Voltamp Transformers reports 104% EBITDA growth and 16.2% Revenue growth
20-05-2015 • About Voltamp Transformers (
$VOLTAMP) • By InTwits
Voltamp Transformers reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is quite volatile: 5.9% in FY2015, 3.4% in FY2014, 6.7% in FY2013, 7.5% in FY2012, 12.5% in FY2011
- Voltamp Transformers has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.3%. At the same time it's in pair with industry average of 30.4%.
- CAPEX is quite volatile: 24.9 in FY2015, 26.4 in FY2014, 48.4 in FY2013, 66.5 in FY2012, 170 in FY2011
- The company has potentially unprofitable business model: ROIC is at 5.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Voltamp Transformers ($VOLTAMP) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 5,353 | 5,586 | 5,155 | 4,448 | 5,169 | 16.2% |
| EBITDA | 668 | 420 | 343 | 150 | 306 | 103.9% |
| Net Income | 518 | 333 | 329 | 263 | 284 | 8.1% |
Balance Sheet
|
|---|
| Cash | 349 | 46 | 107 | 9 | 29 | 232.5% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 170 | 66 | 48 | 26 | 25 | -5.7% |
Ratios
|
|---|
| Revenue growth | -11.5% | 4.3% | -7.7% | -13.7% | 16.2% | |
| EBITDA growth | -39.6% | -37.2% | -18.3% | -56.3% | 103.9% | |
| EBITDA Margin | 12.5% | 7.5% | 6.7% | 3.4% | 5.9% | 2.5% |
| Net Income Margin | 9.7% | 6.0% | 6.4% | 5.9% | 5.5% | -0.4% |
| CAPEX, % of revenue | 3.2% | 1.2% | 0.9% | 0.6% | 0.5% | -0.1% |
| ROIC | 16.7% | 8.7% | 6.5% | 1.9% | 5.4% | 3.5% |
| ROE | 14.7% | 8.7% | 8.2% | 6.3% | 6.6% | 0.3% |
| Net Debt/EBITDA | -0.5x | -0.1x | -0.3x | -0.1x | -0.1x | -0.0x |
Revenue and profitability
Voltamp Transformers's Revenue surged on 16.2% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.9 pp from -2.5% to -0.61% in FY2015.
Net Income marign showed almost no change in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 the company had CAPEX/Revenue of 0.48%. The company's CAPEX/Revenue decreased slightly on 0.71 pp from 1.2% in FY2012 to 0.48% in FY2015. Average CAPEX/Revenue for the last three years was 0.67%.
Return on investment
The company operates at low ROIC (5.37%) and ROE (6.57%). ROIC increased on 3.5 pp from 1.9% to 5.4% in FY2015. ROE showed almost no change in FY2015.
Leverage (Debt)
The company has no debt. Cash jumped on 232% in FY2015.
Appendix 1: Peers in Heavy Electrical Equipment
Below you can find Voltamp Transformers benchmarking vs. other companies in Heavy Electrical Equipment 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 |
|---|
| Ujaas Energy ($UJAAS) | -71.9% | 1.1% | 614.7% | 116.7% | |
| Transformers And Rectifiers (India) ($TRIL) | -20.6% | -4.4% | -1.3% | 42.8% | |
| Jyoti Structures ($JYOTISTRUC) | -35.2% | 15.3% | 8.9% | 20.7% | |
| Emco ($EMCO) | -4.5% | -19.1% | -13.0% | 20.2% | |
| Crompton Greaves ($CROMPGREAV) | 9.5% | 12.4% | 7.5% | 12.7% | |
| |
|---|
| Median (15 companies) | -14.1% | 13.7% | -9.8% | 1.7% | 20.8% |
|---|
| Voltamp Transformers ($VOLTAMP) | | 4.3% | -7.7% | -13.7% | 16.2% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Suzlon Energy ($SUZLON) | 30.3% | 33.2% | 27.2% | 28.6% | |
| |
|---|
| Median (1 company) | 30.3% | 33.2% | 27.2% | 28.6% | |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Techno Electric And Engineering Co. ($TECHNO) | 23.3% | 27.0% | 34.5% | 28.5% | |
| Techno Electric & Engineering Company ($TECHELE) | 23.3% | 27.0% | 34.5% | 28.5% | |
| Ujaas Energy ($UJAAS) | 9.3% | 1.2% | 18.7% | 17.4% | |
| Bgr Energy Systems ($BGRENERGY) | 12.4% | 14.1% | 14.6% | 12.2% | |
| Bharat Heavy Electricals ($BHEL) | 20.6% | 21.0% | 19.7% | 11.8% | |
| |
|---|
| Median (15 companies) | 12.4% | 9.4% | 8.8% | 6.8% | 8.3% |
|---|
| Voltamp Transformers ($VOLTAMP) | 12.5% | 7.5% | 6.7% | 3.4% | 5.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sterlite Technologies ($STRTECH) | 19.8% | 24.9% | 47.2% | 64.9% | 37.4% |
| Swelect Energy Systems ($SWELECTES) | 2.9% | 5.1% | 42.5% | 50.8% | |
| Ujaas Energy ($UJAAS) | 6.8% | 87.8% | 1.4% | 20.2% | |
| T D Power Systems ($TDPOWERSYS) | 1.5% | 3.7% | 14.5% | 15.1% | 3.8% |
| Bharat Heavy Electricals ($BHEL) | 5.2% | 3.3% | 3.6% | 4.1% | |
| |
|---|
| Median (14 companies) | 5.4% | 5.7% | 3.6% | 2.6% | 3.8% |
|---|
| Voltamp Transformers ($VOLTAMP) | 3.2% | 1.2% | 0.9% | 0.6% | 0.5% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ujaas Energy ($UJAAS) | 10.6% | 0.0% | 28.5% | 33.7% | |
| Alstom India ($AIL) | 44.3% | 27.2% | 25.6% | 13.2% | 10.7% |
| Bharat Heavy Electricals ($BHEL) | 46.1% | 41.5% | 29.5% | 10.3% | |
| Crompton Greaves ($CROMPGREAV) | 32.5% | 12.9% | 3.5% | 10.1% | |
| Bgr Energy Systems ($BGRENERGY) | 25.9% | 15.5% | 11.9% | 9.7% | |
| |
|---|
| Median (17 companies) | 19.5% | 15.3% | 6.9% | 9.3% | 4.5% |
|---|
| Voltamp Transformers ($VOLTAMP) | 16.7% | 8.7% | 6.5% | 1.9% | 5.4% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Suzlon Energy ($SUZLON) | 9.7x | 6.1x | | 87.6x | |
| Sterlite Technologies ($STRTECH) | 2.8x | 4.6x | 10.2x | 15.4x | 11.1x |
| Jyoti Structures ($JYOTISTRUC) | 1.3x | 2.4x | 3.6x | 5.7x | |
| Emco ($EMCO) | | 8.1x | 7.3x | 5.7x | |
| Swelect Energy Systems ($SWELECTES) | 0.5x | 0.5x | 1.3x | 5.0x | |
| |
|---|
| Median (15 companies) | 1.3x | 2.5x | 3.0x | 2.5x | -4.1x |
|---|
| Voltamp Transformers ($VOLTAMP) | -0.5x | -0.1x | -0.3x | -0.1x | -0.1x |
