Sam Industries Ltd.
Edible Oils
Update for Q4FY14 (i.e. January 1, 2014 to March 31, 2014)
BSE Scrip Code: 532005
July 23, 2014
Result analysis
Equity Statistics
Current Market Price
Rs .
12.5
52 Week High/Low
Rs .
Market Capitalis ation
Rs . Crores
13.9
Free Float
Rs . Crores
5.3
Dividend Yield
%
0.0
34.0/11.8
One Year Regres s ion Beta Times
BSE Volumes Trend - Average = 0.85 Thousand
0.1
8
7
6
5
4
3
2
1
0
Sam Industries Ltd’s Q4FY14 net sales decreased by 32.5% y-o-y
but increased by 42.1% q-o-q to Rs. 2.7 crore. EBITDA margin had
declined by 157 bps y-o-y to 25.9% in Q4FY14. However, the Net
profit stood at Rs.1.10 crore in Q4FY14 as against Rs.0.70 crore in
Q4FY13 primarily on account of tax reversals in Q4FY14.
During FY14, the company’s net sales declined by 30.8% y-o-y to
Rs. 8.3 crore. EBITDA also declined by 47.4% y-o-y to Rs. 1.8 crore
in FY14. Net profit declined by 28.4% y-o-y to Rs. 1.8 crore in FY14
owing to a lower operating performance.
Sam Industries is trading at 8.5 times the 12 month trailing EPS as
on July 14, 2014.
Relative Returns
200
100
0
Sam Industries Ltd.
Returns
1M
3M
6M
1Y
-18%
-5%
-63%
-37%
-19% -15%
Shareholding Pattern
-70%
-51%
Abs olute
Rel. to Sens ex
Sensex
Annual financial snapshot
Income statement
FY12
FY13
FY14
Net sales (Rs. crore)
23.1
12.0
8.3
Growth in net sales (%)
35.0
(48.1)
(30.8)
33.8
36.1
37.6
6.3
2.3
1.6
Per share data (Rs.)
100%
Adjusted BVPS
80%
Diluted EPS*
60%
Key financial ratios
40%
EBITDA margin (%)
44.6
28.5
21.7
Adjusted PAT margin (%)
28.2
18.2
18.9
RoCE (%)
13.9
1.8
1.6
RoE (%)
20.3
6.5
4.2
0.1
0.0
0.0
61.7
18.7
NM
20%
0%
Jun `13
Sep `13
Promoter
DII
Source: CARE, BSE and ACE Equity
1
Dec `13
FII
Others
Mar `14
Net debt to equity
Interest coverage (times)
Source: BSE, ACE Equity and CARE Research
Initiative of the BSE Investors’ Protection Fund
Sam Industries Ltd.
Quarterly financials
Q4 FY14
Q4 FY13
Q3 FY14
Income statement (Rs. crore)
Growth
Growth
Y-o-Y (%)
Q-o-Q (%)
Total income
3.1
4.5
2.1
(31.1)
47.6
Net sales
2.7
4.0
1.9
(32.5)
42.1
EBITDA
0.7
1.1
0.4
(36.4)
75.0
Depreciation and amortisation
0.3
0.3
0.4
0.0
(25.0)
EBIT
0.4
0.8
-
(50.0)
NM
-
-
-
NM
NM
PBT
0.7
1.3
0.2
(46.2)
250.0
Reported PAT
1.0
0.7
0.2
42.9
400.0
Adjusted PAT
1.1
0.7
0.2
57.1
450.0
1.0
0.6
0.2
57.1
450.0
EBITDA margin
25.9
27.5
21.1
Adjusted PAT margin
35.5
15.6
9.5
Interest
Per share data (Rs.)
Diluted EPS*
Profitability ratio (%)
Source: BSE, ACE Equity and CARE Research
Peer comparison
Quarter ended March 31, 2014
Income statement (Rs. crore)
Sam Inds.
Rasoya
ATF
Ruchi Soya
Total income
3.1
428.1
6,404.7
179.4
Net sales
2.7
422.4
6,377.5
179.4
EBITDA
0.7
20.5
154.2
9.8
Ordinary PAT
1.0
17.6
(19.7)
5.4
Adjusted PAT
1.1
17.6
(30.8)
5.4
1.0
0.1
(0.6)
2.2
Growth in total income
(31.1)
18.2
(16.4)
(2.3)
Growth in net sales
(32.5)
16.7
(15.6)
(2.3)
Growth in EBITDA
Per share data (Rs.)
Diluted EPS*
Growth (Y-o-Y) (%)
(36.4)
(32.8)
31.3
(12.5)
Growth in adjusted PAT
57.1
(28.2)
(139.2)
(15.6)
Growth in EPS*
57.1
(88.9)
(125.0)
(15.4)
EBITDA margin
25.9
4.9
2.4
5.5
Adjusted PAT margin
35.5
4.1
(0.5)
3.0
8.5
28.9
107.0
33.2
Profitability ratio (%)
Valuation ratios (Times)
Price/EPS (P/E) (TTM)
Source: BSE, ACE Equity and CARE Research
Note: Ruchi Soya: Ruchi Soya Industries Ltd, Rasoya: Rasoya Proteins Ltd, ATF: Agro Tech Foods Ltd
NM: Non Meaningful
2
Initiative of the BSE Investors’ Protection Fund
Sam Industries Ltd.
Annual financial statistics
Income statement (Rs. crore)
Total income
Net sales
EBITDA
Depreciation and amortization
EBIT
Interest
PBT
Ordinary PAT
Adjusted PAT
Balance sheet (Rs. crore)
Adjusted net worth
Total debt
Cash and bank
Investments
Net fixed assets (incl. CWIP)
Net current assets (excl. cash, cash equivalents)
Per share data (Rs.)
Adjusted BVPS
Diluted EPS*
DPS
Growth (Y-o-Y) (%)
Growth in total income
Growth in net sales
Growth in EBITDA
Growth in adjusted PAT
Growth in EPS*
Key financial ratio
EBITDA margin (%)
Adjusted PAT margin (%)
RoCE (%)
RoE (%)
Gross debt - equity (times)
Net debt - equity (times)
Interest coverage (times)
Current ratio (times)
Inventory days
Receivable days
FY12
FY13
FY14
24.6
23.1
10.3
1.6
8.7
0.1
10.0
6.9
6.9
13.8
12.0
3.4
1.4
2.0
0.1
3.8
2.5
2.5
9.5
8.3
1.8
1.2
0.6
1.6
1.7
1.8
37.5
3.1
0.6
14.2
16.3
9.3
40.0
1.9
0.3
13.7
13.7
12.0
41.7
1.8
0.4
16.5
9.5
12.7
33.8
6.3
-
36.1
2.3
-
37.6
1.6
-
31.3
35.0
77.9
87.7
87.7
(43.8)
(48.1)
(66.8)
(63.8)
(63.8)
(31.4)
(30.8)
(47.4)
(28.4)
(28.4)
44.6
28.2
13.9
20.3
0.1
0.1
61.7
2.8
190.5
11.4
28.5
18.2
1.8
6.5
0.0
0.0
18.7
6.0
250.0
17.1
21.7
18.9
1.6
4.2
0.0
0.0
NM
6.2
259.7
23.3
Source: BSE, ACE Equity and CARE Research
Financial Year (FY) refers to period from April 1 to March 31
NM: Non Meaningful, NA: Not Available
Note: FY14 based on standalone abridged financials
DISCLOSURES
Each member of the team involved in the preparation of this research report, hereby affirms that there exists no conflict of interest that can bias the
research on the company.
DISCLAIMER
Please refer to our detailed disclaimer mentioned on the last page of the initial report on this company.
Published by Credit Analysis & Research Ltd
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3
Initiative of the BSE Investors’ Protection Fund