Ginni Filaments EBITDA jumped on 15.6% while Revenue decreased slightly on 1.3%
21-09-2020 • About Ginni Filaments (
$GINNIFIL) • By InTwits
Ginni Filaments reported FY2020 financial results today. Here are the key drivers of the company's long term financial model:
- The company has potentially unprofitable business model: ROIC is 6.9%
- It operates with high leverage: Net Debt/EBITDA is 5.1x while industry average is 2.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased slightly on 1.3%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.1 pp from 6.4% to 7.5% in FY2020.
Net Income margin increased slightly on 1.2 pp from -0.44% to 0.72% in FY2020.
Investments (CAPEX, working capital and M&A)
In FY2020 Ginni Filaments had CAPEX/Revenue of 1.2%. Ginni Filaments's CAPEX/Revenue decreased on 3.1 pp from 4.3% in FY2017 to 1.2% in FY2020. It's average level of CAPEX/Revenue for the last three years was 2.6%.
Return on investment
The company operates at low ROIC (6.9%) and ROE (3.1%). ROIC increased slightly on 1.3 pp from 5.6% to 6.9% in FY2020. ROE increased on 5.1 pp from -2.0% to 3.1% in FY2020.
Leverage (Debt)
Company's Net Debt / EBITDA is 5.1x and Debt / EBITDA is 5.1x. Net Debt / EBITDA dropped on 0.3x from 5.4x to 5.1x in FY2020. Debt increased on 9.6% while cash jumped on 134%.
Ginni Filaments has short term refinancing risk: cash is only 1.1% of short term debt.
Financial and operational results
FY ended 31-03-2020
Ginni Filaments ($GINNIFIL) key annual financial indicators| mln. INR | 2016 | 2017 | 2018 | 2019 | 2020 | 2020/2019 |
|---|
P&L
|
|---|
| Revenue | 7,503 | 7,537 | 6,972 | 7,991 | 7,884 | -1.3% |
| EBITDA | 717 | 779 | 525 | 514 | 595 | 15.6% |
| Net Income | 44 | 161 | 27 | -35 | 57 | |
Balance Sheet
|
|---|
| Cash | 40 | 32 | 32 | 11 | 25 | 133.6% |
| Short Term Debt | 1,653 | 1,542 | 2,044 | 2,125 | 2,152 | 1.3% |
| Long Term Debt | 790 | 718 | 622 | 646 | 885 | 36.9% |
Cash flow
|
|---|
| Capex | | 326 | 353 | 114 | 94 | -16.9% |
Ratios
|
|---|
| Revenue growth | -11.5% | 0.4% | -7.5% | 14.6% | -1.3% | |
| EBITDA growth | -21.3% | 8.6% | -32.6% | -2.1% | 15.6% | |
|
|---|
| EBITDA Margin | 9.6% | 10.3% | 7.5% | 6.4% | 7.5% | 1.1% |
| Net Income Margin | 0.6% | 2.1% | 0.4% | -0.4% | 0.7% | 1.2% |
| CAPEX, % of revenue | | 4.3% | 5.1% | 1.4% | 1.2% | -0.2% |
|
|---|
| ROIC | 9.8% | 12.4% | 6.2% | 5.6% | 6.9% | 1.3% |
| ROE | 3.2% | 10.2% | 1.5% | -2.0% | 3.1% | 5.1% |
| Net Debt/EBITDA | 3.4x | 2.9x | 5.0x | 5.4x | 5.1x | -0.3x |
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 | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | 8.5% | 2.4% | 1.3% | 41.7% |
| |
|---|
| Median (1 company) | 5.2% | -4.6% | -4.4% | 1.3% | 41.7% |
|---|
| Ginni Filaments ($GINNIFIL) | - | 0.4% | -7.5% | 14.6% | -1.3% |
Top companies by EBITDA margin, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | -11.9% | 2.4% | 8.7% | 0.5% | 10.1% |
| Vardhman Acrylics ($VARDHACRLC) | 9.9% | 10.2% | 9.6% | - | 8.0% |
| |
|---|
| Median (2 companies) | 10.3% | 6.3% | 9.2% | 0.5% | 9.0% |
|---|
| Ginni Filaments ($GINNIFIL) | 9.6% | 10.3% | 7.5% | 6.4% | 7.5% |
Top companies by CAPEX/Revenue, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Vardhman Acrylics ($VARDHACRLC) | 0.8% | 0.3% | 0.5% | - | 1.8% |
| Fertilizers & Chemicals Travancore ($FACT) | 0.2% | 0.4% | 0.5% | 0.0% | 0.0% |
| |
|---|
| Median (2 companies) | 3.6% | 0.4% | 0.5% | 0.0% | 0.9% |
|---|
| Ginni Filaments ($GINNIFIL) | - | 4.3% | 5.1% | 1.4% | 1.2% |
Top companies by ROIC, %
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | -60.9% | 3.4% | 19.7% | -1.9% | 42.1% |
| Vardhman Acrylics ($VARDHACRLC) | - | 9.4% | 7.5% | - | - |
| |
|---|
| Median (2 companies) | 3.0% | 6.4% | 13.6% | -1.9% | 42.1% |
|---|
| Ginni Filaments ($GINNIFIL) | 9.8% | 12.4% | 6.2% | 5.6% | 6.9% |
Top companies by Net Debt / EBITDA
| Top | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 |
|---|
| Fertilizers & Chemicals Travancore ($FACT) | - | 52.4x | 13.3x | 235.2x | 3.2x |
| Vardhman Acrylics ($VARDHACRLC) | -0.0x | -0.2x | -0.1x | - | -4.6x |
| |
|---|
| Median (2 companies) | 0.3x | 26.1x | 6.6x | 235.2x | -0.7x |
|---|
| Ginni Filaments ($GINNIFIL) | 3.4x | 2.9x | 5.0x | 5.4x | 5.1x |
