Bothra Metals & Alloys EBITDA dropped on 187% and Revenue dropped on 33.1%

30-05-2016 • About Bothra Metals & Alloys ($BMAL) • By InTwits

Bothra Metals & Alloys reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is quite volatile: -5.6% in FY2016, 4.3% in FY2015, 3.6% in FY2014, 5.1% in FY2013, 6.5% 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

The company's Revenue dropped on 33.1%. During the last 5 years Revenue growth topped in FY2013 at 57.0% and was decelerating since that time. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.1 pp from 8.2% to 12.4% in FY2016.

Net Income margin decreased on 9.7 pp from 1.4% to -8.3% in FY2016. Net Income margin followed a declining trend in the last 5 years.

Financial and operational results

Bothra Metals & Alloys ($BMAL) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,122	1,762	2,243	2,585	1,730	-33.1%
EBITDA	73	90	81	112	-97	-186.7%
Net Income	35	44	35	37	-144	-483.3%
Balance Sheet
Cash	35	72
Short Term Debt	309	327
Long Term Debt	30	25
Cash flow
Capex	58
Ratios
Revenue growth	12.1%	57.0%	27.3%	15.3%	-33.1%
EBITDA growth	6.2%	22.4%	-9.2%	37.1%	-186.7%

EBITDA Margin	6.5%	5.1%	3.6%	4.3%	-5.6%	-9.9%
Net Income Margin	3.1%	2.5%	1.6%	1.4%	-8.3%	-9.7%
CAPEX, % of revenue	5.2%

ROIC	15.2%	13.8%
ROE	18.5%	17.1%
Net Debt/EBITDA	4.1x	3.1x	0.0x	0.0x

Peers in Aluminium

Below we provide Bothra Metals & Alloys benchmarking against other companies in Aluminium 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
Alicon Castalloy ($ALICON)	-	11.9%	1.5%	34.0%	5.0%
Hindalco Industries ($HINDALCO)	-	-1.0%	9.0%	18.4%	-3.9%
Gujarat Foils ($GUJFOIL)	-	31.4%	25.2%	13.2%	-7.3%
Median (3 companies)	36.1%	5.5%	5.8%	20.2%	-3.9%
Bothra Metals & Alloys ($BMAL)	-	57.0%	27.3%	15.3%	-33.1%

Top companies by EBITDA margin, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Alicon Castalloy ($ALICON)	9.8%	8.8%	10.0%	9.9%	10.4%
Tentiwal Wire Products ($TWPL)	-	-	-	9.7%	-
Hindalco Industries ($HINDALCO)	10.9%	10.3%	9.3%	8.7%	8.7%
Median (3 companies)	9.8%	9.6%	9.7%	9.7%	9.5%
Bothra Metals & Alloys ($BMAL)	6.5%	5.1%	3.6%	4.3%	-5.6%

Top companies by CAPEX/Revenue, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Alicon Castalloy ($ALICON)	8.4%	3.7%	5.2%	12.0%	7.8%
Hindalco Industries ($HINDALCO)	15.5%	14.8%	10.8%	5.8%	4.0%
Median (2 companies)	8.4%	9.3%	8.0%	8.9%	5.9%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Alicon Castalloy ($ALICON)	16.4%	13.0%	14.8%	16.7%	16.3%
Hindalco Industries ($HINDALCO)	8.6%	6.2%	4.6%	4.9%	4.1%
Tentiwal Wire Products ($TWPL)	12.5%	12.6%	-	-	-
Sacheta Metals ($SACHEMT)	-3.1%	-	-	-	-
Gujarat Foils ($GUJFOIL)	-	-	-	-	-
Median (5 companies)	8.6%	9.4%	9.7%	10.8%	10.2%
Bothra Metals & Alloys ($BMAL)	15.2%	13.8%	-	-	-

Top companies by Net Debt / EBITDA


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Hindalco Industries ($HINDALCO)	4.3x	6.6x	7.5x	7.2x	7.3x
Alicon Castalloy ($ALICON)	2.3x	2.1x	2.0x	2.3x	2.0x
Tentiwal Wire Products ($TWPL)	4.9x	5.2x	0.0x	0.0x	0.0x
Sacheta Metals ($SACHEMT)	14.3x	0.0x	0.0x	-	0.0x
Median (4 companies)	4.9x	4.5x	0.0x	2.3x	1.0x

Bothra Metals & Alloys stock price chart

Bothra Metals & Alloys financials

mln.	FY2010	FY2011	FY2012

Revenue	3,028	1,001	1,122
EBITDA	59.326	68.977	73.241
Net income	42.888	36.387	35.297
CAPEX	2.119	0.641	58.196
Debt	127.1	172.6	338.6
Cash	9.270	22.142	34.752

About Bothra Metals & Alloys

Bothra Metals & Alloys Limited manufactures and supplies aluminum based products in India. The company offers aluminum extrusions, ladder sections, billets, profiles, and sections and electronic extrusions, as well as aluminum ingots, shots, and alloys ingots. Its products are used in various industries, including automobiles, luggage, windows, air-conditioning, scaffolding, textile, building and construction, syntax, shutters, curtain walling, ventilation, irrigation tubing, electrical bus bars, office automation, hinges/handles, heavy engineering, architectural, lighting, heat sinks, carpet profiles, electronics, ladders, doors, and road transport. The company markets its products under the Bothra brand name. It also exports its products. Bothra Metals & Alloys Limited was founded in 2001 and is based in Mumbai, India.