Indbulbbph Debt jumped on 120% in 2015 and EBITDA surged on 18.9%
21-05-2015 • About Indbulbbph (
$INDBULBBPH) • By InTwits
Indbulbbph reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: 23.5% in FY2015 vs. 29.5% in FY2014 vs. 27.9% in FY2011
- Indbulbbph has high CAPEX intensity: 5 year average CAPEX/Revenue was 41.9%. At the same time it's a lot of higher than industry average of 14.3%.
- CAPEX is quite volatile: 524 in FY2015, 269 in FY2014, 210 in FY2013, 323 in FY2012, 29,012 in FY2011
- The company has potentially unprofitable business model: ROIC is at 4.9%
- It operates with high leverage: Net Debt/EBITDA is 9.6x while industry average is 3.9x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Indbulbbph ($INDBULBBPH) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 14,379 | 13,916 | 13,006 | 17,362 | 25,908 | 49.2% |
| SG&A | | | | | 75 | |
| EBITDA | 4,006 | 5,113 | 4,505 | 5,124 | 6,094 | 18.9% |
| Net Income | 1,598 | 1,658 | 1,742 | 2,238 | 2,481 | 10.8% |
Balance Sheet
|
|---|
| Cash | 1,430 | 493 | 3,884 | 1,557 | 6,689 | 329.5% |
| Short Term Debt | 5,326 | 3,357 | 7,252 | 5,493 | 10,462 | 90.4% |
| Long Term Debt | 30,152 | 18,887 | 18,280 | 24,279 | 54,976 | 126.4% |
Cash flow
|
|---|
| Capex | 29,012 | 323 | 210 | 269 | 524 | 94.7% |
Ratios
|
|---|
| Revenue growth | -54.2% | -3.2% | -6.5% | 33.5% | 49.2% | |
| EBITDA growth | -562.4% | 27.6% | -11.9% | 13.7% | 18.9% | |
| EBITDA Margin | 27.9% | 36.7% | 34.6% | 29.5% | 23.5% | -6.0% |
| Net Income Margin | 11.1% | 11.9% | 13.4% | 12.9% | 9.6% | -3.3% |
| SG&A, % of revenue | | | | | 0.3% | 0.3% |
| CAPEX, % of revenue | 201.8% | 2.3% | 1.6% | 1.5% | 2.0% | 0.5% |
| ROIC | 2.7% | 3.8% | 4.2% | 4.9% | 4.9% | 0.0% |
| ROE | 1.4% | 1.9% | 2.5% | 3.3% | 3.5% | 0.3% |
| Net Debt/EBITDA | 8.5x | 4.3x | 4.8x | 5.5x | 9.6x | 4.1x |
Revenue and profitability
Indbulbbph's Revenue jumped on 49.2% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.6 pp from 13.9% to 8.2% in FY2015.
Net Income marign decreased on 3.3 pp from 12.9% to 9.6% in FY2015.
Capital expenditures (CAPEX) and working capital investments
Indbulbbph's CAPEX/Revenue was 2.0% in FY2015. CAPEX/Revenue showed almost no change from FY2012 to FY2015. Average CAPEX/Revenue for the last three years was 1.7%.
Return on investment
The company operates at low ROIC (4.93%) and ROE (3.53%). ROIC showed almost no change in FY2015. ROE showed almost no change in FY2015.
Leverage (Debt)
Debt level is 9.6x Net Debt / EBITDA and 10.7x Debt / EBITDA. Net Debt / EBITDA jumped on 4.1x from 5.5x to 9.6x in FY2015. Debt surged on 120% in FY2015 while cash jumped on 329% in FY2015.
Appendix 1: Peers in
Below we provide Indbulbbph benchmarking against other companies in 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 |
|---|
| Bharat Rasayan ($BHARATRA) | -82.3% | 51.3% | 32.1% | 92.7% | |
| Uplbbph ($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% | |
| Rilbbph ($RILBBPH) | | 34.9% | 10.8% | 9.4% | -13.6% |
| |
|---|
| Median (17 companies) | -36.1% | 17.7% | 10.8% | 3.5% | 9.2% |
|---|
| Indbulbbph ($INDBULBBPH) | | -3.2% | -6.5% | 33.5% | 49.2% |
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% | |
| 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% |
| Bharat Rasayan ($BHARATRA) | 7.5% | 12.8% | 14.9% | 18.2% | |
| |
|---|
| Median (15 companies) | 13.4% | 12.8% | 11.3% | 14.5% | 10.7% |
|---|
| Indbulbbph ($INDBULBBPH) | 27.9% | 36.7% | 34.6% | 29.5% | 23.5% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Monetbbph ($MONETBBPH) | 9.6% | 131.4% | 5.2% | 139.2% | |
| Jklakbbph ($JKLAKBBPH) | 23.6% | 28.5% | 28.8% | 24.6% | 23.6% |
| 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 ($BHARATRA) | 3.0% | 32.9% | 41.5% | 7.1% | |
| |
|---|
| Median (13 companies) | 5.0% | 8.9% | 5.2% | 4.1% | 8.8% |
|---|
| Indbulbbph ($INDBULBBPH) | 201.8% | 2.3% | 1.6% | 1.5% | 2.0% |
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 ($UPLBBPH) | 16.3% | 17.1% | 15.9% | 18.2% | 22.1% |
| |
|---|
| Median (28 companies) | 10.9% | 9.4% | 7.6% | 5.9% | 5.6% |
|---|
| Indbulbbph ($INDBULBBPH) | 2.7% | 3.8% | 4.2% | 4.9% | 4.9% |
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 |
| Jklakbbph ($JKLAKBBPH) | 3.0x | 2.1x | 2.3x | 5.3x | 5.5x |
| Madras Fertilizers ($MADRASFERT) | 5.5x | 3.5x | 6.5x | 5.0x | |
| Rane Engine Valve ($RANENGIN) | 1.7x | 2.1x | 11.3x | 4.5x | |
| |
|---|
| Median (16 companies) | 1.8x | 2.1x | 2.2x | 2.3x | 3.4x |
|---|
| Indbulbbph ($INDBULBBPH) | 8.5x | 4.3x | 4.8x | 5.5x | 9.6x |
