Simplex Projects EBITDA dropped on 46.1% in 2015 and Revenue decreased on 6.8%
28-05-2015 • About Simplex Projects (
$SIMPLEX) • By InTwits
Simplex Projects reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts: Simplex Projects is a company in decline: FY2015 revenue growth was -6.8%, 5 years revenue CAGR was -3.2%.
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Simplex Projects ($SIMPLEX) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 8,006 | 4,926 | 4,895 | 5,680 | 5,296 | -6.8% |
| EBITDA | 820 | 533 | 545 | 579 | 312 | -46.1% |
| Net Income | 346 | 10 | 20 | 12 | -363 | -3,141.2% |
Balance Sheet
|
|---|
| Cash | 1,670 | 856 | 535 | | | |
| Short Term Debt | 2,688 | 2,494 | 3,832 | | | |
| Long Term Debt | 675 | 923 | 171 | | | |
Cash flow
|
|---|
| Capex | 357 | 173 | | | | |
Ratios
|
|---|
| Revenue growth | 28.6% | -38.5% | -0.6% | 16.0% | -6.8% | |
| EBITDA growth | 12.8% | -35.0% | 2.2% | 6.2% | -46.1% | |
| EBITDA Margin | 10.2% | 10.8% | 11.1% | 10.2% | 5.9% | -4.3% |
| Net Income Margin | 4.3% | 0.2% | 0.4% | 0.2% | -6.9% | -7.1% |
| CAPEX, % of revenue | 4.5% | 3.5% | | | | 0.0% |
| ROIC | 15.4% | 7.2% | 6.9% | | | 0.0% |
| ROE | 17.6% | 0.5% | 0.9% | | | 0.0% |
| Net Debt/EBITDA | 2.1x | 4.8x | 6.4x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
Simplex Projects's Revenue decreased on 6.8% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin jumped on 13.6 pp from 7.3% to 20.9% in FY2015.
Net Income marign decreased on 7.1 pp from 0.21% to -6.9% in FY2015.
Appendix 1: Peers in Construction & Engineering
Below you can find Simplex Projects benchmarking vs. other companies in Construction & Engineering 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 |
|---|
| Madhucon Projects ($MADHUCON) | -72.3% | -19.5% | 61.7% | 81.2% | |
| C & C Constructions ($CANDC) | 7.1% | -11.6% | -12.2% | 31.7% | |
| Mbl Infrastructures ($MBLINFRA) | | 26.3% | 7.1% | 30.3% | 11.1% |
| Atlanta ($ATLANTA) | | -47.6% | 115.1% | 28.1% | 50.2% |
| Arss Infrastructure Projects ($ARSSINFRA) | | -5.3% | -34.8% | 17.8% | -27.8% |
| |
|---|
| Median (31 companies) | -15.4% | 11.4% | 6.9% | 6.6% | 7.6% |
|---|
| Simplex Projects ($SIMPLEX) | | -38.5% | -0.6% | 16.0% | -6.8% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Jaiprakash Associates ($JPASSOCIAT) | 44.0% | 36.9% | 35.9% | 32.4% | |
| Atlanta ($ATLANTA) | 44.1% | 28.5% | 34.6% | 30.8% | 21.4% |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 28.0% | 27.2% | 30.0% | 30.0% | |
| Madhucon Projects ($MADHUCON) | 11.6% | 8.4% | 31.9% | 22.1% | |
| Arss Infrastructure Projects ($ARSSINFRA) | 21.8% | 14.0% | 13.9% | 22.0% | 31.3% |
| |
|---|
| Median (29 companies) | 12.4% | 12.4% | 11.3% | 10.7% | 10.8% |
|---|
| Simplex Projects ($SIMPLEX) | 10.2% | 10.8% | 11.1% | 10.2% | 5.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | 149.8% | 234.5% | 155.1% | 76.0% | |
| Jaiprakash Associates ($JPASSOCIAT) | 114.7% | 97.0% | 65.5% | 45.0% | |
| Supreme Infrastructure India ($SUPREMEINF) | 16.7% | 46.6% | 31.1% | 43.1% | |
| Man Infraconstruction ($MANINFRA) | 11.5% | 7.8% | 1.6% | 25.0% | 18.6% |
| Jmc Projects (India) ($JMCPROJECT) | 7.8% | 4.5% | 1.7% | 18.9% | 3.2% |
| |
|---|
| Median (24 companies) | 6.1% | 7.7% | 6.6% | 5.3% | 2.8% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Skipper ($SKIPPER) | 10.6% | 10.4% | 13.5% | 14.7% | 27.4% |
| Mbl Infrastructures ($MBLINFRA) | 24.3% | 21.3% | 13.4% | 14.0% | 13.6% |
| Voltas ($VOLTAS) | 32.9% | 19.6% | 11.7% | 11.8% | 19.3% |
| Supreme Infrastructure India ($SUPREMEINF) | 15.0% | 15.4% | 12.4% | 10.6% | |
| Reliance Industrial Infrastructure ($RIIL) | 5.1% | 10.8% | 12.7% | 10.5% | 5.7% |
| |
|---|
| Median (42 companies) | 10.5% | 8.6% | 7.5% | 5.9% | 7.2% |
|---|
| Simplex Projects ($SIMPLEX) | 15.4% | 7.2% | 6.9% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Coromandel Engineering Company ($COROENGG) | 7.1x | | 14.4x | 54.6x | 3.2x |
| Welspun Projects ($WELPROJ) | 71.3x | 6.0x | 2.6x | 20.8x | |
| Punj Lloyd ($PUNJLLOYD) | 6.5x | 6.7x | 6.8x | 16.5x | |
| Madhucon Projects ($MADHUCON) | 40.1x | 96.8x | 19.0x | 16.4x | |
| Hindustan Construction Co ($HCC) | 10.0x | 18.8x | 20.3x | 12.3x | 9.3x |
| |
|---|
| Median (32 companies) | 3.7x | 4.5x | 5.3x | 6.6x | 3.1x |
|---|
| Simplex Projects ($SIMPLEX) | 2.1x | 4.8x | 6.4x | 0.0x | 0.0x |
