B.C. Power Controls reports 137% EBITDA growth and 115% Revenue growth

30-05-2015 • About B.C. Power Controls ($BCP) • By InTwits

B.C. Power Controls reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:

EBITDA Margin is relatively stable: 1.6% in FY2015 vs. 1.4% in FY2014 vs. 0.4% in FY2011
EBITDA Margin is quite volatile: 1.6% in FY2015, 1.4% in FY2014, 1.5% in FY2013, 0.9% in FY2012, 0.4% in FY2011

Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

B.C. Power Controls ($BCP) key annual financial indicators

mln. INR	2011	2012	2013	2014	2015	2015/2014
P&L
Revenue	452	1,036	1,014	1,036	2,231	115.3%
EBITDA	2	9	15	15	35	136.7%
Net Income	1	4	3	3	7	109.9%
Balance Sheet
Cash	5	2	20
Short Term Debt	0	26	191
Long Term Debt	0	17	28
Cash flow
Capex	32	25	4
Ratios
Revenue growth	-82.4%	129.0%	-2.2%	2.2%	115.3%
EBITDA growth	128.1%	446.9%	66.6%	-3.6%	136.7%
EBITDA Margin	0.4%	0.9%	1.5%	1.4%	1.6%	0.1%
Net Income Margin	0.1%	0.4%	0.3%	0.3%	0.3%	-0.0%
CAPEX, % of revenue	7.0%	2.5%	0.4%			0.0%
ROIC	3.2%	5.1%	4.0%			0.0%
ROE	2.0%	5.1%	3.2%			0.0%
Net Debt/EBITDA	-2.8x	4.4x	13.0x	0.0x	0.0x	0.0x

Revenue and profitability

B.C. Power Controls's Revenue jumped on 115% in FY2015. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 2.3 pp from 5.5% to 7.7% in FY2015.

Net Income marign showed almost no change in FY2015.

Appendix 1: Peers in Other Elect.Equip./ Prod.

Below we provide B.C. Power Controls benchmarking against other companies in Other Elect.Equip./ Prod. 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
Birla Ericsson Optical ($BIRLAERIC)		13.1%	64.8%	134.7%	-11.3%
Diamond Power Infrastructure ($DIAPOWER)	-52.4%	32.7%	27.9%	23.1%
Genus Power Infrastructures ($GENUSPOWER)		-1.2%	-7.5%	17.4%	19.5%
Ultracab (India) ($ULTRACAB)	49.2%	43.1%	26.2%	10.5%
Salzer Electronics ($SALZER)		23.4%	2.6%	6.9%	15.9%
Median (13 companies)	-3.3%	13.1%	-3.1%	-11.0%	15.9%
B.C. Power Controls ($BCP)		129.0%	-2.2%	2.2%	115.3%

Top companies by Gross margin, %


Top	FY2011	FY2012	FY2013	FY2014	FY2015
Malvica Engineering ($MALVICAE)		0.0%	0.0%	0.0%	0.0%
Median (1 company)		0.0%	0.0%	0.0%	0.0%

Top companies by EBITDA margin, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Fluidomat ($FLUIDOM)					28.0%
Indosolar ($INDOSOLAR)	5.8%	-114.4%	-52.7%	-140.0%	16.3%
Genus Power Infrastructures ($GENUSPOWER)	14.4%	14.1%	11.0%	13.8%	13.8%
Salzer Electronics ($SALZER)	14.3%	12.9%	12.5%	12.4%	12.6%
Pitti Laminations ($PITTILAM)	12.9%	15.6%	13.6%	13.2%	12.0%
Median (12 companies)	9.1%	10.0%	9.5%	9.8%	10.8%
B.C. Power Controls ($BCP)	0.4%	0.9%	1.5%	1.4%	1.6%

Top companies by CAPEX/Revenue, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Indosolar ($INDOSOLAR)	24.2%	311.2%	148.3%	42.3%	26.9%
Easun Reyrolle ($EASUNREYRL)	19.3%	26.5%	30.7%	19.4%
Diamond Power Infrastructure ($DIAPOWER)			6.8%	8.4%
Salzer Electronics ($SALZER)	5.7%	6.8%	5.6%	4.1%	8.2%
Birla Ericsson Optical ($BIRLAERIC)	9.4%	1.3%	4.4%	4.0%	3.5%
Median (8 companies)	5.6%	3.4%	5.0%	4.1%	3.5%

Top companies by ROIC, %


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Birla Ericsson Optical ($BIRLAERIC)	-6.6%	-2.2%	8.2%	27.3%	16.6%
Ultracab (India) ($ULTRACAB)	14.3%	14.8%	11.6%	18.4%
Salzer Electronics ($SALZER)	14.6%	14.6%	12.7%	13.0%	14.6%
Genus Power Infrastructures ($GENUSPOWER)	15.2%	12.4%	8.0%	12.2%	13.5%
Diamond Power Infrastructure ($DIAPOWER)	19.6%	16.1%	11.7%	11.3%
Median (22 companies)	13.7%	9.7%	10.1%	10.5%	10.1%
B.C. Power Controls ($BCP)	3.2%	5.1%	4.0%

Top companies by Net Debt / EBITDA


Top 5	FY2011	FY2012	FY2013	FY2014	FY2015
Indosolar ($INDOSOLAR)	13.8x				20.3x
Hbl Power Systems ($HBLPOWER)	8.6x	4.1x	4.4x	6.8x	4.7x
Salzer Electronics ($SALZER)	2.1x	1.9x	2.2x	2.6x	2.7x
Genus Power Infrastructures ($GENUSPOWER)	2.8x	3.2x	3.9x	2.9x	2.7x
Birla Ericsson Optical ($BIRLAERIC)		14.5x	2.9x	1.3x	1.6x
Median (10 companies)	3.0x	3.3x	3.9x	2.9x	0.8x
B.C. Power Controls ($BCP)	-2.8x	4.4x	13.0x	0.0x	0.0x

B.C. Power Controls stock price chart

B.C. Power Controls financials

mln.	FY2010	FY2011	FY2012

Revenue	2,578	452.5	1,036
EBITDA	0.737	1.681	9.194
Net income	0.134	0.503	3.868
CAPEX	1.641	31.624	25.411
Debt	1.451	0.000	43.062
Cash	0.845	4.761	2.171

About B.C. Power Controls

B.C. Power Controls Limited manufactures and trades various wires and cables in India. The company offers armoured cables for use in underground wiring; unarmoured cables that are made with plastic covering; flexible and house wires; submersible cables to transmit energy in submerged devices; and control and instrumentation cables for use in communication and instrumentation applications in process industries, such as oil exploration, cement, paper, steel, power generation, and others. It also provides telephone switch board cables that are used for indoor telephones, telephone exchanges, satellite telecommunication systems, industrial plant communication systems, EPBAX systems, closed circuit security systems, in-house telephone wiring, and various other equipment involving telephones; and flame retardant-low smoke and halogen cables for use in places, such as shopping malls, buildings, offices, hospitals, etc. B.C. Power Controls Limited was founded in 2008 and is based in New Delhi, India.

B.C. Power Controls reports 137% EBITDA growth and 115% Revenue growth

Revenue and profitability

Appendix 1: Peers in Other Elect.Equip./ Prod.

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B.C. Power Controls stock price chart

B.C. Power Controls financials

About B.C. Power Controls