Gtl revenue decreased on 4.8%

28-04-2016 • About Gtl ($GTL) • By InTwits

Gtl reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:

Gtl is a company in decline: FY2016 revenue growth was -4.8%, 5 years revenue CAGR was -11.4%
It operates with high leverage: Net Debt/EBITDA is 8.5x while industry average is -0.5x

Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Gtl's Revenue decreased on 4.8%.

Net Income margin dropped on 110 pp from -62.2% to -172% in FY2016. During the last 5 years Net Income margin topped in FY2013 at -21.3% and was declining since that time.

Financial and operational results

Gtl ($GTL) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	18,647	26,013	16,181	17,936	17,072	-4.8%
EBITDA	1,160	1,504	1,988	-2,247
Net Income	-4,591	-5,543	-5,614	-11,149	-29,331
Balance Sheet
Cash	1,300	1,041	1,680	1,099
Short Term Debt	2,931	10,131	11,022	7,809
Long Term Debt	40,360	31,204	22,561	18,694
Cash flow
Capex	710	675	375	258
Ratios
Revenue growth	-40.5%	39.5%	-37.8%	10.8%	-4.8%
EBITDA growth		29.7%	32.2%	-213.0%

EBITDA Margin	6.2%	5.8%	12.3%	-12.5%
Net Income Margin	-24.6%	-21.3%	-34.7%	-62.2%	-171.8%	-109.6%
CAPEX, % of revenue	3.8%	2.6%	2.3%	1.4%

ROIC		-0.5%	1.4%	-10.1%
ROE		-50.7%	-81.2%
Net Debt/EBITDA	36.2x	26.8x	16.0x

Peers in Other Telecom Services

Below you can find Gtl benchmarking vs. other companies in Other Telecom Services 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	FY2012	FY2013	FY2014	FY2015	FY2016
Bharti Infratel ($INFRATEL)	-	8.7%	5.4%	7.8%	5.5%
Onmobile Global ($ONMOBILE)	18.8%	13.7%	19.3%	-2.1%	-
Median (2 companies)	18.8%	11.2%	12.4%	2.8%	5.5%
Gtl ($GTL)	-	39.5%	-37.8%	10.8%	-4.8%

Top companies by EBITDA margin, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Bharti Infratel ($INFRATEL)	37.4%	37.3%	40.6%	42.9%	43.6%
Onmobile Global ($ONMOBILE)	22.3%	22.2%	15.4%	15.9%	-
Median (2 companies)	29.8%	29.7%	28.0%	29.4%	43.6%
Gtl ($GTL)	6.2%	5.8%	12.3%	-12.5%	-

Top companies by CAPEX/Revenue, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Bharti Infratel ($INFRATEL)	16.6%	16.3%	14.5%	17.8%	17.3%
Onmobile Global ($ONMOBILE)	15.7%	8.6%	24.3%	2.2%	-
Median (2 companies)	16.2%	12.4%	19.4%	10.0%	17.3%
Gtl ($GTL)	3.8%	2.6%	2.3%	1.4%	-

Top companies by ROIC, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Bharti Infratel ($INFRATEL)	7.3%	7.9%	10.3%	12.9%	14.6%
Onmobile Global ($ONMOBILE)	6.3%	6.4%	-0.3%	-1.2%	-
Median (2 companies)	6.8%	7.1%	5.0%	5.9%	14.6%
Gtl ($GTL)	-	-0.5%	1.4%	-10.1%	-

Top companies by Net Debt / EBITDA


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Bharti Infratel ($INFRATEL)	1.0x	0.9x	0.7x	0.5x	-0.1x
Onmobile Global ($ONMOBILE)	-0.6x	-0.7x	0.1x	-1.0x	-
Median (2 companies)	0.2x	0.1x	0.4x	-0.2x	-0.1x

Gtl stock price chart

Gtl financials

mln.	FY2010	FY2011	FY2012

Revenue	21,869	31,354	18,647
EBITDA	3,393	0.000	1,160
Net income	2,061	1,653	-4,590.700
CAPEX	853.7	0.000	709.5
Debt	28,447	0.000	43,290
Cash	9,420	0.000	1,300

About Gtl

GTL Limited operates as a technology and infrastructure services company worldwide. It offers network service solutions to telecom operators, OEMs, and tower companies; and EPC services, distribution franchise solutions, and smart grid solutions to utilities and distribution companies. The company provides network planning and design services, including radio frequency and transmission engineering, as well as fixed and core network engineering for 3G, 4G, microwave transmission, SDH, DWDM, WiMAX, and broadband networks; benchmarking and optimization solutions; network deployment services for wireless networks; managed network services comprising network planning and design, system engineering, installation and commissioning, system integration, optimization, network operations, and field maintenance; operations and maintenance services; and energy management solutions to the telecom operators, OEM