Cords Cable Industries reports 7.3% EBITDA growth in 2016 and almost no change in EBITDA Margin of 10.3%
30-05-2016 • About Cords Cable Industries (
$CORDSCABLE) • By InTwits
Cords Cable Industries reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is relatively stable: 10.3% in FY2016 vs. 10.3% in FY2015 vs. 9.9% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Cords Cable Industries's Revenue increased on 6.9%. During FY2012-FY2016 Revenue growth bottomed in FY2014 at -31.8% and was accelerating since that time. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.0 pp from 11.0% to 16.0% in FY2016.
Net Income margin showed almost no change in FY2016.
Financial and operational results
Cords Cable Industries ($CORDSCABLE) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,768 | 3,854 | 2,630 | 2,650 | 2,833 | 6.9% |
| EBITDA | 371 | 383 | 258 | 273 | 293 | 7.3% |
| Net Income | 54 | 61 | 20 | 27 | 31 | 14.9% |
Balance Sheet
|
|---|
| Cash | 122 | 161 | | | | |
| Short Term Debt | 479 | 482 | | | | |
| Long Term Debt | 332 | 230 | | | | |
Cash flow
|
|---|
| Capex | 51 | | | | | |
Ratios
|
|---|
| Revenue growth | 30.1% | 2.3% | -31.8% | 0.8% | 6.9% | |
| EBITDA growth | 41.0% | 3.2% | -32.7% | 5.7% | 7.3% | |
|
|---|
| EBITDA Margin | 9.9% | 9.9% | 9.8% | 10.3% | 10.3% | 0.0% |
| Net Income Margin | 1.4% | 1.6% | 0.8% | 1.0% | 1.1% | 0.1% |
| CAPEX, % of revenue | 1.4% | | | | | |
|
|---|
| ROIC | 16.2% | 16.3% | | | | |
| ROE | 5.6% | 6.0% | | | | |
| Net Debt/EBITDA | 1.9x | 1.4x | 0.0x | 0.0x | 0.0x |
Peers in Other Elect.Equip./ Prod.
Below we provide Cords Cable Industries benchmarking against other companies in Other Elect.Equip./ Prod. 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 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Salzer Electronics ($SALZER) | - | 2.6% | 6.9% | 15.9% | 27.5% |
| Ultracab (India) ($ULTRACAB) | - | 26.2% | 10.5% | 10.6% | 17.7% |
| Kirloskar Electric Company ($KECL) | - | -1.7% | -7.6% | -48.5% | 7.3% |
| Emgee Cables & Communications ($EMGEECA) | - | -1.4% | 1.1% | -0.8% | -2.2% |
| Hbl Power Systems ($HBLPOWER) | - | 9.3% | -23.6% | 3.3% | -3.6% |
| |
|---|
| Median (12 companies) | 32.7% | -2.2% | 0.4% | 7.3% | -5.3% |
|---|
| Cords Cable Industries ($CORDSCABLE) | - | 2.3% | -31.8% | 0.8% | 6.9% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Malvica Engineering ($MALVICAE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Fluidomat ($FLUIDOM) | - | - | - | 28.0% | - |
| Indosolar ($INDOSOLAR) | -114.4% | -52.7% | -140.0% | 16.3% | 3.3% |
| Genus Power Infrastructures ($GENUSPOWER) | 14.1% | 11.0% | 13.8% | 13.8% | 14.8% |
| Salzer Electronics ($SALZER) | 12.9% | 12.5% | 12.4% | 12.6% | 12.1% |
| Pitti Laminations ($PITTILAM) | 15.6% | 13.6% | 13.2% | 12.0% | 6.2% |
| |
|---|
| Median (16 companies) | 8.1% | 8.8% | 8.7% | 7.8% | 8.1% |
|---|
| Cords Cable Industries ($CORDSCABLE) | 9.9% | 9.9% | 9.8% | 10.3% | 10.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Indosolar ($INDOSOLAR) | 311.2% | 148.3% | 42.3% | 26.9% | 7.1% |
| Diamond Power Infrastructure ($DIAPOWER) | - | 6.8% | 8.4% | 8.7% | - |
| Salzer Electronics ($SALZER) | 6.8% | 5.6% | 4.1% | 8.2% | 9.8% |
| Birla Ericsson Optical ($BIRLAERIC) | 1.3% | 4.4% | 4.0% | 3.5% | - |
| Kirloskar Electric Company ($KECL) | 1.8% | 0.7% | 1.8% | 2.3% | 0.3% |
| |
|---|
| Median (7 companies) | 3.4% | 4.2% | 4.0% | 3.5% | 3.7% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Salzer Electronics ($SALZER) | 14.6% | 12.7% | 13.0% | 14.6% | 13.8% |
| Genus Power Infrastructures ($GENUSPOWER) | 12.4% | 8.0% | 12.2% | 13.5% | 12.7% |
| Hbl Power Systems ($HBLPOWER) | 10.6% | 10.1% | 4.3% | 6.7% | 6.5% |
| Malvica Engineering ($MALVICAE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Indosolar ($INDOSOLAR) | -14.0% | -6.8% | -5.2% | 2.2% | -3.0% |
| |
|---|
| Median (19 companies) | 8.9% | 8.1% | 9.7% | 4.5% | 3.3% |
|---|
| Cords Cable Industries ($CORDSCABLE) | 16.2% | 16.3% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Diamond Power Infrastructure ($DIAPOWER) | 3.3x | 5.2x | 4.8x | 46.8x | - |
| Indosolar ($INDOSOLAR) | - | - | - | 20.3x | 66.3x |
| Hbl Power Systems ($HBLPOWER) | 4.1x | 4.4x | 6.8x | 4.7x | 4.2x |
| Salzer Electronics ($SALZER) | 1.9x | 2.2x | 2.6x | 2.7x | 2.2x |
| Genus Power Infrastructures ($GENUSPOWER) | 3.2x | 3.9x | 2.9x | 2.7x | 1.5x |
| |
|---|
| Median (13 companies) | 3.6x | 4.3x | 2.9x | 0.0x | 0.0x |
|---|
| Cords Cable Industries ($CORDSCABLE) | 1.9x | 1.4x | 0.0x | 0.0x | 0.0x |
