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Shristi Infrastructure Development Corporation reports 193% CAPEX growth and 0.97% Revenue growth

29-05-2015 • About Shristi Infrastructure Development Corporation ($SHRISTI) • By InTwits

Shristi Infrastructure Development Corporation reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Shristi Infrastructure Development Corporation has high CAPEX intensity: 5 year average CAPEX/Revenue was 14.6%. At the same time it's a lot of higher than industry average of 12.1%.
  • CAPEX is quite volatile: 629 in FY2015, 215 in FY2014, 174 in FY2013, 0 in FY2012, 110 in FY2011
  • The company has potentially unprofitable business model: ROIC is at 5.4%
  • It operates with high leverage: Net Debt/EBITDA is 9.4x while industry average is 4.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Shristi Infrastructure Development Corporation ($SHRISTI) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue1,6211,5961,5621,5261,5411.0%
EBITDA4544344694584600.4%
Net Income5712122726-4.6%
Balance Sheet
Cash4727737508875.0%
Short Term Debt1,8362,8782,0851,0961,1050.8%
Long Term Debt2,1762,3091,9602,5873,31128.0%
Cash flow
Capex1100174215629193.0%
Ratios
Revenue growth-9.9%-1.5%-2.1%-2.3%1.0%
EBITDA growth122.7%-4.5%8.1%-2.3%0.4%
EBITDA Margin28.0%27.2%30.0%30.0%29.8%-0.2%
Net Income Margin3.5%0.8%0.8%1.8%1.7%-0.1%
CAPEX, % of revenue6.8%0.0%11.2%14.1%40.8%26.7%
ROIC5.3%4.8%5.2%5.6%5.4%-0.1%
ROE1.4%0.3%0.3%0.6%0.6%-0.0%
Net Debt/EBITDA7.8x11.8x8.6x7.9x9.4x1.5x

Revenue and profitability


The company's Revenue increased slightly on 0.97% in FY2015. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 5.2 pp from 7.4% to 12.7% in FY2015.

Net Income marign showed almost no change in FY2015.

Capital expenditures (CAPEX) and working capital investments


Shristi Infrastructure Development Corporation's CAPEX/Revenue was 40.8% in FY2015. CAPEX/Revenue jumped40.8 pp from 0% in FY2012 to 40.8% in FY2015. Average CAPEX/Revenue for the last three years was 22.0%.The company maintained rich investment policy and has spent a lot to CAPEX (137% of EBITDA).

Return on investment


The company operates at low ROIC (5.44%) and ROE (0.61%). ROIC showed almost no change in FY2015. ROE showed almost no change in FY2015.

Leverage (Debt)


Debt level is 9.4x Net Debt / EBITDA and 9.6x Debt / EBITDA. Net Debt / EBITDA jumped on 1.5x from 7.9x to 9.4x in FY2015. Debt jumped on 19.9% in FY2015 while cash surged on 75.0% in FY2015.

Valuation


The company's trades at EV/EBITDA 14.1x and P/E 84.1x while industy averages are 10.5x and 26.1x.

Appendix 1: Peers in Construction & Engineering


Below you can find Shristi Infrastructure Development Corporation 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)-14.9%11.4%6.9%7.1%7.6%
Shristi Infrastructure Development Corporation ($SHRISTI)-1.5%-2.1%-2.3%1.0%


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%
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%
Supreme Infrastructure India ($SUPREMEINF)13.8%14.8%15.6%17.5%
 
Median (29 companies)12.0%11.9%11.2%10.2%10.4%
Shristi Infrastructure Development Corporation ($SHRISTI)28.0%27.2%30.0%30.0%29.8%


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)5.5%7.7%6.6%4.0%2.6%
Shristi Infrastructure Development Corporation ($SHRISTI)6.8%0.0%11.2%14.1%40.8%


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)10.7%8.6%7.5%6.3%7.4%
Shristi Infrastructure Development Corporation ($SHRISTI)5.3%4.8%5.2%5.6%5.4%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Coromandel Engineering Company ($COROENGG)7.1x14.4x54.6x3.2x
Welspun Projects ($WELPROJ)71.3x6.0x2.6x20.8x
Punj Lloyd ($PUNJLLOYD)6.5x6.7x6.8x16.5x
Madhucon Projects ($MADHUCON)40.1x96.8x19.0x16.4x
Hindustan Construction Co ($HCC)10.0x18.8x20.3x12.3x9.3x
 
Median (32 companies)3.7x4.5x5.3x5.9x3.0x
Shristi Infrastructure Development Corporation ($SHRISTI)7.8x11.8x8.6x7.9x9.4x


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