Natraj Proteins reports 33.6% revenue decline in FY2016

30-05-2016 • About Natraj Proteins ($NATRAJPR) • By InTwits

Natraj Proteins 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 dropped on 33.6%. During the last 5 years Revenue growth topped in FY2013 at 44.1% and was decelerating since that time.

Net Income margin decreased on 3.2 pp from 0.50% to -2.7% in FY2016. During FY2012-FY2016 Net Income margin topped in FY2013 at 3.4% and was declining since that time.

Financial and operational results

Natraj Proteins ($NATRAJPR) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	2,198	3,166	3,636	3,013	2,001	-33.6%
EBITDA	98	202	152		-18
Net Income	35	109	81	15	-53	-450.2%
Balance Sheet
Cash	8	164
Short Term Debt	478	376
Long Term Debt	25	32
Cash flow
Capex	9
Ratios
Revenue growth	16.3%	44.1%	14.8%	-17.1%	-33.6%
EBITDA growth	77.4%	105.5%	-24.6%
EBITDA Margin	4.5%	6.4%	4.2%		-0.9%
Net Income Margin	1.6%	3.4%	2.2%	0.5%	-2.7%	-3.2%
CAPEX, % of revenue	0.4%
ROIC	14.7%	26.9%
ROE	20.7%	44.6%
Net Debt/EBITDA	5.1x	1.2x	0.0x

Peers in Edible Oils

Below you can find Natraj Proteins benchmarking vs. other companies in Edible Oils 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
Ajanta Soya ($AJANTSOY)	-	13.2%	13.1%	16.8%	4.8%
Kriti Nutrients ($KRITINUT)	-	2.7%	-37.8%	6.4%	15.4%
Gokul Refoils & Solvent ($GOKUL)	-	-11.7%	10.9%	-8.3%	-42.3%
Poona Dal & Oil Industries ($POONADAL)	-	30.1%	-23.2%	-33.5%	34.8%
Divya Jyoti Industries ($DIVYAJYQ)	-	33.3%	-2.7%	-49.5%	-52.5%
Median (8 companies)	138.5%	4.9%	4.1%	-41.5%	10.1%
Natraj Proteins ($NATRAJPR)	-	44.1%	14.8%	-17.1%	-33.6%

Top companies by EBITDA margin, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Divya Jyoti Industries ($DIVYAJYQ)	3.3%	2.2%	2.0%	-	6.6%
Kriti Nutrients ($KRITINUT)	3.8%	2.2%	4.2%	4.6%	4.2%
Ruchi Infrastructure ($RUCHINFRA)	1.7%	1.9%	1.0%	0.5%	1.8%
Gokul Refoils & Solvent ($GOKUL)	0.5%	1.5%	2.8%	1.7%	1.6%
Poona Dal & Oil Industries ($POONADAL)	1.9%	1.2%	-	-	1.2%
Median (6 companies)	1.8%	1.7%	2.4%	1.5%	1.7%
Natraj Proteins ($NATRAJPR)	4.5%	6.4%	4.2%	-	-0.9%

Top companies by CAPEX/Revenue, %

Top	FY2012	FY2013	FY2014	FY2015	FY2016
Ruchi Infrastructure ($RUCHINFRA)	0.6%	0.1%	0.1%	2.0%	-
Gokul Refoils & Solvent ($GOKUL)	0.8%	0.4%	0.4%	0.9%	0.1%
Median (2 companies)	0.7%	0.4%	0.2%	1.4%	0.1%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ruchi Infrastructure ($RUCHINFRA)	4.5%	3.5%	1.9%	-1.3%	6.0%
Gokul Refoils & Solvent ($GOKUL)	0.1%	2.8%	10.9%	6.9%	5.6%
Raj Oil Mills ($RAJOIL)	-	-	-	-	-
Sam Industries ($SAMINDUS)	25.4%	4.9%	-	-	-
Poona Dal & Oil Industries ($POONADAL)	18.1%	13.2%	-	-	-
Median (8 companies)	5.1%	4.2%	10.9%	2.8%	5.8%
Natraj Proteins ($NATRAJPR)	14.7%	26.9%	-	-	-

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ruchi Infrastructure ($RUCHINFRA)	3.1x	7.7x	13.3x	52.1x	6.4x
Poona Dal & Oil Industries ($POONADAL)	-0.0x	-2.0x	-	-	0.0x
Divya Jyoti Industries ($DIVYAJYQ)	0.0x	2.9x	0.0x	-	0.0x
Ajanta Soya ($AJANTSOY)	8.5x	12.7x	0.0x	-	0.0x
Kriti Nutrients ($KRITINUT)	0.3x	1.0x	0.0x	0.0x	0.0x
Median (6 companies)	1.1x	2.8x	1.2x	1.9x	0.0x

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