Murli Industries revenue dropped on 94.0%

09-06-2016 • About Murli Industries ($MURLIIND) • By InTwits

Murli Industries reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:

• Murli Industries is a company in decline: FY2016 revenue growth was -94.0%, 5 years revenue CAGR was -60.8%
• EBITDA Margin is relatively stable: in FY2016 vs. in FY2015 vs. -9.4% in FY2012
• Murli Industries 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 -6.8%

Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Murli Industries's Revenue dropped on 94.0%. Revenue decline was accelerating on average at -30.0 pp per annum in FY2012-FY2016.

Net Income margin dropped on 5,825 pp from -195% to -6,020% in FY2016. Net Income margin pursued a declining trend in the last 5 years.

Management team

The company's CEO is Kamal Kishore Tapadia. Kamal Kishore Tapadia has 7 years tenure with the company.

Financial and operational results

Murli Industries ($MURLIIND) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	10,904	6,831	2,468	1,152	69	-94.0%
EBITDA	-1,020	-432
Net Income	-1,606	-2,527	-2,283	-2,242	-4,128
Balance Sheet
Cash	5	50
Short Term Debt	1,177	1,198
Long Term Debt	12,640	13,716
Cash flow
Capex	67
Ratios
Revenue growth	48.1%	-37.4%	-63.9%	-53.3%	-94.0%
EBITDA growth	-1,472.6%	-57.6%
EBITDA Margin	-9.4%	-6.3%
Net Income Margin	-14.7%	-37.0%	-92.5%	-194.6%	-6,019.6%	-5,825.0%
CAPEX, % of revenue	0.6%
ROIC	-12.3%	-8.8%
ROE	-159.7%

Peers in Edible Oils

Below you can find Murli Industries 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
Ruchi Infrastructure ($RUCHINFRA)	-	-23.4%	13.4%	-59.0%	120.1%
Poona Dal & Oil Industries ($POONADAL)	-	30.1%	-23.2%	-33.5%	34.8%
Kriti Nutrients ($KRITINUT)	-	2.7%	-37.8%	6.4%	15.4%
Ajanta Soya ($AJANTSOY)	-	13.2%	13.1%	16.8%	4.8%
Natraj Proteins ($NATRAJPR)	-	44.1%	14.8%	-17.1%	-33.6%
Median (8 companies)	-	10.2%	12.0%	-25.3%	-14.4%
Murli Industries ($MURLIIND)	-	-37.4%	-63.9%	-53.3%	-94.0%

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 (7 companies)	2.6%	2.0%	2.8%	1.5%	1.6%

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%
Sam Industries ($SAMINDUS)	25.4%	4.9%	-	-	-
Poona Dal & Oil Industries ($POONADAL)	18.1%	13.2%	-	-	-
Raj Oil Mills ($RAJOIL)	-	-	-	-	-
Median (10 companies)	14.7%	8.7%	10.9%	2.8%	5.8%
Murli Industries ($MURLIIND)	-12.3%	-8.8%	-	-	-

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)	1.9x	2.7x	0.0x	1.9x	0.0x

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