Crest Ventures Limited Net Income surged on 120% in 2015 and Revenue jumped on 55.0%

05-05-2015 • About Crest Ventures Limited ($CREST) • By InTwits

Crest Ventures Limited reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 4.2% in FY2015, 21.8% in FY2014, 13.4% in FY2013, 4.9% in FY2012, -1.2% in FY2011.

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Crest Ventures Limited ($CREST) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	994	599	654	649	1,006	55.0%
EBITDA	-12	29	88	142	42	-70.1%
Net Income	-102	-9	14	101	223	120.0%
Balance Sheet
Cash	709	551	474	327		-100.0%
Short Term Debt	0	376	332	546		-100.0%
Long Term Debt	207	122	159	173		-100.0%
Cash flow
Capex	45	31	26	29		-100.0%
Ratios
Revenue growth	-10.7%	-39.7%	9.2%	-0.8%	55.0%
EBITDA growth	-107.7%	-337.1%	200.4%	61.6%	-70.1%
EBITDA Margin	-1.2%	4.9%	13.4%	21.8%	4.2%	-17.6%
Net Income Margin	-10.3%	-1.5%	2.2%	15.6%	22.2%	6.6%
CAPEX, % of revenue	4.5%	5.2%	4.0%	4.4%		-4.4%
ROE	-5.8%	-0.5%	0.8%	5.3%		-5.3%
Net Debt/EBITDA		-1.8x	0.2x	2.8x	0.0x	-2.8x

Revenue and profitability

Crest Ventures Limited's Revenue jumped on 55.0% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin dropped on 17.6 pp from 21.8% to 4.2% in FY2015.

Net Income marign increased on 6.6 pp from 15.6% to 22.2% in FY2015.

Appendix 1: Peers in Misc.Commercial Services

Below we provide Crest Ventures Limited benchmarking against other companies in Misc.Commercial Services 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	FY2011	FY2012	FY2013	FY2014	FY2015
Trinity Tradelink Limited ($TRITRADE)	-95.1%			408,047.0%
Centum Electronics ($CENTUM)	-55.9%	1.4%	9.8%	50.4%
Delta Corp ($DELTACORP)		-2.9%	16.6%	31.3%	-46.3%
Ganesha Ecosphere ($GANECOS)	-60.9%	32.3%	12.9%	14.7%
Median (4 companies)	-60.9%	1.4%	12.9%	40.9%	-46.3%
Crest Ventures Limited ($CREST)		-39.7%	9.2%	-0.8%	55.0%

Top companies by EBITDA margin, %


Top	FY2011	FY2012	FY2013	FY2014	FY2015
Delta Corp ($DELTACORP)	49.3%	27.7%	23.7%	27.0%	22.9%
Centum Electronics ($CENTUM)	11.9%	12.8%	16.6%	20.6%
Ganesha Ecosphere ($GANECOS)	12.0%	10.8%	11.1%	11.0%
Trinity Tradelink Limited ($TRITRADE)	-1.3%			0.9%
Median (4 companies)	11.9%	12.8%	16.6%	15.8%	22.9%
Crest Ventures Limited ($CREST)	-1.2%	4.9%	13.4%	21.8%	4.2%

Top companies by CAPEX/Revenue, %


Top	FY2011	FY2012	FY2013	FY2014	FY2015
Ganesha Ecosphere ($GANECOS)	11.0%	6.9%	23.4%	15.4%
Delta Corp ($DELTACORP)	32.0%	95.5%	74.3%	14.0%	5.2%
Centum Electronics ($CENTUM)	5.0%	5.5%	2.4%	6.7%
Trinity Tradelink Limited ($TRITRADE)	0.0%		0.0%	0.0%
Median (4 companies)	8.0%	6.9%	12.9%	10.3%	5.2%
Crest Ventures Limited ($CREST)	4.5%	5.2%	4.0%	4.4%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Centum Electronics ($CENTUM)	10.9%	10.6%	16.9%	35.8%
Ganesha Ecosphere ($GANECOS)	20.8%	18.6%	15.8%	13.2%
Delta Corp ($DELTACORP)	24.3%	8.5%	6.7%	10.1%	2.9%
Trinity Tradelink Limited ($TRITRADE)	-52.6%	-138.6%	-242.1%	5.1%
Greencrest Financial Services ($GREENCREST)			1.8%	2.2%
Median (11 companies)	12.0%	6.7%	6.7%	7.6%	2.9%
Crest Ventures Limited ($CREST)

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Ganesha Ecosphere ($GANECOS)	2.1x	2.1x	3.6x	3.9x
Delta Corp ($DELTACORP)	0.8x	3.2x	4.4x	2.1x	4.6x
Centum Electronics ($CENTUM)	2.0x	1.9x	1.2x	0.5x
Sawaca Business Machines ($SAWABUSI)	-2.3x			-1.0x
Lifeline Drugs & Pharma ($LIFELINE)		-0.7x	-0.5x	-1.1x
Median (6 companies)	1.9x	2.0x	2.4x	-0.3x	4.6x
Crest Ventures Limited ($CREST)		-1.8x	0.2x	2.8x	0.0x

Crest Ventures Limited stock price chart

Crest Ventures Limited financials

mln.	FY2010	FY2011	FY2012

Revenue	1,113	993.7	598.9
EBITDA	160.7	-12.307	29.184
Net income	66.703	-102.161	-9.276
CAPEX	32.942	44.617	31.243
Debt	17.942	206.6	498.5
Cash	537.7	709.4	550.9

About Crest Ventures Limited

Crest Ventures Limited, together with its subsidiaries, acquires and invests in financial assets and real estate properties in India and internationally. The company provides broking services in spot, futures and options, commodity, and currency derivatives segments; and financial services, such as equity, debt, forex, commodities, and depository services, as well as distributes financial products comprising mutual funds, insurance, fixed deposits, public provident fund, wealth management, etc. It also provides intermediary services to counterparties, including scheduled commercial banks, co-operative banks, financial institutions, mutual funds, corporate treasuries, and foreign institutional investors. In addition, the company offers various travel and related services for individuals, groups, incentives, and conferences; and project management services for the development of various properties. Further, it is involved in the development and management of various real estate properties, as well as provides properties for lease/rent to corporate clients. The company was formerly known as Sharyans Resources Limited and changed its name to Crest Ventures Limited in September 2014. Crest Ventures Limited was incorporated in 1982 and is based in Mumbai, India.

Crest Ventures Limited Net Income surged on 120% in 2015 and Revenue jumped on 55.0%

Revenue and profitability

Appendix 1: Peers in Misc.Commercial Services

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