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Genus Power Infrastructures reports 19.9% EBITDA growth and almost no change in EBITDA Margin of 13.8%

27-05-2015 • About Genus Power Infrastructures ($GENUSPOWER) • By InTwits

Genus Power Infrastructures reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Genus Power Infrastructures has low CAPEX intensity: 5 year average CAPEX/Revenue was 2.8%. At the same time it's in pair with industry average of 4.9%.
  • CAPEX is quite volatile: 496 in FY2015, 384 in FY2014, 249 in FY2013, 2,236 in FY2012, 2,012 in FY2011
  • The company has highly profitable business model: ROIC is at 13.5%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Genus Power Infrastructures ($GENUSPOWER) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue7,1427,0556,5237,6559,15019.5%
EBITDA1,0309967191,0541,26419.9%
Net Income611661446605531-12.1%
Balance Sheet
Cash98463995257169.5%
Short Term Debt2,5903,0132,5522,8513,43720.5%
Long Term Debt412221302259169-34.9%
Cash flow
Capex20923723815520330.7%
Ratios
Revenue growth-34.5%-1.2%-7.5%17.4%19.5%
EBITDA growth10.0%-3.3%-27.8%46.6%19.9%
EBITDA Margin14.4%14.1%11.0%13.8%13.8%0.0%
Net Income Margin8.6%9.4%6.8%7.9%5.8%-2.1%
CAPEX, % of revenue2.9%3.4%3.6%2.0%2.2%0.2%
ROIC15.2%12.4%8.0%12.2%13.5%1.3%
ROE18.1%16.2%9.5%13.1%11.5%-1.6%
Net Debt/EBITDA2.8x3.2x3.9x2.9x2.7x-0.2x

Revenue and profitability


The company's Revenue jumped on 19.5% in FY2015. EBITDA Margin showed almost no change in FY2015.

Net Income marign decreased on 2.1 pp from 7.9% to 5.8% in FY2015.

Capital expenditures (CAPEX) and working capital investments


In FY2015 the company had CAPEX/Revenue of 2.2%. Genus Power Infrastructures showed small CAPEX/Revenue decline of 1.1 pp from 3.4% in FY2012 to 2.2% in FY2015. For the last three years the average CAPEX/Revenue was 2.6%.

Return on investment


The company operates at good ROIC (13.55%) while ROE is low (11.54%). ROIC increased slightly on 1.3 pp from 12.2% to 13.5% in FY2015. ROE decreased slightly on 1.6 pp from 13.1% to 11.5% in FY2015.

Leverage (Debt)


Debt level is 2.7x Net Debt / EBITDA and 2.9x Debt / EBITDA. Net Debt / EBITDA dropped on 0.2x from 2.9x to 2.7x in FY2015. Debt jumped on 15.9% in FY2015 while cash surged on 169% in FY2015.

Valuation


Genus Power Infrastructures's trades at EV/EBITDA 7.7x and P/E 12.0x while industy averages are 10.5x and 26.1x. The company's EV/(EBITDA-CAPEX) is 9.1x with the industry average at 4.7x.

Appendix 1: Peers in Other Elect.Equip./ Prod.


Below you can find Genus Power Infrastructures benchmarking vs. other companies in Other Elect.Equip./ Prod. 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
Birla Ericsson Optical ($BIRLAERIC)13.1%64.8%134.7%-11.3%
Diamond Power Infrastructure ($DIAPOWER)-52.4%32.7%27.9%23.1%
Ultracab (India) ($ULTRACAB)49.2%43.1%26.2%10.5%
Salzer Electronics ($SALZER)23.4%2.6%6.9%15.9%
B.C. Power Controls ($BCP)-82.4%129.0%-2.2%2.2%
 
Median (13 companies)-6.1%23.4%-2.2%-11.0%25.9%
Genus Power Infrastructures ($GENUSPOWER)-1.2%-7.5%17.4%19.5%


Top companies by Gross margin, %

Top  FY2011 FY2012 FY2013 FY2014 FY2015
Malvica Engineering ($MALVICAE)0.0%0.0%0.0%0.0%
 
Median (1 company)0.0%0.0%0.0%0.0%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Pitti Laminations ($PITTILAM)12.9%15.6%13.6%13.2%12.0%
Ultracab (India) ($ULTRACAB)9.8%10.0%7.9%13.0%
Salzer Electronics ($SALZER)14.3%12.9%12.5%12.4%12.6%
Birla Ericsson Optical ($BIRLAERIC)-3.3%2.6%9.0%12.3%11.3%
Cords Cable Industries ($CORDSCABLE)9.1%9.9%9.9%9.8%
 
Median (11 companies)7.2%9.9%8.9%8.9%11.3%
Genus Power Infrastructures ($GENUSPOWER)14.4%14.1%11.0%13.8%13.8%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Indosolar ($INDOSOLAR)24.2%311.2%148.3%42.3%26.9%
Easun Reyrolle ($EASUNREYRL)19.3%26.5%30.7%19.4%
Diamond Power Infrastructure ($DIAPOWER)6.8%8.4%
Salzer Electronics ($SALZER)5.7%6.8%5.6%4.1%8.2%
Birla Ericsson Optical ($BIRLAERIC)9.4%1.3%4.4%4.0%3.5%
 
Median (7 companies)6.3%3.1%5.0%4.1%8.2%
Genus Power Infrastructures ($GENUSPOWER)2.9%3.4%3.6%2.0%2.2%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Birla Ericsson Optical ($BIRLAERIC)-6.6%-2.2%8.2%27.3%16.6%
Ultracab (India) ($ULTRACAB)14.3%14.8%11.6%18.4%
Salzer Electronics ($SALZER)14.6%14.6%12.7%13.0%14.6%
Diamond Power Infrastructure ($DIAPOWER)19.6%16.1%11.7%11.3%
Pitti Laminations ($PITTILAM)17.2%26.4%12.8%9.7%
 
Median (22 companies)10.2%7.7%10.1%9.7%8.4%
Genus Power Infrastructures ($GENUSPOWER)15.2%12.4%8.0%12.2%13.5%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Easun Reyrolle ($EASUNREYRL)11.1x19.4x11.3x11.6x
Hbl Power Systems ($HBLPOWER)8.6x4.1x4.4x6.8x
Diamond Power Infrastructure ($DIAPOWER)2.5x3.3x5.2x4.8x
Ultracab (India) ($ULTRACAB)4.8x4.9x5.2x3.8x
Pitti Laminations ($PITTILAM)2.9x2.4x3.3x3.2x0.0x
 
Median (11 companies)3.0x3.4x4.2x2.6x1.6x
Genus Power Infrastructures ($GENUSPOWER)2.8x3.2x3.9x2.9x2.7x


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