14.2%16.5%15.1%-37.1%
EBITDA Margin25.2%25.6%25.5%19.3%
Net Income Margin11.5%12.2%11.9%1.0%0.4%-0.6%
CAPEX, % of revenue23.2%22.2%17.5%
ROIC15.7%14.9%14.4%
ROE17.3%16.7%15.3%
Net Debt/EBITDA2.1x1.8x1.8x0.0x

Peers in Pharmaceuticals


Below you can find Venus Remedies benchmarking vs. other companies in Pharmaceuticals 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
Mangalam Drugs & Organics ($MANGALAM)--18.2%-2.1%79.8%33.7%
Sun Pharmaceutical Industries ($SUNPHARMA)39.9%40.4%42.4%70.2%-
Lyka Labs ($LYKALABS)41.9%-25.7%-22.6%68.7%-
Marksans Pharma ($MARKSANS)16.7%23.3%43.3%26.8%-
Torrent Cables ($TORRCABS)27.5%17.4%-42.9%26.5%-
 
Median (41 companies)19.8%14.9%12.6%9.2%12.2%
Venus Remedies ($VENUSREM)-14.6%15.6%-17.0%-8.3%


Top companies by Gross margin, %

Top  FY2012 FY2013 FY2014 FY2015 FY2016
Dr.Reddy'S Laboratories ($DRREDDY)-52.1%57.4%57.6%59.6%
Omega Laboratories ($OMEGALAB)0.0%0.0%0.0%0.0%0.0%
 
Median (2 companies)46.9%26.1%28.7%28.8%29.8%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Divi'S Laboratories ($DIVISLAB)37.2%38.2%40.2%37.4%37.5%
Hester Biosciences ($HESTERBIO)---32.9%-
Sun Pharmaceutical Industries ($SUNPHARMA)40.8%44.3%44.9%29.2%-
Natco Pharma ($NATCOPHARM)21.5%23.2%24.9%26.2%24.1%
Dr.Reddy'S Laboratories ($DRREDDY)25.8%22.9%25.1%23.2%25.8%
 
Median (53 companies)12.7%12.8%14.3%12.0%18.7%
Venus Remedies ($VENUSREM)25.2%25.6%25.5%19.3%-


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Claris Lifesciences ($CLARIS)58.1%42.9%-103.1%15.8%
Wintac ($WINTAC)---22.8%-
Hester Biosciences ($HESTERBIO)---21.5%-
Ipca Laboratories ($IPCALAB)11.2%8.3%11.6%17.8%-
Natco Pharma ($NATCOPHARM)24.4%16.3%14.4%14.1%13.8%
 
Median (32 companies)7.7%7.5%5.7%6.1%8.7%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Marksans Pharma ($MARKSANS)-142.4%34.9%33.8%41.2%-
Alembic Pharmaceuticals ($APLLTD)27.5%29.1%41.5%35.7%62.1%
Jenburkt Pharmaceuticals ($JENBURPH)34.1%29.0%32.4%35.3%-
Abbott India ($ABBOTINDIA)29.6%26.9%30.5%34.2%34.1%
Divi'S Laboratories ($DIVISLAB)30.6%30.4%32.3%30.5%31.9%
 
Median (63 companies)13.7%13.2%15.6%13.2%13.4%
Venus Remedies ($VENUSREM)15.7%14.9%14.4%--


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Jubilant Life Sciences Limited ($JUBILANT)4.0x3.5x3.5x6.4x3.2x
Shasun Pharmaceuticals ($SHASUNPHAR)2.8x4.5x6.0x6.2x-
Claris Lifesciences ($CLARIS)1.9x1.1x1.8x3.2x2.9x
Dishman Pharmaceuticals & Chemicals ($DISHMAN)3.6x2.6x2.3x2.9x2.1x
Neuland Laboratories ($NEULANDLAB)4.2x3.5x2.6x2.6x2.0x
 
Median (48 companies)1.4x1.2x0.3x0.2x0.2x
Venus Remedies ($VENUSREM)2.1x1.8x1.8x0.0x-


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