Fertilizers & Chemicals Travancore Debt jumped on 32.7% and Revenue increased on 8.5%
30-05-2017 • About Fertilizers & Chemicals Travancore (
$FACT) • By InTwits
Fertilizers & Chemicals Travancore reported FY2017 financial results today. Here are the key drivers of the company's long term financial model:
- Fertilizers & Chemicals Travancore spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2013-FY2017 is 0.0%. Average EBITDA Margin for the same period was -6.3%
- Fertilizers & Chemicals Travancore has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.0%.
- The company has potentially unprofitable business model: ROIC is 3.4%
- It operates with high leverage: Net Debt/EBITDA is 52.4x while industry average is 3.2x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased on 8.5%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.6 pp from 12.3% to 13.9% in FY2017.
Net Income margin surged on 12.1 pp from -26.0% to -13.9% in FY2017.
Investments (CAPEX, working capital and M&A)
In FY2017 Fertilizers & Chemicals Travancore had CAPEX/Revenue of 0.41%. CAPEX/Revenue decreased slightly on 1.6 pp from 2.0% in FY2014 to 0.41% in FY2017. It's average level of CAPEX/Revenue for the last three years was 0.36%.
Leverage (Debt)
Debt level is 52.4x Net Debt / EBITDA and 53.1x Debt / EBITDA. Net Debt / EBITDA surged52.4x from to 52.4x in FY2017. Debt surged on 32.7% while cash jumped on 59.9%.
Fertilizers & Chemicals Travancore has short term refinancing risk: cash is only 5.1% of short term debt.
Financial and operational results
FY ended 31-03-2017
Fertilizers & Chemicals Travancore ($FACT) key annual financial indicators| mln. INR | 2013 | 2014 | 2015 | 2016 | 2017 | 2017/2016 |
|---|
P&L
|
|---|
| Revenue | 23,158 | 22,094 | 19,788 | 17,360 | 18,833 | 8.5% |
| EBITDA | -1,669 | -1,451 | -1,651 | -2,069 | 452 | |
| Net Income | -3,540 | -2,650 | -3,999 | -4,522 | -2,627 | |
Balance Sheet
|
|---|
| Cash | 70 | 268 | 375 | 202 | 323 | 59.9% |
| Short Term Debt | 7,733 | 9,211 | 9,128 | 1,835 | 6,318 | 244.4% |
| Long Term Debt | 2,180 | 1,898 | 1,615 | 16,271 | 17,705 | 8.8% |
Cash flow
|
|---|
| Capex | 400 | 441 | 94 | 32 | 77 | 136.0% |
Ratios
|
|---|
| Revenue growth | -19.5% | -4.6% | -10.4% | -12.3% | 8.5% | |
| EBITDA growth | -202.7% | -13.0% | 13.7% | 25.4% | -121.9% | |
|
|---|
| EBITDA Margin | -7.2% | -6.6% | -8.3% | -11.9% | 2.4% | 14.3% |
| Net Income Margin | -15.3% | -12.0% | -20.2% | -26.0% | -13.9% | 12.1% |
| CAPEX, % of revenue | 1.7% | 2.0% | 0.5% | 0.2% | 0.4% | 0.2% |
|
|---|
| ROIC | -26.0% | -26.0% | -41.3% | -60.9% | 3.4% | 64.3% |
| Net Debt/EBITDA | | | | | 52.4x |
Peers in
Below we provide Fertilizers & Chemicals Travancore benchmarking against other companies in 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 | 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 ($JKLAKBBPH) | 19.6% | 0.0% | 12.2% | 14.0% | - |
| |
|---|
| Median (19 companies) | 10.9% | 3.9% | 8.8% | 5.2% | -8.6% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | - | - | - | 8.5% |
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 ($RILBBPH) | 8.3% | 8.1% | 10.0% | 15.8% | - |
| |
|---|
| Median (17 companies) | 13.4% | 14.7% | 10.7% | 10.3% | 10.3% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | - | - | -11.9% | 2.4% |
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 ($KALECONBBPH) | 5.0% | 2.5% | 2.9% | 6.3% | - |
| |
|---|
| Median (14 companies) | 5.2% | 4.5% | 5.0% | 4.2% | 2.3% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | - | - | 0.2% | 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 ($RANEBRAKE) | 7.9% | 11.1% | 12.8% | 21.2% | - |
| |
|---|
| Median (31 companies) | 7.7% | 5.9% | 4.4% | 5.3% | 10.9% |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | - | - | -60.9% | 3.4% |
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 (18 companies) | 2.2x | 2.2x | 1.1x | 0.7x | 1.3x |
|---|
