Arss Infrastructure Projects revenue dropped on 27.8% in 2015 while EBITDA Margin increased on 9.4 pp from 22.0% to 31.3%
12-05-2015 • About Arss Infrastructure Projects (
$ARSSINFRA) • By InTwits
Arss Infrastructure Projects reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Arss Infrastructure Projects is a company in decline: FY2015 revenue growth was -27.8%, 5 years revenue CAGR was -3.5%
- EBITDA Margin is quite volatile: 31.3% in FY2015, 22.0% in FY2014, 13.9% in FY2013, 14.0% in FY2012, 21.8% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Arss Infrastructure Projects ($ARSSINFRA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 12,490 | 11,827 | 7,710 | 9,083 | 6,555 | -27.8% |
| EBITDA | 2,728 | 1,651 | 1,070 | 1,994 | 2,054 | 3.0% |
| Net Income | 1,122 | -296 | -646 | 17 | 62 | 273.0% |
Balance Sheet
|
|---|
| Cash | 428 | 110 | 947 | | | |
| Short Term Debt | 5,590 | 7,227 | 6,825 | | | |
| Long Term Debt | 3,808 | 2,889 | 6,590 | | | |
Cash flow
|
|---|
| Capex | 2,444 | 269 | | | | |
Ratios
|
|---|
| Revenue growth | 59.0% | -5.3% | -34.8% | 17.8% | -27.8% | |
| EBITDA growth | 45.3% | -39.5% | -35.2% | 86.4% | 3.0% | |
| EBITDA Margin | 21.8% | 14.0% | 13.9% | 22.0% | 31.3% | 9.4% |
| Net Income Margin | 9.0% | -2.5% | -8.4% | 0.2% | 0.9% | 0.8% |
| CAPEX, % of revenue | 19.6% | 2.3% | | | | 0.0% |
| ROIC | 21.9% | 8.9% | 4.5% | | | 0.0% |
| ROE | 28.5% | -6.8% | -16.4% | | | 0.0% |
| Net Debt/EBITDA | 3.3x | 6.1x | 11.7x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Arss Infrastructure Projects's Revenue dropped on 27.8% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 9.4 pp from 22.0% to 31.3% in FY2015.
Net Income marign increased slightly on 0.77 pp from 0.18% to 0.95% in FY2015.
Appendix 1: Peers in Construction & Engineering
Below you can find Arss Infrastructure Projects benchmarking vs. other companies in Construction & Engineering 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 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | -72.3% | -19.5% | 61.7% | 81.2% | |
| C & C Constructions ($CANDC) | 7.1% | -11.6% | -12.2% | 31.7% | |
| Mbl Infrastructures ($MBLINFRA) | -58.2% | 26.3% | 7.1% | 30.3% | |
| Atlanta ($ATLANTA) | -61.5% | -47.6% | 115.1% | 28.1% | |
| Simplex Projects ($SIMPLEX) | 28.6% | -38.5% | -0.6% | 16.0% | |
| |
|---|
| Median (31 companies) | -26.2% | 11.4% | 6.9% | 6.6% | 7.4% |
|---|
| Arss Infrastructure Projects ($ARSSINFRA) | | -5.3% | -34.8% | 17.8% | -27.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaiprakash Associates ($JPASSOCIAT) | 44.0% | 36.9% | 35.9% | 32.4% | |
| Atlanta ($ATLANTA) | 44.1% | 28.5% | 34.6% | 30.8% | |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 28.0% | 27.2% | 30.0% | 30.0% | |
| Madhucon Projects ($MADHUCON) | 11.6% | 8.4% | 31.9% | 22.1% | |
| Supreme Infrastructure India ($SUPREMEINF) | 13.8% | 14.8% | 15.6% | 17.5% | |
| |
|---|
| Median (29 companies) | 12.0% | 11.9% | 11.2% | 10.2% | 12.0% |
|---|
| Arss Infrastructure Projects ($ARSSINFRA) | 21.8% | 14.0% | 13.9% | 22.0% | 31.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | 149.8% | 234.5% | 155.1% | 76.0% | |
| Jaiprakash Associates ($JPASSOCIAT) | 114.7% | 97.0% | 65.5% | 45.0% | |
| Supreme Infrastructure India ($SUPREMEINF) | 16.7% | 46.6% | 31.1% | 43.1% | |
| Man Infraconstruction ($MANINFRA) | 11.5% | 7.8% | 1.6% | 25.0% | |
| Jmc Projects (India) ($JMCPROJECT) | 7.8% | 4.5% | 1.7% | 18.9% | |
| |
|---|
| Median (24 companies) | 5.5% | 7.7% | 6.6% | 5.3% | 4.2% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Skipper ($SKIPPER) | 10.6% | 10.4% | 13.5% | 14.7% | |
| Mbl Infrastructures ($MBLINFRA) | 24.3% | 21.3% | 13.4% | 14.0% | |
| Voltas ($VOLTAS) | 32.9% | 19.6% | 11.7% | 11.8% | |
| Supreme Infrastructure India ($SUPREMEINF) | 15.0% | 15.4% | 12.4% | 10.6% | |
| Reliance Industrial Infrastructure ($RIIL) | 5.1% | 10.8% | 12.7% | 10.5% | 5.7% |
| |
|---|
| Median (42 companies) | 10.5% | 8.6% | 7.5% | 5.9% | 6.6% |
|---|
| Arss Infrastructure Projects ($ARSSINFRA) | 21.9% | 8.9% | 4.5% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coromandel Engineering Company ($COROENGG) | 7.1x | | 14.4x | 54.6x | 3.2x |
| Welspun Projects ($WELPROJ) | 71.3x | 6.0x | 2.6x | 20.8x | |
| Punj Lloyd ($PUNJLLOYD) | 6.5x | 6.7x | 6.8x | 16.5x | |
| Madhucon Projects ($MADHUCON) | 40.1x | 96.8x | 19.0x | 16.4x | |
| Hindustan Construction Co ($HCC) | 10.0x | 18.8x | 20.3x | 12.3x | 9.3x |
| |
|---|
| Median (32 companies) | 3.7x | 4.5x | 5.3x | 6.6x | 3.2x |
|---|
| Arss Infrastructure Projects ($ARSSINFRA) | 3.3x | 6.1x | 11.7x | 0.0x | 0.0x |
