Uplbbph CAPEX surged on 64.4% in 2015 and Revenue surged on 10.9%
27-04-2015 • About Uplbbph (
$UPLBBPH) • By InTwits
Uplbbph reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is relatively stable: 20.0% in FY2015 vs. 18.8% in FY2014 vs. 18.8% in FY2011
- Uplbbph has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.7%. At the same time it's in pair with industry average of 7.9%.
- CAPEX is quite volatile: 5,994 in FY2015, 3,647 in FY2014, 4,762 in FY2013, 5,689 in FY2012, 1,518 in FY2011
- The company has highly profitable business model: ROIC is at 22.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Uplbbph ($UPLBBPH) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 57,607 | 76,713 | 91,857 | 107,709 | 119,449 | 10.9% |
| SG&A | | | | | 892 | |
| EBITDA | 10,858 | 13,952 | 16,787 | 20,196 | 23,834 | 18.0% |
| Net Income | 5,576 | 5,556 | 7,746 | 9,498 | 11,440 | 20.5% |
Balance Sheet
|
|---|
| Cash | 14,745 | 6,960 | 15,432 | 10,161 | 10,005 | -1.5% |
| Short Term Debt | 4,950 | 7,703 | 11,147 | 6,067 | 10,874 | 79.2% |
| Long Term Debt | 10,023 | 23,772 | 28,123 | 22,543 | 16,941 | -24.9% |
Cash flow
|
|---|
| Capex | 1,518 | 5,689 | 4,762 | 3,647 | 5,994 | 64.4% |
Ratios
|
|---|
| Revenue growth | -62.4% | 33.2% | 19.7% | 17.3% | 10.9% | |
| EBITDA growth | 18.6% | 28.5% | 20.3% | 20.3% | 18.0% | |
| EBITDA Margin | 18.8% | 18.2% | 18.3% | 18.8% | 20.0% | 1.2% |
| Net Income Margin | 9.7% | 7.2% | 8.4% | 8.8% | 9.6% | 0.8% |
| SG&A, % of revenue | | | | | 0.7% | 0.7% |
| CAPEX, % of revenue | 2.6% | 7.4% | 5.2% | 3.4% | 5.0% | 1.6% |
| ROIC | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% | 3.9% |
| ROE | 16.6% | 14.1% | 17.6% | 19.2% | 20.6% | 1.4% |
| Net Debt/EBITDA | 0.0x | 1.8x | 1.4x | 0.9x | 0.7x | -0.2x |
Revenue and profitability
Uplbbph's Revenue surged on 10.9% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.2 pp from 18.8% to 20.0% in FY2015.
Net Income marign increased slightly on 0.76 pp from 8.8% to 9.6% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Uplbbph had CAPEX/Revenue of 5.0%. Uplbbph showed decline in CAPEX/Revenue of 2.4 pp from 7.4% in FY2012 to 5.0% in FY2015. It's average level of CAPEX/Revenue for the last three years was 4.5%.
Return on investment
The company operates at high and attractive ROIC (22.15%) and ROE (20.60%). ROIC increased on 3.9 pp from 18.2% to 22.1% in FY2015. ROE increased slightly on 1.4 pp from 19.2% to 20.6% in FY2015.
Leverage (Debt)
Debt level is 0.7x Net Debt / EBITDA and 1.2x Debt / EBITDA. Net Debt / EBITDA dropped on 0.2x from 0.9x to 0.7x in FY2015. Debt decreased on 2.8% in FY2015 while cash decreased slightly on 1.5% in FY2015.
Management team
Jaidev Rajnikant Shroff "Jai" is a the company's CEO. Jaidev Rajnikant Shroff "Jai" has spent 11 years at the company. The company's CFO Anand Vora has spent 5 years at the company.
Appendix 1: Peers in
Below we provide Uplbbph 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Bharat Rasayan ($BHARATRA) | -82.3% | 51.3% | 32.1% | 92.7% | |
| Indbulbbph ($INDBULBBPH) | -54.2% | -3.2% | -6.5% | 33.5% | |
| Ginni Filaments ($GINNIFIL) | -31.6% | 2.8% | 4.6% | 16.6% | |
| Monetbbph ($MONETBBPH) | -58.7% | 22.3% | 3.7% | 11.6% | |
| Rilbbph ($RILBBPH) | | 34.9% | 10.8% | 9.4% | -13.6% |
| |
|---|
| Median (17 companies) | -36.1% | 17.4% | 8.5% | 3.5% | -13.6% |
|---|
| Uplbbph ($UPLBBPH) | | 33.2% | 19.7% | 17.3% | 10.9% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madras Fertilizers ($MADRASFERT) | 48.3% | 64.5% | 31.7% | 61.2% | |
| Kaleconbbph ($KALECONBBPH) | | 27.7% | 44.3% | 43.5% | |
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 33.0% | 20.4% | 21.4% | 23.2% | |
| Bharat Rasayan ($BHARATRA) | 7.5% | 12.8% | 14.9% | 18.2% | |
| |
|---|
| Median (15 companies) | 13.4% | 12.8% | 11.3% | 14.5% | -3.2% |
|---|
| Uplbbph ($UPLBBPH) | 18.8% | 18.2% | 18.3% | 18.8% | 20.0% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | |
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | |
| Rilbbph ($RILBBPH) | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 27.1% | 33.6% | 18.7% | 10.1% | |
| Bharat Rasayan ($BHARATRA) | 3.0% | 32.9% | 41.5% | 7.1% | |
| |
|---|
| Median (13 companies) | 7.1% | 8.9% | 5.2% | 4.1% | 16.9% |
|---|
| Uplbbph ($UPLBBPH) | 2.6% | 7.4% | 5.2% | 3.4% | 5.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaleconbbph ($KALECONBBPH) | | | 89.0% | 103.8% | |
| Madras Fertilizers ($MADRASFERT) | 52.6% | 44.7% | 18.0% | 23.9% | |
| Bharat Rasayan ($BHARATRA) | 10.0% | 22.1% | 13.7% | 21.9% | |
| Ginni Filaments ($GINNIFIL) | 11.6% | -1.0% | 15.2% | 21.6% | |
| Rane Brake Lining ($RANEBRAKE) | 15.3% | 14.1% | 7.9% | 11.1% | |
| |
|---|
| Median (28 companies) | 10.1% | 8.4% | 5.8% | 5.3% | 0.0% |
|---|
| Uplbbph ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 5.3x | 9.8x | 16.3x | 27.4x | |
| Asleyf ($ASLEYF) | 2.0x | 2.5x | 5.0x | 17.8x | |
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | |
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | |
| Madras Fertilizers ($MADRASFERT) | 5.5x | 3.5x | 6.5x | 5.0x | |
| |
|---|
| Median (16 companies) | 1.8x | 2.1x | 2.5x | 2.7x | 3.9x |
|---|
| Uplbbph ($UPLBBPH) | 0.0x | 1.8x | 1.4x | 0.9x | 0.7x |
