Jklakbbph reports 16.8% EBITDA growth and 12.2% Revenue growth
15-05-2015 • About Jklakbbph (
$JKLAKBBPH) • By InTwits
Jklakbbph reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Jklakbbph has high CAPEX intensity: 5 year average CAPEX/Revenue was 25.8%. At the same time it's a lot of higher than industry average of 14.3%.
- CAPEX is quite volatile: 948 in FY2015, 606 in FY2014, 393 in FY2013, 486 in FY2012, 60.3 in FY2011
- The company has business model with low profitability: ROIC is at 7.3%
- It operates with high leverage: Net Debt/EBITDA is 5.5x while industry average is 3.7x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Jklakbbph ($JKLAKBBPH) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 13,222 | 17,181 | 20,550 | 20,559 | 23,064 | 12.2% |
| SG&A | | | | | 624 | |
| EBITDA | 2,480 | 3,914 | 4,842 | 3,018 | 3,526 | 16.8% |
| Net Income | 591 | 1,088 | 1,750 | 939 | 1,029 | 9.7% |
Balance Sheet
|
|---|
| Cash | 888 | 890 | 127 | 760 | 155 | -79.6% |
| Short Term Debt | 232 | 63 | 413 | 2,692 | 4,621 | 71.6% |
| Long Term Debt | 8,169 | 9,083 | 10,977 | 14,120 | 14,871 | 5.3% |
Cash flow
|
|---|
| Capex | 3,115 | 4,892 | 5,913 | 5,059 | 5,433 | 7.4% |
Ratios
|
|---|
| Revenue growth | -52.8% | 29.9% | 19.6% | 0.0% | 12.2% | |
| EBITDA growth | -42.8% | 57.8% | 23.7% | -37.7% | 16.8% | |
| EBITDA Margin | 18.8% | 22.8% | 23.6% | 14.7% | 15.3% | 0.6% |
| Net Income Margin | 4.5% | 6.3% | 8.5% | 4.6% | 4.5% | -0.1% |
| SG&A, % of revenue | | | | | 2.7% | 2.7% |
| CAPEX, % of revenue | 23.6% | 28.5% | 28.8% | 24.6% | 23.6% | -1.1% |
| ROIC | 8.4% | 12.4% | 14.2% | 5.9% | 7.3% | 1.4% |
| ROE | 5.7% | 9.8% | 14.4% | 7.3% | 7.8% | 0.5% |
| Net Debt/EBITDA | 3.0x | 2.1x | 2.3x | 5.3x | 5.5x | 0.2x |
Revenue and profitability
The company's Revenue jumped on 12.2% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.61 pp from 14.7% to 15.3% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 23.6% in FY2015. The company's CAPEX/Revenue decreased on 4.9 pp from 28.5% in FY2012 to 23.6% in FY2015. Average CAPEX/Revenue for the last three years was 25.6%.The company has spent a lot to CAPEX (154% of EBITDA) to secure its growth.
Return on investment
The company operates at low ROIC (7.27%) and ROE (7.79%). ROIC increased slightly on 1.4 pp from 5.9% to 7.3% in FY2015. ROE showed almost no change in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 5.5x and Debt / EBITDA is 5.5x. Net Debt / EBITDA jumped on 0.2x from 5.3x to 5.5x in FY2015. Debt jumped on 15.9% in FY2015 while cash dropped on 79.6% in FY2015.
Appendix 1: Peers in
Below you can find Jklakbbph benchmarking vs. other companies in 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 |
|---|
| Bharat Rasayan ($BHARATRA) | -82.3% | 51.3% | 32.1% | 92.7% | |
| Indbulbbph ($INDBULBBPH) | -54.2% | -3.2% | -6.5% | 33.5% | |
| Uplbbph ($UPLBBPH) | | 33.2% | 19.7% | 17.3% | 10.9% |
| Ginni Filaments ($GINNIFIL) | | 2.8% | 4.6% | 16.6% | -2.3% |
| Monetbbph ($MONETBBPH) | -58.7% | 22.3% | 3.7% | 11.6% | |
| |
|---|
| Median (17 companies) | -37.0% | 17.4% | 8.5% | 4.2% | 5.6% |
|---|
| Jklakbbph ($JKLAKBBPH) | | 29.9% | 19.6% | 0.0% | 12.2% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madras Fertilizers ($MADRASFERT) | 48.3% | 64.5% | 31.7% | 61.2% | |
| Kaleconbbph ($KALECONBBPH) | | 27.7% | 44.3% | 43.5% | |
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 33.0% | 20.4% | 21.4% | 23.2% | 17.9% |
| Uplbbph ($UPLBBPH) | 18.8% | 18.2% | 18.3% | 18.8% | 20.0% |
| |
|---|
| Median (15 companies) | 13.4% | 12.8% | 11.3% | 14.5% | 10.7% |
|---|
| Jklakbbph ($JKLAKBBPH) | 18.8% | 22.8% | 23.6% | 14.7% | 15.3% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | |
| Rilbbph ($RILBBPH) | 12.7% | 4.6% | 7.7% | 13.8% | 16.9% |
| Indian Metals & Ferro Alloys ($INDMETA-B) | 27.1% | 33.6% | 18.7% | 10.1% | 5.4% |
| Bharat Rasayan ($BHARATRA) | 3.0% | 32.9% | 41.5% | 7.1% | |
| Merckbbph ($MERCKBBPH) | 2.7% | 2.1% | 4.3% | 4.9% | |
| |
|---|
| Median (13 companies) | 5.0% | 8.6% | 5.2% | 3.6% | 7.1% |
|---|
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | 23.6% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Kaleconbbph ($KALECONBBPH) | | | 89.0% | 103.8% | |
| Madras Fertilizers ($MADRASFERT) | 52.6% | 44.7% | 18.0% | 23.9% | |
| Bharat Rasayan ($BHARATRA) | 10.0% | 22.1% | 13.7% | 21.9% | |
| Ginni Filaments ($GINNIFIL) | 11.6% | -1.0% | 15.2% | 21.6% | 12.8% |
| Uplbbph ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% |
| |
|---|
| Median (28 companies) | 10.9% | 8.4% | 5.8% | 5.3% | 2.8% |
|---|
| Jklakbbph ($JKLAKBBPH) | 8.4% | 12.4% | 14.2% | 5.9% | 7.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 5.3x | 9.8x | 16.3x | 27.4x | |
| Asleyf ($ASLEYF) | 2.0x | 2.5x | 5.0x | 17.8x | 5.0x |
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | |
| Madras Fertilizers ($MADRASFERT) | 5.5x | 3.5x | 6.5x | 5.0x | |
| Rane Engine Valve ($RANENGIN) | 1.7x | 2.1x | 11.3x | 4.5x | |
| |
|---|
| Median (16 companies) | 1.8x | 2.1x | 2.4x | 2.3x | 2.1x |
|---|
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | 5.5x |
