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Lakshmi Vilas Bank Net Income jumped on 122% in 2015

29-04-2015 • About Lakshmi Vilas Bank ($LAKSHVILAS) • By InTwits

Lakshmi Vilas Bank reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Lakshmi Vilas Bank has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.4%. At the same time it's a lot of higher than industry average of 1.4%.
  • CAPEX is quite volatile: 712 in FY2015, 1,150 in FY2014, 1,683 in FY2013, 1,148 in FY2012, 805 in FY2011
  • The company has potentially unprofitable business model: ROIC is at 6.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Lakshmi Vilas Bank ($LAKSHVILAS) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue12,01816,77219,57621,87524,98914.2%
Net Income1,0111,0709165971,323121.7%
Balance Sheet
Cash9,4368,1007,28211,92111,434-4.1%
Short Term Debt70968663012,92612,128-6.2%
Long Term Debt11,6875,8008,0664,5814,581-0.0%
Cash flow
Capex53235727835959565.6%
Ratios
Revenue growth-61.3%39.6%16.7%11.7%14.2%
Net Income Margin8.4%6.4%4.7%2.7%5.3%2.6%
CAPEX, % of revenue4.4%2.1%1.4%1.6%2.4%0.7%
ROIC6.5%7.5%0.7%6.1%5.4%
ROE12.4%11.6%9.3%5.8%10.1%4.4%

Revenue and profitability


The company's Revenue jumped on 14.2% in FY2015.

Net Income marign increased on 2.6 pp from 2.7% to 5.3% in FY2015.

Capital expenditures (CAPEX) and working capital investments


The company's CAPEX/Revenue was 2.4% in FY2015. CAPEX/Revenue showed almost no change from FY2012 to FY2015. It's average level of CAPEX/Revenue for the last three years was 1.8%.

Return on investment


The company operates at low ROIC (6.08%) and ROE (10.14%). ROIC increased on 5.4 pp from 0.72% to 6.1% in FY2015. ROE increased on 4.4 pp from 5.8% to 10.1% in FY2015.

Leverage (Debt)


Debt decreased on 4.6% in FY2015 while cash decreased on 4.1% in FY2015.

Appendix 1: Peers in Banks


Below we provide Lakshmi Vilas Bank benchmarking against other companies in Banks 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
Dcb Bank ($DCBBANK)26.7%26.2%22.5%25.3%
Yes Bank ($YESBANK)53.0%33.7%21.6%17.7%
Bank Of India ($BANKINDIA)-66.6%30.3%12.4%18.1%
Karur Vysya Bank ($KARURVYSYA)-67.4%45.9%29.7%16.5%
Union Bank Of India ($UNIONBANK)-70.8%26.9%19.5%15.7%
 
Median (28 companies)-60.7%28.5%15.6%10.3%15.6%
Lakshmi Vilas Bank ($LAKSHVILAS)39.6%16.7%11.7%14.2%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Kotak Mahindra Bank ($KOTAKBANK)1.3%1.4%1.4%2.6%
Karur Vysya Bank ($KARURVYSYA)4.2%2.0%2.9%2.5%
Dhanlaxmi Bank ($DHANBANK)6.8%3.0%1.7%2.2%
Jammu & Kashmir Bank ($J&KBANK)5.6%1.4%1.3%2.2%
Federal Bank ($FEDERALBNK)1.3%1.7%2.3%1.6%1.4%
 
Median (27 companies)1.2%1.2%1.1%1.2%1.4%
Lakshmi Vilas Bank ($LAKSHVILAS)4.4%2.1%1.4%1.6%2.4%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Axis Bank ($AXISBANK)10.2%9.6%8.9%9.1%8.8%
Yes Bank ($YESBANK)11.8%9.8%8.4%8.4%8.7%
Karnataka Bank ($KTKBANK)5.5%6.8%10.2%7.7%
Kotak Mahindra Bank ($KOTAKBANK)7.8%6.8%6.5%7.1%
Oriental Bank Of Commerce ($ORIENTBANK)12.4%7.6%7.4%6.7%
 
Median (28 companies)7.1%7.6%6.0%3.4%7.4%
Lakshmi Vilas Bank ($LAKSHVILAS)6.5%7.5%0.7%6.1%


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