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Itd Cementation India reports 110% EBITDA growth and 0.91 pp EBITDA Margin growth from 5.3% to 6.2%

24-02-2016 • About Itd Cementation India ($ITDCEM) • By InTwits

Itd Cementation India reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • Itd Cementation India has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.1%. At the same time it's in pair with industry average of 19.0%.
  • CAPEX is quite volatile: 8,381 in FY2015, 7,885 in FY2014, 3,586 in FY2013, 2,745 in FY2012, 1,890 in FY2011
  • The company has highly profitable business model: ROIC is at 12.6%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.

Itd Cementation India ($ITDCEM) key annual financial indicators

mln. INR201120122013201420152015/2014
P&L
Revenue17,08416,44715,78417,12430,68779.2%
EBITDA1,7231,9601,7779131,916109.9%
Net Income22622093194-593-405.5%
Balance Sheet
Cash291151209249838236.7%
Short Term Debt5,9297,0567,5817,2495,890-18.8%
Long Term Debt579778114404118-70.8%
Cash flow
Capex75945158349158619.3%
Ratios
Revenue growth-51.8%-3.7%-4.0%8.5%79.2%
EBITDA growth17.8%13.8%-9.4%-48.6%109.9%
EBITDA Margin10.1%11.9%11.3%5.3%6.2%0.9%
Net Income Margin1.3%1.3%0.6%1.1%-1.9%-3.1%
CAPEX, % of revenue4.4%2.7%3.7%2.9%1.9%-1.0%
ROIC13.4%13.1%11.3%3.8%12.6%8.8%
ROE6.1%5.6%2.3%4.0%-11.0%-15.0%
Net Debt/EBITDA3.6x3.9x4.2x8.1x2.7x-5.4x

Revenue and profitability


The company's Revenue jumped on 79.2% in FY2015. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 0.91 pp from 5.3% to 6.2% in FY2015.

Net Income marign decreased on 3.1 pp from 1.1% to -1.9% in FY2015.

Capital expenditures (CAPEX) and working capital investments


The company's CAPEX/Revenue was 1.9% in FY2015. The company showed small CAPEX/Revenue decline of 0.83 pp from 2.7% in FY2012 to 1.9% in FY2015. It's average level of CAPEX/Revenue for the last three years was 2.8%.

Return on investment


The company operates at low but positive ROIC (12.63%) and negative ROE (-11.02%). ROIC increased on 8.8 pp from 3.8% to 12.6% in FY2015. ROE dropped on 15.0 pp from 4.0% to -11.0% in FY2015.

Leverage (Debt)


Company's Net Debt / EBITDA is 2.7x and Debt / EBITDA is 3.1x. Net Debt / EBITDA dropped on 5.4x from 8.1x to 2.7x in FY2015. Debt dropped on 21.5% in FY2015 while cash jumped on 237% in FY2015.

Appendix 1: Peers in Construction & Engineering


Below we provide Itd Cementation India 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 (32 companies)11.4%6.9%6.6%-1.1%
Itd Cementation India ($ITDCEM)-3.7%-4.0%8.5%79.2%


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 (36 companies)12.4%12.3%11.3%10.7%10.3%
Itd Cementation India ($ITDCEM)10.1%11.9%11.3%5.3%6.2%


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)6.1%7.7%8.6%6.6%3.2%
Itd Cementation India ($ITDCEM)4.4%2.7%3.7%2.9%1.9%


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 (42 companies)10.5%8.6%7.1%6.3%6.6%
Itd Cementation India ($ITDCEM)13.4%13.1%11.3%3.8%12.6%


Top companies by Net Debt / EBITDA

Top 5 FY2011 FY2012 FY2013 FY2014 FY2015
Mcnally Bharat Engineering Company ($MBECL)2.4x4.3x7.0x7.6x28.3x
Jaiprakash Associates ($JPASSOCIAT)7.6x9.2x8.9x11.0x11.9x
Supreme Infrastructure India ($SUPREMEINF)4.4x6.0x6.1x6.8x11.3x
Madhucon Projects ($MADHUCON)40.1x96.8x19.0x16.4x9.8x
Shristi Infrastructure Development Corporation ($SHRISTI)7.8x11.8x8.6x7.9x9.4x
 
Median (30 companies)3.7x4.7x5.7x5.9x3.1x
Itd Cementation India ($ITDCEM)3.6x3.9x4.2x8.1x2.7x


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