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Gtl reports 213% EBITDA decline while 10.8% Revenue growth

05-05-2015 • About Gtl ($GTL) • By InTwits

Gtl reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Gtl doesn't have a profitable business model yet: FY2015 ROIC is -10.1%
  • The company has unprofitable business model: ROIC is at -10.1%
  • It operates with high leverage: Net Debt/EBITDA is 4.5x while industry average is 0.3x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Gtl ($GTL) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue31,35418,64726,01316,18117,93610.8%
EBITDA1,1601,5041,988-2,247-213.0%
Net Income1,653-4,591-5,543-5,614-11,149
Balance Sheet
Cash1,3001,0411,6801,099-34.6%
Short Term Debt2,93110,13111,0227,809-29.2%
Long Term Debt40,36031,20422,56118,694-17.1%
Cash flow
Capex710675375258-31.2%
Ratios
Revenue growth43.4%-40.5%39.5%-37.8%10.8%
EBITDA growth29.7%32.2%-213.0%
EBITDA Margin0.0%6.2%5.8%12.3%-12.5%-24.8%
Net Income Margin5.3%-24.6%-21.3%-34.7%-62.2%-27.5%
CAPEX, % of revenue3.8%2.6%2.3%1.4%-0.9%
ROIC-0.5%1.4%-10.1%-11.5%
ROE-50.7%-81.2%81.2%
Net Debt/EBITDA36.2x26.8x16.0x-16.0x

Revenue and profitability


The company's Revenue surged on 10.8% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.5 pp from 17.5% to 20.0% in FY2015.

Net Income marign dropped on 27.5 pp from -34.7% to -62.2% in FY2015.

Capital expenditures (CAPEX) and working capital investments


Gtl's CAPEX/Revenue was 1.4% in FY2015. CAPEX/Revenue decreased on 2.4 pp from 3.8% in FY2012 to 1.4% in FY2015. Average CAPEX/Revenue for the last three years was 2.1%.

Leverage (Debt)


Debt level is 4.5x Net Debt / EBITDA and Debt / EBITDA. Net Debt / EBITDA dropped on 16.0x from 16.0x to in FY2015. Debt dropped on 21.1% in FY2015 while cash dropped on 34.6% in FY2015.

Appendix 1: Peers in Other Telecom Services


Below you can find Gtl benchmarking vs. other companies in Other Telecom Services 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
Onmobile Global ($ONMOBILE)-46.9%18.8%13.7%19.3%
Bharti Infratel ($INFRATEL)11.1%8.7%5.4%7.8%
 
Median (2 companies)-46.9%14.9%11.2%12.4%7.8%
Gtl ($GTL)-40.5%39.5%-37.8%10.8%


Top companies by EBITDA margin, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Bharti Infratel ($INFRATEL)36.8%37.4%37.3%40.6%42.9%
Onmobile Global ($ONMOBILE)23.2%22.3%22.2%15.4%
 
Median (2 companies)30.0%29.8%29.7%28.0%42.9%
Gtl ($GTL)6.2%5.8%12.3%-12.5%


Top companies by CAPEX/Revenue, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Onmobile Global ($ONMOBILE)14.5%15.7%8.6%24.3%
Bharti Infratel ($INFRATEL)28.6%16.6%16.3%14.5%17.8%
 
Median (2 companies)21.5%16.2%12.4%19.4%17.8%
Gtl ($GTL)3.8%2.6%2.3%1.4%


Top companies by ROIC, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Bharti Infratel ($INFRATEL)5.9%7.3%7.9%10.3%12.9%
Onmobile Global ($ONMOBILE)8.3%6.3%6.4%-0.3%
 
Median (2 companies)7.1%6.8%7.1%5.0%12.9%
Gtl ($GTL)-0.5%1.4%-10.1%


Top companies by Net Debt / EBITDA

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Bharti Infratel ($INFRATEL)1.4x1.0x0.9x0.7x0.5x
Onmobile Global ($ONMOBILE)-0.2x-0.6x-0.7x0.1x
 
Median (2 companies)0.6x0.2x0.1x0.4x0.5x
Gtl ($GTL)36.2x26.8x16.0x


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