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Industrial Investment Trust EBITDA dropped on 1,159% in 2015 while Revenue jumped on 16.0%

31-05-2015 • About Industrial Investment Trust ($IITL) • By InTwits

Industrial Investment Trust reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • The company operates at negative EBITDA Margin: -34.0%
  • EBITDA Margin is quite volatile: -34.0% in FY2015, 3.7% in FY2014, 16.1% in FY2013, -9.7% in FY2012, 32.7% in FY2011
  • Industrial Investment Trust motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2011-FY2015 was 0.0%. On average EBITDA Margin was -7.8% for the sames years0
  • It operates with high leverage: Net Debt/EBITDA is 5.8x while industry average is 2.8x
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Industrial Investment Trust ($IITL) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue3207011,2082,1322,47416.0%
EBITDA105-6819579-841-1,159.3%
Net Income63111061715-7.8%
Balance Sheet
Cash69185343116-100.0%
Short Term Debt0209127148-100.0%
Long Term Debt570064-100.0%
Cash flow
Capex1284105-100.0%
Ratios
Revenue growth-88.9%119.2%72.5%76.4%16.0%
EBITDA growth-46.7%-165.1%-385.8%-59.2%-1,159.3%
EBITDA Margin32.7%-9.7%16.1%3.7%-34.0%-37.7%
Net Income Margin19.6%1.5%8.8%0.8%0.6%-0.2%
CAPEX, % of revenue3.7%1.1%0.3%4.9%-4.9%
ROIC5.8%1.2%-1.2%
ROE7.2%1.2%3.4%0.3%-0.3%
Net Debt/EBITDA-0.1x-1.1x1.2x-1.2x

Revenue and profitability


Industrial Investment Trust's Revenue surged on 16.0% in FY2015. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased slightly on 1.00 pp from 12.3% to 11.3% in FY2015.

Net Income marign showed almost no change in FY2015.


Appendix 1: Peers in Finance (including NBFCs)


Below we provide Industrial Investment Trust benchmarking against other companies in Finance (including NBFCs) 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
Fortune Financial Services (India) ($FORTUNEF)-11.7%-24.9%-7.1%188.4%
Motilal Oswal Financial Services ($MOTILALOFS)-21.6%0.4%-0.9%64.7%
Sks Microfinance ($SKSMICRO)-62.8%-25.6%55.0%47.3%
Bajaj Holdings & Investment ($BAJAJHLDNG)-66.6%12.7%23.2%29.9%
Bajaj Finserv ($BAJAJFINSV)59.7%28.1%18.8%26.8%
 
Median (23 companies)23.2%24.4%19.8%13.3%
Industrial Investment Trust ($IITL)119.2%72.5%76.4%16.0%


Top companies by EBITDA margin, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Microse India ($MICROSE)101.1%
Pnb Gilts ($PNBGILTS)91.8%94.0%96.4%96.4%96.1%
Jsw Holdings ($JSWHL)93.8%
Rural Electrification Corporation ($RECLTD)97.1%97.2%97.3%96.7%93.3%
Bajaj Holdings & Investment ($BAJAJHLDNG)98.7%96.2%95.5%94.4%92.7%
 
Median (46 companies)69.5%70.0%67.8%66.4%49.0%
Industrial Investment Trust ($IITL)32.7%-9.7%16.1%3.7%-34.0%


Top companies by CAPEX/Revenue, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Fortune Financial Services (India) ($FORTUNEF)5.5%1.0%1.3%4.5%7.3%
Clarus Finance & Securities ($CLARUS)6.9%5.8%
Srei Infrastructure Finance ($SREINFRA)34.8%29.3%8.3%12.6%5.4%
Motilal Oswal Financial Services ($MOTILALOFS)10.7%15.5%5.3%1.7%3.4%
Bengal & Assam Company ($BENGALASM)4.6%15.9%4.5%1.2%2.1%
 
Median (22 companies)1.7%0.6%0.8%0.9%0.7%


Top companies by ROIC, %

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Motilal Oswal Financial Services ($MOTILALOFS)12.0%9.7%11.9%
Sks Microfinance ($SKSMICRO)4.1%6.6%
Shriram City Union Finance ($SHRIRAMCIT)6.1%5.8%5.8%5.7%
Rural Electrification Corporation ($RECLTD)4.7%5.2%4.7%
Mahindra & Mahindra Financial Services ($M&MFIN)7.3%6.4%6.3%5.3%4.2%
 
Median (50 companies)6.0%4.1%4.4%4.2%4.1%
Industrial Investment Trust ($IITL)5.8%1.2%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Fortune Financial Services (India) ($FORTUNEF)4.7x9.0x10.8x8.9x
Pnb Gilts ($PNBGILTS)9.0x14.2x11.2x11.3x8.8x
Srei Infrastructure Finance ($SREINFRA)6.4x7.0x6.2x7.5x8.0x
Rural Electrification Corporation ($RECLTD)8.1x8.3x8.0x7.5x8.0x
Magma Fincorp ($MAGMA)1.5x7.7x8.5x7.0x7.7x
 
Median (43 companies)3.0x4.7x3.6x3.9x1.9x


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