Noida Toll Bridge Company reports 47.9% Net Income growth while 2.6 pp EBITDA Margin decline from 73.0% to 70.4%
30-04-2015 • About Noida Toll Bridge Company (
$NOIDATOLL) • By InTwits
Noida Toll Bridge Company reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Noida Toll Bridge Company has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.7%.
- The company has highly profitable business model: ROIC is at 14.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Noida Toll Bridge Company ($NOIDATOLL) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 858 | 950 | 1,076 | 1,197 | 1,233 | 3.0% |
| EBITDA | 615 | 680 | 735 | 874 | 868 | -0.7% |
| Net Income | 375 | 455 | 419 | 539 | 798 | 47.9% |
Balance Sheet
|
|---|
| Cash | 10 | 17 | 17 | 94 | 54 | -42.9% |
| Short Term Debt | 217 | 0 | 0 | 0 | 214 | |
| Long Term Debt | 1,170 | 754 | 231 | 197 | 0 | -100.0% |
Cash flow
|
|---|
| Capex | 9 | 3 | 11 | 3 | 9 | 203.8% |
Ratios
|
|---|
| Revenue growth | 1.0% | 10.6% | 13.3% | 11.2% | 3.0% | |
| EBITDA growth | 0.9% | 10.7% | 8.0% | 18.9% | -0.7% | |
| EBITDA Margin | 71.6% | 71.7% | 68.3% | 73.0% | 70.4% | -2.6% |
| Net Income Margin | 43.6% | 47.9% | 38.9% | 45.0% | 64.7% | 19.6% |
| CAPEX, % of revenue | 1.0% | 0.3% | 1.0% | 0.2% | 0.7% | 0.5% |
| ROIC | 9.6% | 10.9% | 12.8% | 15.0% | 14.4% | -0.7% |
| ROE | 8.7% | 10.0% | 8.8% | 11.0% | 16.1% | 5.1% |
| Net Debt/EBITDA | 2.2x | 1.1x | 0.3x | 0.1x | 0.2x | 0.1x |
Revenue and profitability
The company's Revenue increased on 3.0% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased slightly on 1.9 pp from 21.6% to 23.5% in FY2015.
Net Income marign surged on 19.6 pp from 45.0% to 64.7% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.72% in FY2015. The company's CAPEX/Revenue showed almost no change from FY2012 to FY2015. Average CAPEX/Revenue for the last three years was 0.66%.
Return on investment
The company operates at good ROIC (14.37%) and ROE (16.14%). ROIC decreased slightly on 0.67 pp from 15.0% to 14.4% in FY2015. ROE increased on 5.1 pp from 11.0% to 16.1% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.2x and Debt / EBITDA is 0.2x. Net Debt / EBITDA increased on 0.1x from 0.1x to 0.2x in FY2015. Debt increased on 8.5% in FY2015 while cash dropped on 42.9% in FY2015.
Appendix 1: Peers in Roads & Highways
Below you can find Noida Toll Bridge Company benchmarking vs. other companies in Roads & Highways 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Irb Infrastructure Developers ($IRB) | -49.7% | 28.5% | 17.7% | 1.2% | |
| Il&Fs Transportation Networks ($IL&FSTRANS) | -49.9% | 38.5% | 18.5% | -0.9% | |
| |
|---|
| Median (2 companies) | -49.8% | 33.5% | 18.1% | 0.2% | |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | | 10.6% | 13.3% | 11.2% | 3.0% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Irb Infrastructure Developers ($IRB) | 45.6% | 44.6% | 44.4% | 47.3% | |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 29.2% | 26.5% | 27.9% | 28.9% | |
| |
|---|
| Median (2 companies) | 37.4% | 35.6% | 36.1% | 38.1% | |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 71.6% | 71.7% | 68.3% | 73.0% | 70.4% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Irb Infrastructure Developers ($IRB) | 72.0% | 77.2% | 67.2% | 71.1% | |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 35.0% | 34.5% | 46.1% | 48.5% | |
| |
|---|
| Median (2 companies) | 53.5% | 55.9% | 56.6% | 59.8% | |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 1.0% | 0.3% | 1.0% | 0.2% | 0.7% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Irb Infrastructure Developers ($IRB) | 14.5% | 12.8% | 10.7% | 9.6% | |
| Il&Fs Transportation Networks ($IL&FSTRANS) | 17.9% | 13.6% | 10.9% | 8.1% | |
| |
|---|
| Median (2 companies) | 16.2% | 13.2% | 10.8% | 8.8% | |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 9.6% | 10.9% | 12.8% | 15.0% | 14.4% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Il&Fs Transportation Networks ($IL&FSTRANS) | 3.5x | 6.8x | 7.6x | 9.6x | |
| Irb Infrastructure Developers ($IRB) | 3.1x | 4.8x | 5.2x | 6.0x | |
| |
|---|
| Median (2 companies) | 3.3x | 5.8x | 6.4x | 7.8x | |
|---|
| Noida Toll Bridge Company ($NOIDATOLL) | 2.2x | 1.1x | 0.3x | 0.1x | 0.2x |
