Poddar Developers CAPEX surged on 2,715% in 2015 and Revenue surged on 56.0%
12-05-2015 • About Poddar Developers (
$PODDARDEV) • By InTwits
Poddar Developers reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 28.7% in FY2015, 18.4% in FY2014, 11.2% in FY2013, 19.0% in FY2012, 12.5% in FY2011
- Poddar Developers has medium CAPEX intensity: 5 year average CAPEX/Revenue was 6.5%. At the same time it's in pair with industry average of 7.7%.
- CAPEX is quite volatile: 64.3 in FY2015, 2.3 in FY2014, 7.3 in FY2013, 25.3 in FY2012, 15.7 in FY2011
- The company has highly profitable business model: ROIC is at 19.1%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Poddar Developers ($PODDARDEV) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 202 | 164 | 270 | 682 | 1,063 | 56.0% |
| EBITDA | 25 | 31 | 30 | 126 | 305 | 142.6% |
| Net Income | 18 | -8 | 77 | 79 | 217 | 174.7% |
Balance Sheet
|
|---|
| Cash | 95 | 226 | 208 | 121 | 36 | -69.9% |
| Short Term Debt | 9 | 138 | 229 | 43 | 3 | -92.9% |
| Long Term Debt | 5 | 7 | 112 | 202 | 74 | -63.4% |
Cash flow
|
|---|
| Capex | 16 | 25 | 7 | 2 | 64 | 2,714.9% |
Ratios
|
|---|
| Revenue growth | -82.6% | -18.4% | 63.9% | 152.9% | 56.0% | |
| EBITDA growth | -550.0% | 24.2% | -3.7% | 316.4% | 142.6% | |
| EBITDA Margin | 12.5% | 19.0% | 11.2% | 18.4% | 28.7% | 10.2% |
| Net Income Margin | 9.1% | -5.0% | 28.4% | 11.6% | 20.4% | 8.8% |
| CAPEX, % of revenue | 7.8% | 15.4% | 2.7% | 0.3% | 6.0% | 5.7% |
| ROIC | 4.1% | 3.9% | 2.6% | 12.9% | 19.1% | 6.2% |
| ROE | 3.4% | -1.5% | 13.6% | 12.5% | 15.7% | 3.2% |
| Net Debt/EBITDA | -3.2x | -2.6x | 4.4x | 1.0x | 0.1x | -0.9x |
Revenue and profitability
The company's Revenue jumped on 56.0% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin surged on 20.7 pp from 17.4% to 38.1% in FY2015.
Net Income marign increased on 8.8 pp from 11.6% to 20.4% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 6.0%. Poddar Developers showed decline in CAPEX/Revenue of 9.4 pp from 15.4% in FY2012 to 6.0% in FY2015. It's average CAPEX/Revenue for the last three years was 3.0%.
Return on investment
The company operates at good ROIC (19.11%) and ROE (15.67%). ROIC increased on 6.2 pp from 12.9% to 19.1% in FY2015. ROE increased on 3.2 pp from 12.5% to 15.7% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 0.1x and Debt / EBITDA is 0.3x. Net Debt / EBITDA dropped on 0.9x from 1.0x to 0.1x in FY2015. Debt dropped on 68.6% in FY2015 while cash dropped on 69.9% in FY2015.
Valuation
The company's trades at EV/EBITDA 26.2x and P/E 36.6x while industy averages are 10.5x and 26.1x. Poddar Developers's EV/(EBITDA-CAPEX) is 33.2x with the industry average at 4.7x.
Appendix 1: Peers in Realty
Below we provide Poddar Developers benchmarking against other companies in Realty 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 |
|---|
| Sunteck Realty ($SUNTECK) | -94.4% | -16.0% | 77.7% | 2,963.6% | |
| Nitesh Estates ($NITESHEST) | -63.3% | -6.3% | -28.7% | 259.1% | |
| The Phoenix Mills ($PHOENIXLTD) | -89.4% | 87.7% | 19.1% | 208.3% | |
| Lancor Holdings ($LANCORHOL) | | -47.4% | -23.9% | 74.0% | 10.5% |
| Arihant Superstructures ($ASL) | -13.9% | -36.5% | 9.1% | 42.0% | |
| |
|---|
| Median (33 companies) | -11.2% | 0.6% | 3.4% | -4.5% | 13.2% |
|---|
| Poddar Developers ($PODDARDEV) | | -18.4% | 63.9% | 152.9% | 56.0% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Godrej Properties ($GODREJPROP) | 28.2% | 24.9% | 33.3% | 28.9% | 19.4% |
| |
|---|
| Median (1 company) | 28.2% | 24.9% | 33.3% | 28.9% | 19.4% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Housing Development & Infrastructure ($HDIL) | 83.7% | 75.8% | 40.6% | 102.5% | |
| Hubtown ($HUBTOWN) | 51.6% | 53.3% | 72.4% | 67.6% | |
| Oberoi Realty ($OBEROIRLTY) | 58.7% | 59.3% | 58.9% | 54.5% | 56.4% |
| Pvp Ventures ($PVP) | -644.3% | | 73.2% | 51.1% | |
| The Phoenix Mills ($PHOENIXLTD) | 71.8% | 54.7% | 56.2% | 46.9% | |
| |
|---|
| Median (33 companies) | 24.3% | 20.1% | 18.1% | 20.1% | 30.2% |
|---|
| Poddar Developers ($PODDARDEV) | 12.5% | 19.0% | 11.2% | 18.4% | 28.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| The Phoenix Mills ($PHOENIXLTD) | 138.3% | 168.3% | 108.0% | 107.1% | |
| Prestige Estates Projects ($PRESTIGE) | 23.3% | 37.7% | 30.2% | 18.8% | |
| Brigade Enterprises ($BRIGADE) | 42.6% | 45.7% | 10.7% | 17.0% | |
| Parsvnath Developers ($PARSVNATH) | 19.9% | 15.9% | | 11.6% | |
| Unitech ($UNITECH) | 9.8% | 4.6% | 12.7% | 10.6% | |
| |
|---|
| Median (29 companies) | 5.3% | 4.7% | 2.3% | 3.7% | 1.2% |
|---|
| Poddar Developers ($PODDARDEV) | 7.8% | 15.4% | 2.7% | 0.3% | 6.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sunteck Realty ($SUNTECK) | 0.5% | 0.4% | 0.4% | 24.5% | |
| Lancor Holdings ($LANCORHOL) | 38.2% | 18.0% | 11.6% | 19.5% | 17.7% |
| Sobha Developers ($SOBHA) | 12.4% | 18.8% | 16.7% | 14.6% | 12.7% |
| Puravankara Projects ($PURVA) | 11.2% | 13.3% | 17.0% | 12.3% | |
| The Phoenix Mills ($PHOENIXLTD) | 4.5% | 4.9% | 5.4% | 11.1% | |
| |
|---|
| Median (50 companies) | 9.4% | 5.9% | 5.1% | 5.6% | 11.1% |
|---|
| Poddar Developers ($PODDARDEV) | 4.1% | 3.9% | 2.6% | 12.9% | 19.1% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Unitech ($UNITECH) | 5.5x | 13.1x | 14.4x | 28.0x | |
| Vascon Engineers ($VASCONEQ) | 2.8x | 8.4x | 11.2x | 25.9x | |
| Peninsula Land ($PENINLAND) | 2.2x | 5.5x | | 24.0x | |
| Parsvnath Developers ($PARSVNATH) | 4.5x | 5.1x | 4.7x | 14.6x | |
| D B Realty ($DBREALTY) | 1.1x | 13.2x | 135.4x | 14.0x | |
| |
|---|
| Median (39 companies) | 4.2x | 5.3x | 5.1x | 5.0x | 2.9x |
|---|
| Poddar Developers ($PODDARDEV) | -3.2x | -2.6x | 4.4x | 1.0x | 0.1x |
