Pba Infrastructure revenue started to decline in FY2015: dropped 41.7% vs. 11.7% growth a year earliner
31-05-2015 • About Pba Infrastructure (
$PBAINFRA) • By InTwits
Pba Infrastructure reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Pba Infrastructure is a company in decline: FY2015 revenue growth was -41.7%, 5 years revenue CAGR was -2.8%
- EBITDA Margin is declining: in FY2015 vs. in FY2014 vs. 19.5% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Pba Infrastructure ($PBAINFRA) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 2,769 | 2,712 | 2,618 | 2,926 | 1,706 | -41.7% |
| EBITDA | 539 | 558 | 415 | | | |
| Net Income | 95 | 107 | 16 | -27 | -189 | |
Balance Sheet
|
|---|
| Cash | 164 | 199 | 279 | | | |
| Short Term Debt | 1,363 | 1,055 | 1,141 | | | |
| Long Term Debt | 1,165 | 1,098 | 976 | | | |
Cash flow
|
|---|
| Capex | 120 | 56 | | | | |
Ratios
|
|---|
| Revenue growth | 41.1% | -2.1% | -3.5% | 11.7% | -41.7% | |
| EBITDA growth | -9.1% | 3.5% | -25.6% | | | |
| EBITDA Margin | 19.5% | 20.6% | 15.8% | 0.0% | 0.0% | 0.0% |
| Net Income Margin | 3.4% | 4.0% | 0.6% | -0.9% | -11.1% | -10.1% |
| CAPEX, % of revenue | 4.3% | 2.1% | | | | 0.0% |
| ROIC | 12.2% | 13.3% | 9.7% | | | 0.0% |
| ROE | 9.2% | 9.5% | 1.3% | | | 0.0% |
| Net Debt/EBITDA | 4.4x | 3.5x | 4.4x | | | 0.0x |
Revenue and profitability
Pba Infrastructure's Revenue dropped on 41.7% in FY2015.
Net Income marign dropped on 10.1 pp from -0.94% to -11.1% in FY2015.
Appendix 1: Peers in Construction & Engineering
Below you can find Pba Infrastructure 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 |
|---|
| Thirthankar Infra ($THIRINFRA) | | | | | 258.2% |
| Welspun Projects ($WELPROJ) | | 41.2% | -8.9% | -20.7% | 239.1% |
| Mukand Engineers ($MUKANDENGG) | | -14.3% | 16.7% | 12.4% | 63.0% |
| Atlanta ($ATLANTA) | | -47.6% | 115.1% | 28.1% | 50.2% |
| Spml Infra ($SPMLINFRA) | | -17.1% | 19.3% | 6.6% | 35.0% |
| |
|---|
| Median (29 companies) | -22.3% | 11.4% | 6.9% | 6.6% | 1.0% |
|---|
| Pba Infrastructure ($PBAINFRA) | | -2.1% | -3.5% | 11.7% | -41.7% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | 11.6% | 8.4% | 31.9% | 22.1% | 32.1% |
| Jaiprakash Associates ($JPASSOCIAT) | 44.0% | 36.9% | 35.9% | 32.4% | 31.5% |
| Arss Infrastructure Projects ($ARSSINFRA) | 21.8% | 14.0% | 13.9% | 22.0% | 31.3% |
| Reliance Industrial Infrastructure ($RIIL) | | | | | 30.8% |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 28.0% | 27.2% | 30.0% | 30.0% | 29.8% |
| |
|---|
| Median (33 companies) | 12.0% | 11.9% | 11.2% | 10.4% | 10.4% |
|---|
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | 149.8% | 234.5% | 155.1% | 76.0% | 67.4% |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 6.8% | 0.0% | 11.2% | 14.1% | 40.8% |
| Jaiprakash Associates ($JPASSOCIAT) | 114.7% | 97.0% | 65.5% | 45.0% | 31.6% |
| Man Infraconstruction ($MANINFRA) | 11.5% | 7.8% | 1.6% | 25.0% | 18.6% |
| Welspun Projects ($WELPROJ) | 1.5% | 0.4% | | 0.6% | 17.3% |
| |
|---|
| Median (22 companies) | 6.1% | 7.7% | 6.6% | 5.3% | 3.1% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Skipper ($SKIPPER) | 10.6% | 10.4% | 13.5% | 14.7% | 27.4% |
| Voltas ($VOLTAS) | 32.9% | 19.6% | 11.7% | 11.8% | 19.3% |
| Coromandel Engineering Company ($COROENGG) | 10.4% | -21.9% | 3.4% | -0.3% | 15.0% |
| Mbl Infrastructures ($MBLINFRA) | 24.3% | 21.3% | 13.4% | 14.0% | 13.6% |
| Simplex Infrastructures ($SIMPLEXINF) | 12.3% | 10.7% | 8.7% | 8.9% | 10.7% |
| |
|---|
| Median (38 companies) | 10.5% | 8.6% | 7.1% | 5.9% | 6.7% |
|---|
| Pba Infrastructure ($PBAINFRA) | 12.2% | 13.3% | 9.7% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mcnally Bharat Engineering Company ($MBECL) | 2.4x | 4.3x | 7.0x | 7.6x | 28.3x |
| Jaiprakash Associates ($JPASSOCIAT) | 7.6x | 9.2x | 8.9x | 11.0x | 11.9x |
| Madhucon Projects ($MADHUCON) | 40.1x | 96.8x | 19.0x | 16.4x | 9.8x |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 7.8x | 11.8x | 8.6x | 7.9x | 9.4x |
| Hindustan Construction Co ($HCC) | 10.0x | 18.8x | 20.3x | 12.3x | 9.3x |
| |
|---|
| Median (28 companies) | 3.7x | 4.7x | 5.7x | 6.4x | 3.1x |
|---|
