C & C Constructions EBITDA dropped on 51.2% in 2015 and Revenue dropped on 19.4%
28-08-2015 • About C & C Constructions (
$CANDC) • By InTwits
C & C Constructions reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- C & C Constructions is a company in decline: FY2015 revenue growth was -19.4%, 5 years revenue CAGR was -2.5%
- EBITDA Margin is quite volatile: 8.1% in FY2015, 13.4% in FY2014, 1.0% in FY2013, 11.8% in FY2012, 18.3% in FY2011
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
C & C Constructions ($CANDC) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 12,813 | 11,325 | 9,941 | 13,094 | 10,556 | -19.4% |
| EBITDA | 2,346 | 1,336 | 101 | 1,750 | 855 | -51.2% |
| Net Income | 428 | -1,187 | -2,543 | -941 | -1,757 | |
Balance Sheet
|
|---|
| Cash | 126 | 206 | 681 | | | |
| Short Term Debt | 7,768 | 9,858 | 4,246 | | | |
| Long Term Debt | 6,212 | 10,969 | 18,647 | | | |
Cash flow
|
|---|
| Capex | 2,516 | 4,698 | | | | |
Ratios
|
|---|
| Revenue growth | 7.1% | -11.6% | -12.2% | 31.7% | -19.4% | |
| EBITDA growth | 2.1% | -43.1% | -92.5% | 1,638.6% | -51.2% | |
| EBITDA Margin | 18.3% | 11.8% | 1.0% | 13.4% | 8.1% | -5.3% |
| Net Income Margin | 3.3% | -10.5% | -25.6% | -7.2% | -16.6% | -9.5% |
| CAPEX, % of revenue | 19.6% | 41.5% | | | | 0.0% |
| ROIC | 10.9% | 3.6% | -1.6% | | | 0.0% |
| ROE | 7.8% | -22.3% | -63.7% | | | 0.0% |
| Net Debt/EBITDA | 5.9x | 15.4x | 220.6x | 0.0x | 0.0x | 0.0x |
Revenue and profitability
C & C Constructions's Revenue dropped on 19.4% in FY2015. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 5.3 pp from 13.4% to 8.1% in FY2015.
Net Income marign decreased on 9.5 pp from -7.2% to -16.6% in FY2015.
Appendix 1: Peers in Construction & Engineering
Below we provide C & C Constructions 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 |
|---|
| 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 ($SPMLINFRA) | | -17.1% | 19.3% | 6.6% | 35.0% |
| |
|---|
| Median (31 companies) | 144.9% | 11.4% | 6.9% | 6.6% | -1.0% |
|---|
| C & C Constructions ($CANDC) | | -11.6% | -12.2% | 31.7% | -19.4% |
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 ($SHRISTI) | 28.0% | 27.2% | 30.0% | 30.0% | 29.8% |
| |
|---|
| Median (34 companies) | 12.0% | 12.4% | 11.3% | 10.2% | 10.4% |
|---|
| C & C Constructions ($CANDC) | 18.3% | 11.8% | 1.0% | 13.4% | 8.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Madhucon Projects ($MADHUCON) | 149.8% | 234.5% | 155.1% | 76.0% | 67.4% |
| Supreme Infrastructure India ($SUPREMEINF) | 16.7% | 46.6% | 31.1% | 43.1% | 45.8% |
| 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 ($MANINFRA) | 11.5% | 7.8% | 1.6% | 25.0% | 18.6% |
| |
|---|
| Median (23 companies) | 5.5% | 7.3% | 6.6% | 5.3% | 3.2% |
|---|
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Skipper ($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 (40 companies) | 10.5% | 8.6% | 7.5% | 5.9% | 6.6% |
|---|
| C & C Constructions ($CANDC) | 10.9% | 3.6% | -1.6% | | |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Mcnally Bharat Engineering Company ($MBECL) | 2.4x | 4.3x | 7.0x | 7.6x | 28.3x |
| Jaiprakash Associates ($JPASSOCIAT) | 7.6x | 9.2x | 8.9x | 11.0x | 11.9x |
| Supreme Infrastructure India ($SUPREMEINF) | 4.4x | 6.0x | 6.1x | 6.8x | 11.3x |
| 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 |
| |
|---|
| Median (29 companies) | 3.7x | 4.5x | 5.3x | 6.6x | 3.1x |
|---|
| C & C Constructions ($CANDC) | 5.9x | 15.4x | 220.6x | 0.0x | 0.0x |
