Ptc India Debt jumped on 31.2% in 2015 and EBITDA jumped on 19.9%
28-05-2015 • About Ptc India (
$PTC) • By InTwits
Ptc India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Ptc India has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.0%.
- The company has highly profitable business model: ROIC is at 12.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Ptc India ($PTC) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 91,686 | 80,587 | 91,994 | 120,991 | 139,012 | 14.9% |
| SG&A | | | | | 2 | |
| EBITDA | 2,499 | 4,070 | 4,483 | 8,323 | 9,977 | 19.9% |
| Net Income | 1,660 | 2,041 | 1,983 | 3,608 | 2,563 | -29.0% |
Balance Sheet
|
|---|
| Cash | 11,877 | 2,712 | 4,580 | 6,141 | 3,383 | -44.9% |
| Short Term Debt | 1,045 | 723 | 6,412 | 15,428 | 13,456 | -12.8% |
| Long Term Debt | 4,653 | 6,880 | 9,457 | 23,523 | 37,647 | 60.0% |
Cash flow
|
|---|
| Capex | 12 | 9 | 39 | 87 | 26 | -69.7% |
Ratios
|
|---|
| Revenue growth | -53.9% | -12.1% | 14.2% | 31.5% | 14.9% | |
| EBITDA growth | 288.8% | 62.9% | 10.2% | 85.7% | 19.9% | |
| EBITDA Margin | 2.7% | 5.1% | 4.9% | 6.9% | 7.2% | 0.3% |
| Net Income Margin | 1.8% | 2.5% | 2.2% | 3.0% | 1.8% | -1.1% |
| SG&A, % of revenue | | | | | 0.0% | 0.0% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | -0.1% |
| ROIC | 8.1% | 11.2% | 10.4% | 13.6% | 12.3% | -1.4% |
| ROE | 7.4% | 8.4% | 7.7% | 13.0% | 8.6% | -4.5% |
| Net Debt/EBITDA | -2.5x | 1.2x | 2.5x | 3.9x | 4.8x | 0.8x |
Revenue and profitability
The company's Revenue jumped on 14.9% in FY2015. EBITDA Margin showed almost no change in FY2015.
Net Income marign decreased slightly on 1.1 pp from 3.0% to 1.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Ptc India had CAPEX/Revenue of 0.019%. CAPEX/Revenue showed almost no change from FY2012 to FY2015. For the last three years the average CAPEX/Revenue was 0.044%.
Return on investment
The company operates at good ROIC (12.26%) while ROE is low (8.55%). ROIC decreased slightly on 1.4 pp from 13.6% to 12.3% in FY2015. ROE decreased on 4.5 pp from 13.0% to 8.6% in FY2015.
Leverage (Debt)
Company's Net Debt / EBITDA is 4.8x and Debt / EBITDA is 5.1x. Net Debt / EBITDA surged on 0.8x from 3.9x to 4.8x in FY2015. Debt surged on 31.2% in FY2015 while cash dropped on 44.9% in FY2015.
Appendix 1: Peers in Electric Utilities
Below you can find Ptc India benchmarking vs. other companies in Electric Utilities 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 |
|---|
| Adani Power ($ADANIPOWER) | | 91.5% | 65.7% | 128.0% | 21.7% |
| Nava Bharat Ventures ($NBVENTURES) | -50.8% | -10.4% | 15.3% | 51.6% | |
| Bf Utilities ($BFUTILITIE) | -79.1% | 41.4% | 9.2% | 20.6% | |
| Power Grid Corporation Of India ($POWERGRID) | -63.7% | 19.7% | 27.2% | 18.9% | |
| Nhpc ($NHPC) | -47.2% | 40.3% | -11.2% | 15.8% | |
| |
|---|
| Median (16 companies) | -57.3% | 32.0% | 15.3% | 8.4% | 1.5% |
|---|
| Ptc India ($PTC) | | -12.1% | 14.2% | 31.5% | 14.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Power Grid Corporation Of India ($POWERGRID) | 85.4% | 83.7% | 85.6% | 84.9% | |
| Bf Utilities ($BFUTILITIE) | 36.4% | 43.9% | 55.1% | 61.2% | |
| Jaiprakash Power Ventures ($JPPOWER) | 88.6% | 91.7% | 70.6% | 60.1% | |
| Nhpc ($NHPC) | 69.6% | 71.4% | 66.5% | 59.3% | |
| Orient Green Power Company ($GREENPOWER) | 42.7% | 24.4% | 53.3% | 57.8% | 82.8% |
| |
|---|
| Median (17 companies) | 31.9% | 28.3% | 25.5% | 26.2% | 19.6% |
|---|
| Ptc India ($PTC) | 2.7% | 5.1% | 4.9% | 6.9% | 7.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaiprakash Power Ventures ($JPPOWER) | 590.3% | 378.9% | 341.9% | 229.9% | |
| Power Grid Corporation Of India ($POWERGRID) | 160.8% | 184.3% | 172.4% | 173.4% | |
| Gvk Power & Infrastructure ($GVKPIL) | 76.3% | 139.1% | 136.7% | 109.1% | 52.7% |
| Orient Green Power Company ($GREENPOWER) | 340.9% | 422.5% | 170.0% | 77.0% | 19.3% |
| Nava Bharat Ventures ($NBVENTURES) | 39.1% | 69.0% | 30.5% | 70.6% | |
| |
|---|
| Median (15 companies) | 76.3% | 104.0% | 46.8% | 39.9% | 14.8% |
|---|
| Ptc India ($PTC) | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Alstom T&D India ($ALSTOMT&D) | 11.2% | 0.0% | 15.7% | 14.6% | 16.1% |
| Nava Bharat Ventures ($NBVENTURES) | 11.7% | 5.3% | 6.3% | 9.2% | |
| Ntpc ($NTPC) | 8.7% | 9.0% | 9.6% | 9.1% | |
| Tata Power Co ($TATAPOWER) | 10.1% | 8.9% | 8.8% | 9.0% | 7.1% |
| Power Grid Corporation Of India ($POWERGRID) | | 8.3% | 8.8% | 8.4% | |
| |
|---|
| Median (19 companies) | 4.2% | 4.8% | 5.4% | 4.9% | 6.6% |
|---|
| Ptc India ($PTC) | 8.1% | 11.2% | 10.4% | 13.6% | 12.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ksk Energy Ventures ($KSK) | 13.1x | 16.3x | 16.2x | 27.0x | |
| Gvk Power & Infrastructure ($GVKPIL) | 9.6x | 19.1x | 23.9x | 20.1x | 20.2x |
| Lanco Infratech ($LITL) | 9.3x | 16.3x | 12.9x | 19.2x | |
| Jaiprakash Power Ventures ($JPPOWER) | 18.9x | 11.6x | 13.1x | 16.7x | |
| Gmr Infrastructure ($GMRINFRA) | 7.9x | 19.5x | 15.1x | 16.7x | |
| |
|---|
| Median (19 companies) | 7.9x | 11.3x | 8.6x | 6.6x | 7.2x |
|---|
| Ptc India ($PTC) | -2.5x | 1.2x | 2.5x | 3.9x | 4.8x |
