Pitti Laminations revenue jumped on 35.9% in 2015 while EBITDA Margin decreased slightly on 1.2 pp from 13.2% to 12.0%

24-04-2015 • About Pitti Laminations ($PITTILAM) • By InTwits

Pitti Laminations reported FY2015 financial results today. Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Pitti Laminations ($PITTILAM) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	2,518	4,038	3,073	2,478	3,368	35.9%
EBITDA	326	630	417	327	405	23.9%
Net Income	85	224	98	42	93	121.8%
Balance Sheet
Cash	10	6	63	95		-100.0%
Short Term Debt	752	1,363	1,305	941		-100.0%
Long Term Debt	205	167	142	211		-100.0%
Cash flow
Capex	21	199
Ratios
Revenue growth	-38.4%	60.4%	-23.9%	-19.4%	35.9%
EBITDA growth	46.4%	93.2%	-33.8%	-21.6%	23.9%
EBITDA Margin	12.9%	15.6%	13.6%	13.2%	12.0%	-1.2%
Net Income Margin	3.4%	5.6%	3.2%	1.7%	2.8%	1.1%
CAPEX, % of revenue	0.8%	4.9%				0.0%
ROIC	17.2%	26.4%	12.8%	9.7%		-9.7%
ROE	13.4%	26.7%	9.4%	3.8%		-3.8%
Net Debt/EBITDA	2.9x	2.4x	3.3x	3.2x	0.0x	-3.2x

Revenue and profitability

Pitti Laminations's Revenue jumped on 35.9% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 7.0 pp from -5.1% to 1.9% in FY2015.

Net Income marign increased slightly on 1.1 pp from 1.7% to 2.8% in FY2015.

Appendix 1: Peers in Other Elect.Equip./ Prod.

Below you can find Pitti Laminations benchmarking vs. other companies in Other Elect.Equip./ Prod. 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	FY2011	FY2012	FY2013	FY2014	FY2015
Birla Ericsson Optical ($BIRLAERIC)	-78.0%	13.1%	64.8%	134.7%
Diamond Power Infrastructure ($DIAPOWER)	-52.4%	32.7%	27.9%	23.1%
Genus Power Infrastructures ($GENUSPOWER)	-34.5%	-1.2%	-7.5%	17.4%
Ultracab (India) ($ULTRACAB)	49.2%	43.1%	26.2%	10.5%
Salzer Electronics ($SALZER)	-46.1%	23.4%	2.6%	6.9%
Median (13 companies)	-8.7%	13.1%	-2.2%	0.4%
Pitti Laminations ($PITTILAM)		60.4%	-23.9%	-19.4%	35.9%

Top companies by Gross margin, %

Top	FY2011	FY2012	FY2013	FY2014	FY2015
Malvica Engineering ($MALVICAE)		0.0%	0.0%	0.0%	0.0%
Median (1 company)		0.0%	0.0%	0.0%	0.0%

Top companies by EBITDA margin, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Genus Power Infrastructures ($GENUSPOWER)	14.4%	14.1%	11.0%	13.8%
Ultracab (India) ($ULTRACAB)	9.8%	10.0%	7.9%	13.0%
Salzer Electronics ($SALZER)	14.3%	12.9%	12.5%	12.4%
Birla Ericsson Optical ($BIRLAERIC)	-3.3%	2.6%	9.0%	12.3%
Cords Cable Industries ($CORDSCABLE)	9.1%	9.9%	9.9%	9.8%
Median (11 companies)	7.2%	9.9%	8.9%	8.9%
Pitti Laminations ($PITTILAM)	12.9%	15.6%	13.6%	13.2%	12.0%

Top companies by CAPEX/Revenue, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Indosolar ($INDOSOLAR)	24.2%	311.2%	148.3%	42.3%
Easun Reyrolle ($EASUNREYRL)	19.3%	26.5%	30.7%	19.4%
Diamond Power Infrastructure ($DIAPOWER)			6.8%	8.4%
Salzer Electronics ($SALZER)	5.7%	6.8%	5.6%	4.1%
Birla Ericsson Optical ($BIRLAERIC)	9.4%	1.3%	4.4%	4.0%
Median (8 companies)	6.3%	3.1%	4.4%	4.1%

Top companies by ROIC, %

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Birla Ericsson Optical ($BIRLAERIC)	-6.6%	-2.2%	8.2%	27.3%
Ultracab (India) ($ULTRACAB)	14.3%	14.8%	11.6%	18.4%
Salzer Electronics ($SALZER)	14.6%	14.6%	12.7%	13.0%
Genus Power Infrastructures ($GENUSPOWER)	15.2%	12.4%	8.0%	12.2%
Diamond Power Infrastructure ($DIAPOWER)	19.6%	16.1%	11.7%	11.3%
Median (22 companies)	10.2%	7.7%	8.2%	11.3%	0.0%
Pitti Laminations ($PITTILAM)	17.2%	26.4%	12.8%	9.7%

Top companies by Net Debt / EBITDA

Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Easun Reyrolle ($EASUNREYRL)	11.1x	19.4x	11.3x	11.6x
Hbl Power Systems ($HBLPOWER)	8.6x	4.1x	4.4x	6.8x
Diamond Power Infrastructure ($DIAPOWER)	2.5x	3.3x	5.2x	4.8x
Ultracab (India) ($ULTRACAB)	4.8x	4.9x	5.2x	3.8x
Genus Power Infrastructures ($GENUSPOWER)	2.8x	3.2x	3.9x	2.9x
Median (11 companies)	3.0x	3.4x	4.2x	2.6x
Pitti Laminations ($PITTILAM)	2.9x	2.4x	3.3x	3.2x	0.0x

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