Paramount Communications revenue increased on 7.3% in 2015 while EBITDA Margin decreased on 2.3 pp from -6.2% to -8.5%

27-05-2015 • About Paramount Communications ($PARACABLES) • By InTwits

Paramount Communications reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:

The company operates at negative EBITDA Margin: -8.5%
Paramount Communications motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -6.3% for the sames years0

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Paramount Communications ($PARACABLES) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	6,809	6,920	6,705	4,135	4,435	7.3%
EBITDA	-1,002	-180		-256	-376
Net Income	-1,199	-505	-245	-1,008	-1,010
Balance Sheet
Cash	28	22
Short Term Debt	3,079	2,960
Long Term Debt	1,629	1,792
Cash flow
Capex	0	18
Ratios
Revenue growth	26.8%	1.6%	-3.1%	-38.3%	7.3%
EBITDA growth	-320.4%	-82.0%			47.0%
EBITDA Margin	-14.7%	-2.6%	0.0%	-6.2%	-8.5%	-2.3%
Net Income Margin	-17.6%	-7.3%	-3.7%	-24.4%	-22.8%	1.6%
CAPEX, % of revenue	0.0%	0.3%				0.0%
ROIC	-20.0%	-6.7%				0.0%
ROE	-105.7%					0.0%

Revenue and profitability

The company's Revenue increased on 7.3% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased on 2.3 pp from -6.2% to -8.5% in FY2015.

Net Income marign increased slightly on 1.6 pp from -24.4% to -22.8% in FY2015.

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

Below we provide Paramount Communications benchmarking against other companies in Other Elect.Equip./ Prod. 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
Birla Ericsson Optical ($BIRLAERIC)		13.1%	64.8%	134.7%	-11.3%
Diamond Power Infrastructure ($DIAPOWER)	-52.4%	32.7%	27.9%	23.1%
Genus Power Infrastructures ($GENUSPOWER)		-1.2%	-7.5%	17.4%	19.5%
Ultracab (India) ($ULTRACAB)	49.2%	43.1%	26.2%	10.5%
Salzer Electronics ($SALZER)		23.4%	2.6%	6.9%	15.9%
Median (13 companies)	-6.1%	23.4%	-2.2%	0.4%	27.7%
Paramount Communications ($PARACABLES)		1.6%	-3.1%	-38.3%	7.3%

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
Genus Power Infrastructures ($GENUSPOWER)	14.4%	14.1%	11.0%	13.8%	13.8%
Pitti Laminations ($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 ($BIRLAERIC)	-3.3%	2.6%	9.0%	12.3%	11.3%
Median (11 companies)	9.1%	10.0%	9.0%	9.8%	12.0%
Paramount Communications ($PARACABLES)	-14.7%	-2.6%		-6.2%	-8.5%

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 (8 companies)	6.3%	3.4%	4.4%	4.1%	5.8%

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 ($SALZER)	14.6%	14.6%	12.7%	13.0%	14.6%
Genus Power Infrastructures ($GENUSPOWER)	15.2%	12.4%	8.0%	12.2%	13.5%
Diamond Power Infrastructure ($DIAPOWER)	19.6%	16.1%	11.7%	11.3%
Median (22 companies)	13.7%	9.7%	9.2%	10.5%	13.5%
Paramount Communications ($PARACABLES)	-20.0%	-6.7%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Easun Reyrolle ($EASUNREYRL)	11.1x	19.4x	11.3x	11.6x
Hbl Power Systems ($HBLPOWER)	8.6x	4.1x	4.4x	6.8x
Diamond Power Infrastructure ($DIAPOWER)	2.5x	3.3x	5.2x	4.8x
Ultracab (India) ($ULTRACAB)	4.8x	4.9x	5.2x	3.8x
Pitti Laminations ($PITTILAM)	2.9x	2.4x	3.3x	3.2x	0.0x
Median (12 companies)	2.9x	3.3x	4.1x	2.8x	2.1x

Paramount Communications stock price chart

Paramount Communications financials

mln.	FY2010	FY2011	FY2012

Revenue	5,370	6,809	6,920
EBITDA	454.8	-1,002.414	-180.261
Net income	-56.467	-1,199.220	-504.580
CAPEX	0.000	0.000	17.528
Debt	4,092	4,708	4,752
Cash	11.940	27.701	21.776

About Paramount Communications

Paramount Communications Limited manufactures and sells cables in India. It provides power cables, including HT and LT power and aerial bunch cables; screened and unscreened type control cables; instrumentation cables for process control, A/D converters, and other microprocessor based instrumentation circuits; and thermocouple extension and compensating cables for connecting thermocouples to control and measurement devices. The company also offers telecommunication cables comprising optical fibre cables for telecommunications; direct to home optical fibre cables for cable TV; polythene insulated jelly filled cables and aerial self-supporting cables for subscriber distribution networks; installation cables for digital exchanges; co-axial cables for signal distribution; and MATV, data transmission, computer, PCM, and other cables, as well as buried service wires. In addition, it provides underground railway signaling and quad axle counter cables; specialized instrumentation cables for underground and elevated metro projects; hook-up/jumper/drop and building wires; and cables for submersible pumps. Further, the company manufactures and imports mining and airfield lighting cables; and offers construction special, and fire protection and mineral insulated cables. It serves various industries, such as power, railways, telecom and IT, petrochemicals, construction, defence and space research projects, etc. The company also exports its products. Paramount Communications Limited was founded in 1955 and is based in New Delhi, India.

Paramount Communications revenue increased on 7.3% in 2015 while EBITDA Margin decreased on 2.3 pp from -6.2% to -8.5%

Revenue and profitability

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

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Paramount Communications financials

About Paramount Communications