Ginni Filaments EBITDA increased on 8.6% and EBITDA Margin increased slightly on 0.78 pp from 9.6% to 10.3%
12-05-2017 • About Ginni Filaments (
$GINNIFIL) • By InTwits
Ginni Filaments reported FY2017 financial results today. Overall the company's long term financial model is characterised by the following facts:
- The company has highly profitable business model: ROIC is 12.4%
- It operates with medium-size leverage: Net Debt/EBITDA is 2.9x while industry average is 3.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue showed almost no change in FY2017. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.78 pp from 9.6% to 10.3% in FY2017.
Net Income margin increased slightly on 1.6 pp from 0.59% to 2.1% in FY2017.
Investments (CAPEX, working capital and M&A)
Ginni Filaments's CAPEX/Revenue was 4.3% in FY2017. CAPEX/Revenue increased on 4.3 pp from in FY2014 to 4.3% in FY2017.
Return on investment
The company operates at good ROIC (12.4%) while ROE is low (10.2%). ROIC increased on 2.7 pp from 9.8% to 12.4% in FY2017. ROE increased on 7.0 pp from 3.2% to 10.2% in FY2017.
Leverage (Debt)
Company's Net Debt / EBITDA is 2.9x and Debt / EBITDA is 2.9x. Net Debt / EBITDA dropped on 0.5x from 3.4x to 2.9x in FY2017. Debt decreased on 7.5% while cash dropped on 19.5%.
Ginni Filaments has short term refinancing risk: cash is only 2.1% of short term debt.
Financial and operational results
FY ended 31-03-2017
Ginni Filaments ($GINNIFIL) key annual financial indicators| mln. INR | 2013 | 2014 | 2015 | 2016 | 2017 | 2017/2016 |
|---|
P&L
|
|---|
| Revenue | 7,447 | 8,680 | 8,477 | 7,503 | 7,537 | 0.4% |
| EBITDA | 937 | 1,260 | 910 | 717 | 779 | 8.6% |
| Net Income | 175 | 363 | 78 | 44 | 161 | 267.3% |
Balance Sheet
|
|---|
| Cash | 27 | 42 | 19 | 40 | 32 | -19.5% |
| Short Term Debt | 1,977 | 1,502 | 2,026 | 1,653 | 1,542 | -6.7% |
| Long Term Debt | 1,833 | 1,623 | 1,114 | 790 | 718 | -9.1% |
Cash flow
|
|---|
| Capex | 148 | | 134 | | 326 | |
Ratios
|
|---|
| Revenue growth | 4.6% | 16.6% | -2.3% | -11.5% | 0.4% | |
| EBITDA growth | 379.4% | 34.5% | -27.7% | -21.3% | 8.6% | |
|
|---|
| EBITDA Margin | 12.6% | 14.5% | 10.7% | 9.6% | 10.3% | 0.8% |
| Net Income Margin | 2.4% | 4.2% | 0.9% | 0.6% | 2.1% | 1.6% |
| CAPEX, % of revenue | 2.0% | | 1.6% | | 4.3% | |
|
|---|
| ROIC | 15.2% | 21.6% | 12.8% | 9.8% | 12.4% | 2.7% |
| ROE | 19.3% | 31.6% | 5.2% | 3.2% | 10.2% | 7.0% |
| Net Debt/EBITDA | 4.0x | 2.4x | 3.4x | 3.4x | 2.9x | -0.5x |
Peers in
Below you can find Ginni Filaments benchmarking vs. other companies in 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 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Tvs Electronics ($TVSEL) | 8.5% | 5.2% | 9.2% | 116.1% | - |
| Asleyf ($ASLEYF) | -3.3% | -8.0% | 33.6% | 34.7% | - |
| Jocil ($JOCIL) | 4.1% | -8.7% | -13.7% | 22.2% | - |
| Kirloskar Pneumatic Co ($KIRPNDM) | -17.7% | -11.8% | -8.9% | 15.4% | - |
| Jklakbbph ($JKLAKBBPH) | 19.6% | 0.0% | 12.2% | 14.0% | - |
| |
|---|
| Median (19 companies) | 10.9% | 3.9% | 8.8% | 5.2% | -4.6% |
|---|
| Ginni Filaments ($GINNIFIL) | - | - | - | - | 0.4% |
Top companies by Gross margin, %
| Top | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | 0.0% | 0.0% | 0.0% | 0.0% | - |
| Bombay Drugs & Pharmas ($BOMDRDM) | 0.0% | 0.0% | 0.0% | 0.0% | - |
| Southern Herbals ($SOUTHNHE) | 0.0% | 0.0% | 0.0% | 0.0% | - |
| Tafnccpeq ($TAFNCCPEQ) | 0.0% | 0.0% | 0.0% | 0.0% | - |
| |
|---|
| Median (4 companies) | 0.0% | 0.0% | 0.0% | 0.0% | - |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Kaleconbbph ($KALECONBBPH) | 44.3% | 43.5% | 37.9% | 39.8% | - |
| Indbulbbph ($INDBULBBPH) | 34.6% | 29.5% | 23.5% | 28.7% | - |
| Uplbbph ($UPLBBPH) | 18.3% | 18.8% | 20.0% | 20.8% | - |
| Bharat Rasayan ($BHARATRA) | 14.9% | 18.2% | 18.6% | 17.7% | - |
| Rilbbph ($RILBBPH) | 8.3% | 8.1% | 10.0% | 15.8% | - |
| |
|---|
| Median (17 companies) | 13.4% | 14.7% | 10.7% | 10.3% | 6.3% |
|---|
| Ginni Filaments ($GINNIFIL) | - | - | - | 9.6% | 10.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Rilbbph ($RILBBPH) | 7.7% | 13.8% | 16.9% | 18.0% | - |
| Jklakbbph ($JKLAKBBPH) | 28.8% | 24.6% | 23.6% | 17.5% | - |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 18.7% | 10.1% | 5.4% | 8.9% | - |
| Monetbbph ($MONETBBPH) | 5.2% | 139.2% | 89.2% | 8.8% | - |
| Kaleconbbph ($KALECONBBPH) | 5.0% | 2.5% | 2.9% | 6.3% | - |
| |
|---|
| Median (15 companies) | 5.2% | 4.5% | 5.0% | 3.6% | 0.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Kaleconbbph ($KALECONBBPH) | 89.0% | 103.8% | 81.0% | 102.7% | - |
| Bharat Rasayan ($BHARATRA) | 13.7% | 21.9% | 26.1% | 24.1% | - |
| Paushak ($PAUSHAK) | 24.5% | - | - | 23.1% | - |
| Uplbbph ($UPLBBPH) | 15.9% | 18.2% | 22.1% | 22.2% | - |
| Rane Brake Lining ($RANEBRAKE) | 7.9% | 11.1% | 12.8% | 21.2% | - |
| |
|---|
| Median (31 companies) | 7.7% | 5.9% | 4.4% | 3.0% | 6.4% |
|---|
| Ginni Filaments ($GINNIFIL) | - | - | - | 9.8% | 12.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2013 | FY2014 | FY2015 | FY2016 | FY2017 |
|---|
| Rane Engine Valve ($RANENGIN) | 11.3x | 4.5x | 4.8x | 25.4x | - |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 3.8x | 3.5x | 4.3x | 9.1x | - |
| Jklakbbph ($JKLAKBBPH) | 2.3x | 5.3x | 5.5x | 8.3x | - |
| Indbulbbph ($INDBULBBPH) | 4.8x | 5.5x | 9.6x | 6.5x | - |
| Rilbbph ($RILBBPH) | 2.1x | 2.9x | 3.9x | 3.9x | - |
| |
|---|
| Median (17 companies) | 2.2x | 2.2x | 1.1x | 0.3x | 26.1x |
|---|
| Ginni Filaments ($GINNIFIL) | - | - | - | 3.4x | 2.9x |
