Sbec Sugar revenue started to decline in FY2016: decreased 8.1% vs. 11.0% growth a year earliner
30-05-2016 • About Sbec Sugar (
$SBECSUG) • By InTwits
Sbec Sugar reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: in FY2016 vs. in FY2015 vs. -9.4% in FY2012
- Sbec Sugar spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -3.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Sbec Sugar's Revenue decreased on 8.1%. During the last 5 years Revenue growth topped in FY2014 at 24.4% and was decelerating since that time.
Net Income margin increased on 7.5 pp from -6.5% to 0.94% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2013 at -24.2% and was growing since that time.
Financial and operational results
Sbec Sugar ($SBECSUG) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 2,911 | 3,144 | 3,911 | 4,341 | 3,989 | -8.1% |
| EBITDA | -273 | -340 | | | | |
| Net Income | -346 | -762 | -558 | -284 | 37 | |
Balance Sheet
|
|---|
| Cash | | 38 | | | | |
| Short Term Debt | | 2,547 | | | | |
| Long Term Debt | | 218 | | | | |
Cash flow
|
|---|
Ratios
|
|---|
| Revenue growth | -8.7% | 8.0% | 24.4% | 11.0% | -8.1% | |
| EBITDA growth | -425.3% | 24.4% | | | | |
|
|---|
| EBITDA Margin | -9.4% | -10.8% | | | |
| Net Income Margin | -11.9% | -24.2% | -14.3% | -6.5% | 0.9% | 7.5% |
|
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Peers in Sugar
Below you can find Sbec Sugar benchmarking vs. other companies in Sugar 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 |
|---|
| Dhampur Sugar Mills ($DHAMPURSUG) | - | -3.7% | 23.1% | -2.5% | 25.6% |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | - | 35.8% | 19.4% | -3.5% | 1.4% |
| Rajshree Sugars & Chemicals ($RAJSREESUG) | - | 13.7% | -3.0% | -22.9% | 0.3% |
| Sakthi Sugars ($SAKHTISUG) | - | 7.9% | -13.5% | -57.9% | -2.2% |
| Shree Renuka Sugars ($RENUKA) | - | - | 11.5% | -12.6% | -2.6% |
| |
|---|
| Median (9 companies) | -6.8% | 13.7% | 15.5% | -8.3% | -2.6% |
|---|
| Sbec Sugar ($SBECSUG) | - | 8.0% | 24.4% | 11.0% | -8.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 11.6% | 15.0% | 9.1% | 9.9% | 19.4% |
| Dhampur Sugar Mills ($DHAMPURSUG) | 13.3% | 15.0% | 7.1% | 8.4% | 10.3% |
| K.M.Sugar Mills ($KMSUGAR) | 6.8% | - | 10.1% | - | 8.5% |
| Dcm Shriram Industries ($DCMSRMIND) | 4.8% | 6.3% | 7.1% | - | 7.0% |
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 12.2% | 13.3% | 6.9% | 0.9% | 6.0% |
| |
|---|
| Median (9 companies) | 11.5% | 14.1% | 8.0% | 1.7% | 6.0% |
|---|
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shree Renuka Sugars ($RENUKA) | - | 3.5% | 2.6% | 1.9% | 9.7% |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 2.1% | 14.6% | 15.1% | 4.4% | 7.4% |
| Dhampur Sugar Mills ($DHAMPURSUG) | 3.9% | 6.0% | 13.7% | 2.8% | 2.2% |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 1.3% | 1.6% | 0.4% | 3.5% | 2.0% |
| |
|---|
| Median (4 companies) | 2.1% | 3.5% | 2.4% | 2.8% | 4.8% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Dhampur Sugar Mills ($DHAMPURSUG) | - | 8.4% | 2.9% | 5.2% | 8.7% |
| Dalmia Bharat Sugar And Industries ($DALMIASUG) | 3.6% | 6.0% | 4.4% | 4.7% | 7.9% |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 10.1% | 21.0% | 14.5% | -8.8% | 2.1% |
| Shree Renuka Sugars ($RENUKA) | 0.0% | 6.6% | -1.2% | -9.3% | -13.8% |
| Sir Shadi Lal Enterprises ($SSLEL) | -11.2% | 4.3% | - | - | - |
| |
|---|
| Median (12 companies) | 4.0% | 6.6% | 3.1% | 2.1% | 5.0% |
|---|
| Sbec Sugar ($SBECSUG) | - | - | - | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shree Renuka Sugars ($RENUKA) | - | 4.0x | 7.8x | 13.5x | 21.6x |
| Rajshree Sugars & Chemicals ($RAJSREESUG) | 5.3x | 4.2x | 9.4x | 0.0x | 15.3x |
| Dhampur Sugar Mills ($DHAMPURSUG) | 4.8x | 6.4x | 10.2x | 9.8x | 6.3x |
| Kcp Sugar & Industries Corporation ($KCPSUGIND) | 2.4x | 0.6x | 1.3x | - | 5.1x |
| Dcm Shriram Industries ($DCMSRMIND) | 8.0x | 5.7x | 3.2x | - | 4.1x |
| |
|---|
| Median (10 companies) | 5.1x | 5.1x | 5.1x | 8.3x | 4.0x |
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