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English Indian Clays Ltd CARE IndependentEQUITY Equity Research RESE ARCH ENGLISH INDIAN CLAYS LTD. ENGLISH INDIAN CLAYS LIMITED Industry: Commodity Chemicals/Diversified 1 st BSE Scrip Code: 526560 CMP Rs. 33.4 21 November 2011 th Update for Quarter ended 30 September, 2011 Moderate top line growth English Indian Clays Limited (EICL) reported a top-line growth th of 7.8 per cent y-o-y during the second quarter ended 30 September 2011 (Q2 FY12) to Rs.97.33 crore compared with Rs.90.25 crore in Q2FY11. EBITDA and EBITDA margins witness drop EBITDA margins for Q2FY12 dropped by 587 bps year-on-year to 15.25 per cent given the rise in raw materials and power and fuel costs for the quarter. Both the segments witnessed a decline in profitability in the quarter. Net Profit margin dip With decline in operating margins, EICL’s net profit too dipped from 9.2 per cent in Q2FY11 to 4.5 per cent in Q2FY12. Diluted EPS for the quarter too decreased 53 per cent y-o-y to Rs.0.68 compared with Rs.1.45 in the same period last year. Valuations EICL is currently trading at trailing P/E and EV/EBITDA multiples of 6.4x and 4.4x, respectively. Quarterly Performance Snapshot (Rs Crore) Q2FY12 Q2FY11 Growth Net operating income 97.3 90.2 7.84% Total Income 97.3 90.2 7.84% EBITDA 14.8 19.1 -22.11% EBITDA Margin 15.3% 21.1% -587 bps PAT 4.4 8.3 -47.55% PAT Margins 4.5% 9.2% -473 bps Fully Diluted EPS* (Rs.) 0.68 1.45 -53.10% * Calculated on Current Face Value of Rs.10/- per share 1 www.careratings.com CARE EQUITY ENGLISH INDIAN CLAYS LTD. RESEARCH INTERIM FINANCIAL PERFORMANCE ANALYSIS Moderate growth in revenue EICL witnessed a moderate growth in revenues in Q2FY12 compared to Q2FY11. The company reported revenues of Rs.97.3 crore – up 7.8 per cent. Revenue of the allied products segment witnessed higher growth, while revenue of the clay segment (which formed 52 per cent share in EICL’s revenues in Q2FY12) grew at a relatively lower pace. The allied product primarily consists of the corn starch segment. The company had recently commenced the commercial production of the starch division at their Shimoga plant on 27th June 2011, which supported the revenue growth of this segment in Q2FY12. EICL: Snapshot of Interim Financial Performance (Rs Crore) Q2FY12 Q2FY11 Growth Net operating income 97.3 90.2 7.8% EBITDA 14.8 19.1 -22.1% PAT 4.4 8.3 -47.5% EBITDA margins 15.3% 21.1% -587 bps Net margins 4.5% 9.2% -473 bps EPS (diluted) 0.68 1.45 -53.1% Source: Company and CARE Equity Research EBITDA declines; operating margin subsequently drop by around 5.9 percentage points EICL witnessed an EBITDA drop of 22 per cent y-o-y, from Rs.19.1 crore in Q2FY11 to Rs.14.85 crore in Q2FY12. The company witnessed increase primarily in raw materials and power & fuel expenses. The raw materials expenses witnessed an increase of around 19.6 per cent, while power and fuel cost increased by 13.5 per cent. While both segments witnessed a drop in the profitability, with the commencement of the new starch manufacturing facility at Shimoga, the allied products division reported higher depreciation cost in the quarter, leading to a steeper drop in PBIT for the division. www.careratings.com 2 CARE EQUITY RESE ARCH ENGLISH INDIAN CLAYS LTD. EICL: Segmental Performance (Rs Crore) Q2FY12 Q2FY11 Growth Net Sales 97.3 90.2 7.8% Clay products 50.5 48.0 5.24% Starch and allied products 46.8 42.2 10.81% PBIT 11.8 16.4 -28.0% Clay products 11.0 13.1 -16.2% Starch and allied products 0.8 3.3 -75.1% Source: Company and CARE Equity Research Significant drop in net profits EICL’s net profits for the quarter Q2FY12 dropped by 47.5 per cent, y-o-y. The net margins too subsequently dropped from 9.2 per cent in Q2FY11 to 4.5 per cent in Q1FY12. The higher drop in net margins was primarily on account of increase in interest expenses. The interest expenses for the quarter stood at Rs.4.99 crore as against Rs.3.36 crore in Q2FY11. 3 www.careratings.com CARE EQUITY ENGLISH INDIAN CLAYS LTD. RESEARCH INTERIMSource: Company FINANCIAL and CARE SUMMARY Research (Rs Crores) Q2FY12 Q2FY11 Growth H1FY12 H1FY11 Growth Net operating income 97.33 90.25 7.8% 195.11 179.04 9.0% EBITDA 14.85 19.06 -22.1% 34.21 37.04 -7.6% Depreciation and amortisation 3.34 3.02 10.3% 6.43 5.95 8.0% EBIT 11.51 16.04 -28.2% 27.78 31.09 -10.6% Interest and financial expenses 4.99 3.37 48.3% 8.74 6.45 35.5% PBT 6.52 12.67 -48.6% 19.04 25.20 -24.5% PAT 4.36 8.31 -47.5% 12.78 16.72 -23.6% EPS (diluted) (Rs.) 0.68 1.45 -53.1% 2.11 2.92 -27.7% Ratios Q2 FY12 Q2 FY11 Growth H1FY12 H1FY11 Growth EBITDA margin 15.25% 21.12% -587 bps 17.53% 20.69% -316 bps PAT margin 4.48% 9.21% -473 bps 6.55% 9.34% -279 bps Source: Company and CARE Equity Research www.careratings.com 4 CARE EQUITY RESE ARCH ENGLISH INDIAN CLAYS LTD. DISCLAIMER DISCLOSURES Each member of the team involved in the preparation of this grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. This report has been sponsored by the Bombay Stock Exchange (BSE). DISCLAIMER This BSE-sponsored report is prepared by CARE Research, a division of Credit Analysis & REsearch Limited [CARE]. CARE Research has taken utmost care to ensure accuracy and objectivity while developing this report based on information available in public domain or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. CARE Research operates independently of the ratings division and this report does not contain any confidential information obtained by the ratings division, which it may have obtained in the regular course of operations. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber / user assumes the entire risk of any use made of this report or data herein. CARE specifically states that it or any of its divisions or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information only of the authorised recipient in India only. This report or part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. Published by Credit Analysis & REsearch Ltd., 4th Floor Godrej Coliseum, Off Eastern Express Highway, Somaiya Hospital Road, Sion East, Mumbai – 400 022. CARE Research is not responsible for any errors or omissions in analysis/inferences/views or for results obtained from the use of information contained in this report and especially states that CARE (including all divisions) has no financial liability whatsoever to the user of this product. This report is for the information of the intended recipients only and no part of this report may be published or reproduced in any form or manner without prior written permission of CARE Research. 5 www.careratings.com CARE EQUITY ENGLISH INDIAN CLAYS LTD. RESEARCH ABOUT US Credit Analysis & REsearch Ltd. (CARE) is a full-service rating company that offers a wide range of rating and grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings methodologies are in line with the best international practices. CARE Research CARE Research is an independent research division of CARE Ratings, a full-service rating company. CARE Research is involved in preparing detailed industry research reports with 5-year demand and 2-year profitability outlook on the industry besides providing comprehensive trend analysis and the current state of the industry. CARE Research currently offers reports on more than 26 industries which are updated on a monthly/quarterly basis. Subscribers can access CARE Research reports online. CARE Research also offers research that is customized to client requirements. Customized Research involves business analysis and position in the market, financial analysis, market sizing etc. HEAD OFFICE Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai – 400 022 Tel: +91-22-67543456, Fax: +91-22-67543457. NEW DELHI AHMEDABAD 3rd Floor, B -47, Inner Circle, Near Plaza Cinema, 32, Titanium, Prahaladnagar Corporate Road, Satellite, Ahmedabad - 380 015 Connaught Place, New Delhi – 110 001 Tel: +91-79-40265656. Tel: +91-11-23318701 / 23716199. HYDERABAD KOLKATA 401, Ashoka Scintilla, 3-6-520, Himayat Nagar, 3rd Floor, Prasad Chambers (Shagun Mall Building), 10A, Hyderabad - 500 029 Shakespeare Sarani, Kolkata - 700 0717 Tel: +91-040 40102030 Tel: +91-33-40181600 / 40181602 / 40181621. BENGALURU CHENNAI Unit No. 8, I floor, Commander's Place, Unit No. O-509/C, Spencer Plaza, 5th Floor, No. 769, No. 6, Raja Ram Mohan Roy Road, (Opp. P F Office), Anna Salai, Chennai 600 002 Richmond Circle, Bangalore - 560 025 Tel: +91-44-28497812/28490811 Tel: +91-80-22117140 Published on behalf of The Stock Exchange Investors' Protection Fund Bombay Stock Exchange Ltd.
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