Bf Utilities reports 218% Net Income growth and 118% Revenue growth
30-11-2015 • About Bf Utilities (
$BFUTILITIE) • By InTwits
Bf Utilities reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 72.2% in FY2015 vs. 61.2% in FY2014 vs. 36.4% in FY2011
- Bf Utilities has high CAPEX intensity: 5 year average CAPEX/Revenue was 25.7%. At the same time it's in pair with industry average of 30.4%.
- CAPEX is quite volatile: 94.0 in FY2015, 497 in FY2014, 923 in FY2013, 81.2 in FY2012, 701 in FY2011
- The company has highly profitable business model: ROIC is at 17.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bf Utilities ($BFUTILITIE) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 1,279 | 1,809 | 1,975 | 2,382 | 5,189 | 117.9% |
| EBITDA | 466 | 795 | 1,089 | 1,458 | 3,744 | 156.9% |
| Net Income | -1,035 | -486 | -484 | -521 | 615 | |
Balance Sheet
|
|---|
| Cash | 566 | 634 | 275 | 63 | 107 | 69.2% |
| Short Term Debt | 172 | 133 | 518 | 840 | 365 | -56.5% |
| Long Term Debt | 15,392 | 15,937 | 18,631 | 18,509 | 18,184 | -1.8% |
Cash flow
|
|---|
| Capex | 701 | 81 | 923 | 497 | 94 | -81.1% |
Ratios
|
|---|
| Revenue growth | -79.1% | 41.4% | 9.2% | 20.6% | 117.9% | |
| EBITDA growth | 234.2% | 70.4% | 37.0% | 33.9% | 156.9% | |
| EBITDA Margin | 36.4% | 43.9% | 55.1% | 61.2% | 72.2% | 11.0% |
| Net Income Margin | -80.9% | -26.9% | -24.5% | -21.9% | 11.8% | 33.7% |
| CAPEX, % of revenue | 54.8% | 4.5% | 46.8% | 20.9% | 1.8% | -19.0% |
| ROIC | 0.4% | 1.9% | 4.5% | 6.0% | 17.2% | 11.2% |
| Net Debt/EBITDA | 32.2x | 19.4x | 17.3x | 13.2x | 4.9x | -8.3x |
Revenue and profitability
The company's Revenue jumped on 118% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin jumped on 11.0 pp from 61.2% to 72.2% in FY2015.
Net Income marign surged on 33.7 pp from -21.9% to 11.8% in FY2015.
Capital expenditures (CAPEX) and working capital investments
In FY2015 Bf Utilities had CAPEX/Revenue of 1.8%. The company's CAPEX/Revenue decreased on 2.7 pp from 4.5% in FY2012 to 1.8% in FY2015. For the last three years the average CAPEX/Revenue was 23.1%.
Leverage (Debt)
Company's Net Debt / EBITDA is 4.9x and Debt / EBITDA is 5.0x. Net Debt / EBITDA dropped on 8.3x from 13.2x to 4.9x in FY2015. Debt decreased on 4.1% in FY2015 while cash jumped on 69.2% in FY2015.
Management team
Bhalachandra S Mitkari is a Bf Utilities's CEO. Bhalachandra S Mitkari has spent 3 years at the company. Sudhindra S Joshi is a Bf Utilities's CFO. Sudhindra S Joshi has spent 3 years at the company.
Appendix 1: Peers in Electric Utilities
Below we provide Bf Utilities benchmarking against other companies in Electric Utilities 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 |
|---|
| Jaiprakash Power Ventures ($JPPOWER) | | 119.2% | 52.2% | 9.0% | 38.1% |
| Adani Power ($ADANIPOWER) | | 91.5% | 65.7% | 128.0% | 21.7% |
| Torrent Power ($TORNTPOWER) | | 14.6% | 9.9% | 5.6% | 19.8% |
| Ptc India ($PTC) | | -12.1% | 14.2% | 31.5% | 14.9% |
| Power Grid Corporation Of India ($POWERGRID) | | 19.7% | 27.2% | 18.9% | 12.8% |
| |
|---|
| Median (17 companies) | | 30.1% | 15.3% | 8.4% | 6.1% |
|---|
| Bf Utilities ($BFUTILITIE) | | 41.4% | 9.2% | 20.6% | 117.9% |
Top companies by EBITDA margin, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Power Grid Corporation Of India ($POWERGRID) | 85.4% | 83.7% | 85.6% | 84.9% | 85.8% |
| Orient Green Power Company ($GREENPOWER) | 42.7% | 24.4% | 53.3% | 57.8% | 82.8% |
| Nhpc ($NHPC) | 69.6% | 71.4% | 66.5% | 59.3% | 63.4% |
| Jaiprakash Power Ventures ($JPPOWER) | 88.6% | 91.7% | 70.6% | 60.1% | 63.3% |
| Energy Development Company ($ENERGYDEV) | | | | | 44.3% |
| |
|---|
| Median (18 companies) | 27.9% | 24.4% | 24.7% | 25.0% | 22.3% |
|---|
| Bf Utilities ($BFUTILITIE) | 36.4% | 43.9% | 55.1% | 61.2% | 72.2% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Power Grid Corporation Of India ($POWERGRID) | 160.8% | 184.3% | 172.4% | 173.4% | 169.8% |
| Jaiprakash Power Ventures ($JPPOWER) | 590.3% | 378.9% | 341.9% | 229.9% | 113.6% |
| Ksk Energy Ventures ($KSK) | 132.8% | 161.9% | 80.3% | 57.0% | 57.4% |
| Nava Bharat Ventures ($NBVENTURES) | 39.1% | 69.0% | 30.5% | 70.6% | 55.3% |
| Gvk Power & Infrastructure ($GVKPIL) | 76.3% | 139.1% | 136.7% | 109.1% | 52.7% |
| |
|---|
| Median (15 companies) | 76.3% | 104.0% | 39.8% | 39.9% | 20.9% |
|---|
| Bf Utilities ($BFUTILITIE) | 54.8% | 4.5% | 46.8% | 20.9% | 1.8% |
Top companies by ROIC, %
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Alstom T&D India ($ALSTOMT&D) | 11.2% | 0.0% | 15.7% | 14.6% | 16.1% |
| Ptc India ($PTC) | 8.1% | 11.2% | 10.4% | 13.6% | 12.3% |
| Torrent Power ($TORNTPOWER) | 20.5% | 19.0% | 7.3% | 4.9% | 8.1% |
| Power Grid Corporation Of India ($POWERGRID) | | 8.3% | 8.8% | 8.4% | 7.7% |
| Tata Power Co ($TATAPOWER) | 10.1% | 8.9% | 8.8% | 9.0% | 7.1% |
| |
|---|
| Median (19 companies) | 4.5% | 5.6% | 5.8% | 4.9% | 5.6% |
|---|
| Bf Utilities ($BFUTILITIE) | 0.4% | 1.9% | 4.5% | 6.0% | 17.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Ksk Energy Ventures ($KSK) | 13.1x | 16.3x | 16.2x | 27.0x | 35.7x |
| Gvk Power & Infrastructure ($GVKPIL) | 9.6x | 19.1x | 23.9x | 20.1x | 20.2x |
| Gmr Infrastructure ($GMRINFRA) | 7.9x | 19.5x | 15.1x | 16.7x | 17.7x |
| Lanco Infratech ($LITL) | 9.3x | 16.3x | 12.9x | 19.2x | 17.5x |
| Jaiprakash Power Ventures ($JPPOWER) | 18.9x | 11.6x | 13.1x | 16.7x | 13.4x |
| |
|---|
| Median (18 companies) | 6.1x | 8.6x | 6.6x | 6.2x | 6.2x |
|---|
| Bf Utilities ($BFUTILITIE) | 32.2x | 19.4x | 17.3x | 13.2x | 4.9x |
