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State Bank Of Mysore Net Income dropped on 12.5% while Revenue increased on 2.7%

26-04-2016 • About State Bank Of Mysore ($MYSOREBANK) • By InTwits

State Bank Of Mysore reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • The company has potentially unprofitable business model: ROIC is 3.9%
  • It operates with medium-size leverage: Net Debt/EBITDA is 0.0x while industry average is
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


The company's Revenue increased on 2.7%. Revenue decline was accelerating on average at -4.7 pp per annum in the last 5 years.

Net Income margin decreased slightly on 0.78 pp from 5.3% to 4.5% in FY2016.

Investments (CAPEX, working capital and M&A)


State Bank Of Mysore's CAPEX/Revenue was 1.4% in FY2016. The company showed almost no change in CAPEX/Revenue from FY2013 to FY2016.

Return on investment


The company operates at low ROIC (3.9%) and ROE (7.0%). ROIC decreased slightly on 0.96 pp from 4.9% to 3.9% in FY2016. ROE decreased slightly on 1.6 pp from 8.6% to 7.0% in FY2016.

Leverage (Debt)


Debt dropped on 34.9% while cash decreased on 5.8%.

State Bank Of Mysore has no short term refinancing risk: cash is higher than short term debt (210.3%).

Financial and operational results


State Bank Of Mysore ($MYSOREBANK) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue55,94865,62168,97677,09679,1682.7%
Net Income3,6914,1612,7424,0883,578-12.5%
Balance Sheet
Cash30,25824,04728,58838,91936,656-5.8%
Short Term Debt5,8965,6193,81635,47017,430-50.9%
Long Term Debt46,92539,24554,39828,96324,527-15.3%
Cash flow
Capex8848372,6981,095-59.4%
Ratios
Revenue growth23.4%17.3%5.1%11.8%2.7%
Net Income Margin6.6%6.3%4.0%5.3%4.5%-0.8%
CAPEX, % of revenue1.6%1.3%3.5%1.4%-2.1%
ROIC2.1%4.9%3.9%-1.0%
ROE9.6%10.0%6.2%8.6%7.0%-1.6%

Peers in Banks


Below we provide State Bank Of Mysore benchmarking against other companies in Banks 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 FY2012 FY2013 FY2014 FY2015 FY2016
Kotak Mahindra Bank ($KOTAKBANK)18.4%22.9%7.1%26.1%-
Dcb Bank ($DCBBANK)-26.2%22.5%25.3%20.8%
Syndicate Bank ($SYNDIBANK)32.2%11.9%7.9%20.2%-
Yes Bank ($YESBANK)53.0%33.7%21.6%17.7%-
Axis Bank ($AXISBANK)-24.5%13.1%15.6%14.9%
 
Median (28 companies)30.5%15.7%11.2%10.2%4.1%
State Bank Of Mysore ($MYSOREBANK)-17.3%5.1%11.8%2.7%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Bank Of India ($BANKINDIA)2.0%1.1%1.5%3.6%-
Jammu & Kashmir Bank ($J&KBANK)1.4%1.3%2.2%3.3%-
Lakshmi Vilas Bank ($LAKSHVILAS)2.1%1.4%1.6%2.4%-
Dcb Bank ($DCBBANK)9.0%7.0%1.6%1.9%2.2%
Karur Vysya Bank ($KARURVYSYA)2.0%2.9%2.5%1.7%-
 
Median (28 companies)1.2%1.2%1.2%1.3%1.6%
State Bank Of Mysore ($MYSOREBANK)1.6%1.3%-3.5%1.4%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Karnataka Bank ($KTKBANK)6.8%10.2%7.7%10.4%-
Axis Bank ($AXISBANK)9.6%8.9%9.1%8.8%7.6%
Yes Bank ($YESBANK)9.8%8.4%8.4%8.7%-
Kotak Mahindra Bank ($KOTAKBANK)6.8%6.5%7.1%8.5%-
Lakshmi Vilas Bank ($LAKSHVILAS)6.5%7.5%0.7%6.1%-
 
Median (28 companies)7.6%6.3%3.4%4.2%4.4%
State Bank Of Mysore ($MYSOREBANK)--2.1%4.9%3.9%


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