Rathi Bars reports 18.6% EBITDA decline in 2016 and 13.7% Revenue decline
30-05-2016 • About Rathi Bars (
$RATHIBAR) • By InTwits
Rathi Bars reported FY2016 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 13.7%. Revenue followed a declining trend in the last 5 years. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.0 pp from 11.0% to 16.0% in FY2016.
Net Income margin increased slightly on 0.57 pp from 0.088% to 0.65% in FY2016.
Financial and operational results
Rathi Bars ($RATHIBAR) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 3,117 | 3,150 | 3,047 | 2,647 | 2,285 | -13.7% |
| EBITDA | 69 | 84 | | 107 | 87 | -18.6% |
| Net Income | 31 | 21 | 24 | 2 | 15 | 543.5% |
Balance Sheet
|
|---|
| Cash | | 19 | | | | |
| Short Term Debt | | 259 | | | | |
| Long Term Debt | | 90 | | | | |
Cash flow
|
|---|
Ratios
|
|---|
| Revenue growth | 47.9% | 1.1% | -3.3% | -13.1% | -13.7% | |
| EBITDA growth | -25.8% | 21.7% | | | -18.6% | |
|
|---|
| EBITDA Margin | 2.2% | 2.7% | | 4.0% | 3.8% | -0.2% |
| Net Income Margin | 1.0% | 0.7% | 0.8% | 0.1% | 0.7% | 0.6% |
|
|---|
| Net Debt/EBITDA | 0.0x | 3.9x | | 0.0x | 0.0x |
Peers in Iron & Steel Products
Below we provide Rathi Bars benchmarking against other companies in Iron & Steel 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 |
|---|
| Bedmutha Industries ($BEDMUTHA) | - | -7.4% | 2.7% | 44.6% | 52.8% |
| Apl Apollo Tubes ($APLAPOLLO) | - | 44.2% | 24.3% | 25.7% | 34.3% |
| Vallabh Steels ($VALLABHSQ) | - | -9.7% | -15.7% | -18.8% | 15.8% |
| Electrotherm (India) ($ELECTHERM) | - | - | - | - | 11.0% |
| Nile ($NILE) | - | -19.1% | 6.9% | 38.7% | 10.2% |
| |
|---|
| Median (9 companies) | 20.4% | -7.4% | 7.5% | 12.0% | 10.2% |
|---|
| Rathi Bars ($RATHIBAR) | - | 1.1% | -3.3% | -13.1% | -13.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Gandhi Special Tubes ($GANDHITUBE) | - | - | - | 25.5% | - |
| National Fittings ($NATFIT) | - | - | - | 19.3% | - |
| Usha Martin ($USHAMART) | 13.2% | 18.1% | 18.7% | 16.5% | 8.5% |
| Shree Steel Wire Ropes ($SSWRL) | - | - | - | 12.5% | - |
| Lakshmi Precision Screws ($LAKPRE) | 15.9% | 16.2% | 7.0% | 12.4% | - |
| |
|---|
| Median (14 companies) | 6.5% | 6.9% | 6.8% | 6.4% | 5.7% |
|---|
| Rathi Bars ($RATHIBAR) | 2.2% | 2.7% | - | 4.0% | 3.8% |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Usha Martin ($USHAMART) | 21.6% | 23.5% | 29.0% | 13.2% | 9.2% |
| Apl Apollo Tubes ($APLAPOLLO) | 5.6% | 4.2% | 5.1% | 5.9% | 3.0% |
| Gandhi Special Tubes ($GANDHITUBE) | - | - | - | 4.0% | - |
| |
|---|
| Median (3 companies) | 6.0% | 2.5% | 15.4% | 5.9% | 6.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Apl Apollo Tubes ($APLAPOLLO) | 18.2% | 19.5% | 16.0% | 16.6% | 22.7% |
| Lakshmi Precision Screws ($LAKPRE) | 14.4% | 11.9% | 3.1% | 11.9% | - |
| Gandhi Special Tubes ($GANDHITUBE) | 28.3% | 18.9% | 13.2% | 11.1% | 13.3% |
| Usha Martin ($USHAMART) | 4.3% | 6.5% | 7.6% | 5.6% | 0.7% |
| Gujarat Containers ($GUJCONT) | - | 20.0% | - | - | - |
| |
|---|
| Median (24 companies) | 8.5% | 8.0% | 6.7% | 11.5% | 13.3% |
|---|
| Rathi Bars ($RATHIBAR) | - | - | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Usha Martin ($USHAMART) | 10.0x | 4.8x | 4.8x | 5.2x | 11.4x |
| Lakshmi Precision Screws ($LAKPRE) | 2.7x | 3.4x | 8.1x | 4.4x | - |
| Apl Apollo Tubes ($APLAPOLLO) | 2.7x | 2.8x | 3.1x | 2.3x | 2.1x |
| Uni Abex Alloy Products ($UNIABEXAL) | 0.0x | 1.6x | 0.0x | 0.0x | - |
| National Fittings ($NATFIT) | 0.8x | 0.1x | 0.0x | 0.0x | 0.0x |
| |
|---|
| Median (12 companies) | 2.6x | 3.1x | 0.0x | 0.0x | 0.0x |
|---|
| Rathi Bars ($RATHIBAR) | 0.0x | 3.9x | - | 0.0x | 0.0x |
