Modi Naturals reports 15.4% revenue growth in FY2016
30-05-2016 • About Modi Naturals (
$MODINATUR) • By InTwits
Modi Naturals reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Modi Naturals is a fast growth stock: FY2016 revenue growth was 15.4%, 5 year revenue CAGR was 19.6% at FY2016 ROIC
- It operates with high leverage: Net Debt/EBITDA is 27.7x while industry average is 1.1x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue jumped on 15.4%. During the last 5 years Revenue growth bottomed in FY2014 at 8.3% and was accelerating since that time.
Net Income margin increased slightly on 0.66 pp from 0.068% to 0.73% in FY2016.
Financial and operational results
Modi Naturals ($MODINATUR) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 1,668 | 1,938 | 2,098 | 2,339 | 2,699 | 15.4% |
| EBITDA | 52 | 64 | | 40 | | |
| Net Income | 2 | 20 | 8 | 2 | 20 | 1,146.0% |
Balance Sheet
|
|---|
| Cash | 23 | 33 | | | | |
| Short Term Debt | 216 | 169 | | | | |
| Long Term Debt | 8 | 5 | | | | |
Cash flow
|
|---|
| Capex | 11 | 12 | | | | |
Ratios
|
|---|
| Revenue growth | 51.2% | 16.2% | 8.3% | 11.5% | 15.4% | |
| EBITDA growth | 148.5% | 24.5% | | | | |
|
|---|
| EBITDA Margin | 3.1% | 3.3% | | 1.7% | |
| Net Income Margin | 0.1% | 1.0% | 0.4% | 0.1% | 0.7% | 0.7% |
| CAPEX, % of revenue | 0.7% | 0.6% | | | | |
|
|---|
| ROIC | 7.7% | 10.1% | | | | |
| ROE | 0.7% | 7.4% | | | | |
| Net Debt/EBITDA | 3.9x | 2.2x | | 0.0x | |
Peers in Other Agricultural Products
Below we provide Modi Naturals benchmarking against other companies in Other Agricultural Products 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 |
|---|
| Olympic Oil Industries ($OLYOI) | - | 160.6% | 21.1% | -7.8% | 5.2% |
| Avt Natural Products ($AVTNPL) | - | 11.9% | 5.1% | -6.9% | 5.0% |
| Agro Tech Foods ($ATFL) | - | 12.1% | -3.2% | -0.8% | 3.2% |
| Freshtrop Fruits ($FRSHTRP) | - | 43.8% | 29.1% | 0.0% | 0.1% |
| Kohinoor Foods ($KOHINOOR) | - | 13.4% | 16.2% | -5.9% | -2.6% |
| |
|---|
| Median (7 companies) | 6.0% | 35.2% | 16.2% | -0.8% | 0.1% |
|---|
| Modi Naturals ($MODINATUR) | - | 16.2% | 8.3% | 11.5% | 15.4% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Indrayani Biotech ($INDRANIB) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaveri Seed Company ($KSCL) | 20.7% | 19.6% | 21.9% | 26.7% | 21.3% |
| Avt Natural Products ($AVTNPL) | 37.6% | 30.8% | 25.9% | 17.5% | 14.4% |
| Freshtrop Fruits ($FRSHTRP) | 9.3% | 8.9% | 9.8% | 14.1% | 13.4% |
| Agro Tech Foods ($ATFL) | 7.6% | 8.3% | 9.2% | 8.0% | 7.3% |
| Vikas Granaries ($VIKASGRAN) | 10.6% | 14.2% | 9.8% | 5.0% | - |
| |
|---|
| Median (9 companies) | 7.6% | 8.9% | 9.8% | 5.0% | 11.2% |
|---|
| Modi Naturals ($MODINATUR) | 3.1% | 3.3% | - | 1.7% | - |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaveri Seed Company ($KSCL) | 2.9% | 5.9% | 2.5% | 7.1% | 2.9% |
| Agro Tech Foods ($ATFL) | 4.1% | 6.0% | 6.3% | 5.6% | 5.7% |
| Avt Natural Products ($AVTNPL) | 2.3% | 5.0% | 3.3% | 4.0% | 3.8% |
| Kohinoor Foods ($KOHINOOR) | 1.6% | 1.5% | 1.0% | 0.3% | - |
| |
|---|
| Median (4 companies) | 1.6% | 5.0% | 2.9% | 4.8% | 3.8% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaveri Seed Company ($KSCL) | 27.5% | 41.1% | 46.8% | 45.9% | 19.3% |
| Avt Natural Products ($AVTNPL) | 58.2% | 41.5% | 32.8% | 19.0% | 15.1% |
| Agro Tech Foods ($ATFL) | 24.0% | 25.3% | 21.2% | 13.9% | 10.2% |
| Kohinoor Foods ($KOHINOOR) | 3.1% | 8.8% | 10.3% | -1.3% | 8.1% |
| Indrayani Biotech ($INDRANIB) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (11 companies) | 9.2% | 8.9% | 21.2% | 13.9% | 10.2% |
|---|
| Modi Naturals ($MODINATUR) | 7.7% | 10.1% | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kohinoor Foods ($KOHINOOR) | 19.2x | 7.8x | 6.1x | 296.6x | 8.1x |
| Agro Tech Foods ($ATFL) | -0.8x | -0.2x | 0.1x | 0.3x | 1.6x |
| Unique Organics ($UNIQUEO) | - | 0.0x | 0.0x | 0.0x | - |
| Freshtrop Fruits ($FRSHTRP) | 3.3x | 2.5x | 0.0x | 0.0x | 0.0x |
| Vikas Granaries ($VIKASGRAN) | 9.1x | 4.2x | 0.0x | 0.0x | - |
| |
|---|
| Median (9 companies) | 2.1x | 1.7x | 0.0x | 0.0x | 0.0x |
|---|
| Modi Naturals ($MODINATUR) | 3.9x | 2.2x | - | 0.0x | - |
