Unity Infraprojects EBITDA dropped on 111% in 2015 and Revenue dropped on 54.1%
28-05-2015 • About Unity Infraprojects (
$UNITY) • By InTwits
Unity Infraprojects reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Unity Infraprojects is a company in decline: FY2015 revenue growth was -54.1%, 5 years revenue CAGR was -2.5%
- EBITDA Margin is declining: -3.0% in FY2015 vs. 12.1% in FY2014 vs. 13.8% in FY2011
- EBITDA Margin is quite volatile: -3.0% in FY2015, 12.1% in FY2014, 14.2% in FY2013, 15.4% in FY2012, 13.8% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Unity Infraprojects ($UNITY) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 17,722 | 20,667 | 24,118 | 23,021 | 10,565 | -54.1% |
| EBITDA | 2,448 | 3,190 | 3,434 | 2,778 | -312 | -111.2% |
| Net Income | 960 | 1,065 | 1,036 | 62 | -3,415 | -5,584.0% |
Balance Sheet
|
|---|
| Cash | 1,247 | 1,414 | 1,157 | 1,423 | | -100.0% |
| Short Term Debt | 7,897 | 8,907 | 12,784 | 17,140 | | -100.0% |
| Long Term Debt | 2,405 | 2,006 | 2,151 | 6,333 | | -100.0% |
Cash flow
|
|---|
| Capex | 933 | 623 | 3,669 | 104 | | -100.0% |
Ratios
|
|---|
| Revenue growth | 47.5% | 16.6% | 16.7% | -4.5% | -54.1% | |
| EBITDA growth | 24.0% | 30.3% | 7.6% | -19.1% | -111.2% | |
| EBITDA Margin | 13.8% | 15.4% | 14.2% | 12.1% | -3.0% | -15.0% |
| Net Income Margin | 5.4% | 5.2% | 4.3% | 0.3% | -32.3% | -32.6% |
| CAPEX, % of revenue | 5.3% | 3.0% | 15.2% | 0.5% | | -0.5% |
| ROIC | 15.4% | 16.8% | 15.0% | 9.1% | | -9.1% |
| ROE | 15.8% | 15.2% | 12.9% | 0.7% | | -0.7% |
| Net Debt/EBITDA | 3.7x | 3.0x | 4.0x | 7.9x | | -7.9x |
Revenue and profitability
The company's Revenue dropped on 54.1% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin dropped on 15.0 pp from 12.1% to -3.0% in FY2015.
Net Income marign dropped on 32.6 pp from 0.27% to -32.3% in FY2015.
Appendix 1: Peers in Construction & Engineering
Below we provide Unity Infraprojects benchmarking against other companies in Construction & Engineering 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 |
|---|
| 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 ($ARSSINFRA) | | -5.3% | -34.8% | 17.8% | -27.8% |
| |
|---|
| Median (31 companies) | -15.4% | 8.7% | 6.6% | 7.1% | 7.6% |
|---|
| Unity Infraprojects ($UNITY) | | 16.6% | 16.7% | -4.5% | -54.1% |
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 ($ARSSINFRA) | 21.8% | 14.0% | 13.9% | 22.0% | 31.3% |
| |
|---|
| Median (29 companies) | 12.0% | 11.9% | 11.2% | 10.2% | 10.8% |
|---|
| Unity Infraprojects ($UNITY) | 13.8% | 15.4% | 14.2% | 12.1% | -3.0% |
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) ($JMCPROJECT) | 7.8% | 4.5% | 1.7% | 18.9% | 3.2% |
| |
|---|
| Median (23 companies) | 6.1% | 7.7% | 6.6% | 6.6% | 2.8% |
|---|
| Unity Infraprojects ($UNITY) | 5.3% | 3.0% | 15.2% | 0.5% | |
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 ($RIIL) | 5.1% | 10.8% | 12.7% | 10.5% | 5.7% |
| |
|---|
| Median (42 companies) | 10.5% | 8.6% | 7.1% | 5.6% | 7.2% |
|---|
| Unity Infraprojects ($UNITY) | 15.4% | 16.8% | 15.0% | 9.1% | |
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 ($HCC) | 10.0x | 18.8x | 20.3x | 12.3x | 9.3x |
| |
|---|
| Median (32 companies) | 3.7x | 4.7x | 5.7x | 5.9x | 3.0x |
|---|
| Unity Infraprojects ($UNITY) | 3.7x | 3.0x | 4.0x | 7.9x | |
