Ajmera Realty & Infra India EBITDA surged on 194% in 2015 and Revenue surged on 110%
28-05-2015 • About Ajmera Realty & Infra India (
$AJMERA) • By InTwits
Ajmera Realty & Infra India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 40.7% in FY2015 vs. 29.0% in FY2014 vs. 25.3% in FY2011
- Ajmera Realty & Infra India has high CAPEX intensity: 5 year average CAPEX/Revenue was 13.4%. At the same time it's a lot of higher than industry average of 7.7%.
- CAPEX is quite volatile: 0 in FY2015, 0 in FY2014, 229 in FY2013, 497 in FY2012, 246 in FY2011
- The company has business model with low profitability: ROIC is at 8.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ajmera Realty & Infra India ($AJMERA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,719 | 2,085 | 799 | 784 | 1,646 | 109.9% |
| EBITDA | 434 | 401 | 213 | 228 | 669 | 193.9% |
| Net Income | 234 | 387 | 155 | 162 | 257 | 58.5% |
Balance Sheet
|
|---|
| Cash | 82 | 110 | 261 | 183 | 75 | -59.2% |
| Short Term Debt | 74 | 35 | 215 | 159 | 328 | 106.7% |
| Long Term Debt | 1,217 | 1,887 | 2,318 | 3,173 | 2,352 | -25.9% |
Cash flow
|
|---|
| Capex | 246 | 497 | 229 | 0 | 0 | |
Ratios
|
|---|
| Revenue growth | -10.2% | 21.3% | -61.7% | -1.8% | 109.9% | |
| EBITDA growth | 199.2% | -7.6% | -47.0% | 7.1% | 193.9% | |
| EBITDA Margin | 25.3% | 19.2% | 26.6% | 29.0% | 40.7% | 11.6% |
| Net Income Margin | 13.6% | 18.6% | 19.4% | 20.7% | 15.6% | -5.1% |
| CAPEX, % of revenue | 14.3% | 23.8% | 28.7% | 0.0% | 0.0% | 0.0% |
| ROIC | 8.9% | 6.6% | 2.3% | 2.4% | 8.3% | 6.0% |
| ROE | 6.8% | 10.2% | 3.9% | 4.1% | 6.3% | 2.2% |
| Net Debt/EBITDA | 2.8x | 4.5x | 10.7x | 13.8x | 3.9x | -9.9x |
Revenue and profitability
The company's Revenue surged on 110% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 5.4 pp from 13.3% to 8.0% in FY2015.
Net Income marign decreased on 5.1 pp from 20.7% to 15.6% in FY2015.
Return on investment
The company operates at low ROIC (8.32%) and ROE (6.33%). ROIC increased on 6.0 pp from 2.4% to 8.3% in FY2015. ROE increased on 2.2 pp from 4.1% to 6.3% in FY2015.
Leverage (Debt)
Debt level is 3.9x Net Debt / EBITDA and 4.0x Debt / EBITDA. Net Debt / EBITDA dropped on 9.9x from 13.8x to 3.9x in FY2015. Debt dropped on 19.5% in FY2015 while cash dropped on 59.2% in FY2015.
Appendix 1: Peers in Realty
Below we provide Ajmera Realty & Infra India benchmarking against other companies in Realty 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 |
|---|
| Sunteck Realty ($SUNTECK) | | -16.0% | 77.7% | 2,963.6% | -67.3% |
| Nitesh Estates ($NITESHEST) | | -6.3% | -28.7% | 259.1% | -3.4% |
| The Phoenix Mills ($PHOENIXLTD) | | 87.7% | 19.1% | 208.3% | 14.1% |
| Poddar Developers ($PODDARDEV) | | -18.4% | 63.9% | 152.9% | 56.0% |
| Lancor Holdings ($LANCORHOL) | | -47.4% | -23.9% | 74.0% | 10.5% |
| |
|---|
| Median (33 companies) | -23.4% | -1.6% | 5.6% | -4.5% | 11.4% |
|---|
| Ajmera Realty & Infra India ($AJMERA) | | 21.3% | -61.7% | -1.8% | 109.9% |
Top companies by Gross margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Godrej Properties ($GODREJPROP) | 28.2% | 24.9% | 33.3% | 28.9% | 19.4% |
| |
|---|
| Median (1 company) | 28.2% | 24.9% | 33.3% | 28.9% | 19.4% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Housing Development & Infrastructure ($HDIL) | 83.7% | 75.8% | 40.6% | 102.5% | 78.9% |
| Tci Developers ($TCIDEVELOP) | | | | | 75.9% |
| Oberoi Realty ($OBEROIRLTY) | 58.7% | 59.3% | 58.9% | 54.5% | 56.4% |
| The Phoenix Mills ($PHOENIXLTD) | 71.8% | 54.7% | 56.2% | 46.9% | 46.2% |
| Sunteck Realty ($SUNTECK) | 33.7% | 32.8% | 18.1% | 30.3% | 44.2% |
| |
|---|
| Median (27 companies) | 23.3% | 20.1% | 13.4% | 19.8% | 24.1% |
|---|
| Ajmera Realty & Infra India ($AJMERA) | 25.3% | 19.2% | 26.6% | 29.0% | 40.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Prozone Intu Properties ($PROZONINTU) | | | | | 89.5% |
| Ashiana Housing ($ASHIANA) | | | | | 26.7% |
| Brigade Enterprises ($BRIGADE) | 42.6% | 45.7% | 10.7% | 17.0% | 18.5% |
| Parsvnath Developers ($PARSVNATH) | 19.9% | 15.9% | | 11.6% | 10.6% |
| The Phoenix Mills ($PHOENIXLTD) | 138.3% | 168.3% | 108.0% | 107.1% | 7.3% |
| |
|---|
| Median (23 companies) | 5.3% | 4.7% | 2.3% | 3.7% | 2.6% |
|---|
| Ajmera Realty & Infra India ($AJMERA) | 14.3% | 23.8% | 28.7% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Sunteck Realty ($SUNTECK) | 0.5% | 0.4% | 0.4% | 24.5% | 6.8% |
| Lancor Holdings ($LANCORHOL) | 38.2% | 18.0% | 11.6% | 19.5% | 17.7% |
| Sobha Developers ($SOBHA) | 12.4% | 18.8% | 16.7% | 14.6% | 12.7% |
| Poddar Developers ($PODDARDEV) | 4.1% | 3.9% | 2.6% | 12.9% | 19.1% |
| Puravankara Projects ($PURVA) | 11.2% | 13.3% | 17.0% | 12.3% | 9.7% |
| |
|---|
| Median (50 companies) | 9.4% | 5.7% | 5.1% | 5.7% | 7.7% |
|---|
| Ajmera Realty & Infra India ($AJMERA) | 8.9% | 6.6% | 2.3% | 2.4% | 8.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Unitech ($UNITECH) | 5.5x | 13.1x | 14.4x | 28.0x | |
| Vascon Engineers ($VASCONEQ) | 2.8x | 8.4x | 11.2x | 25.9x | |
| Peninsula Land ($PENINLAND) | 2.2x | 5.5x | | 24.0x | |
| Parsvnath Developers ($PARSVNATH) | 4.5x | 5.1x | 4.7x | 14.6x | 9.0x |
| D B Realty ($DBREALTY) | 1.1x | 13.2x | 135.4x | 14.0x | 54.8x |
| |
|---|
| Median (39 companies) | 4.2x | 5.3x | 4.8x | 4.9x | 4.1x |
|---|
| Ajmera Realty & Infra India ($AJMERA) | 2.8x | 4.5x | 10.7x | 13.8x | 3.9x |
