Uplbbph EBITDA surged on 14.2% and EBITDA Margin increased slightly on 0.82 pp from 20.0% to 20.8%
29-04-2016 • About Uplbbph (
$UPLBBPH) • By InTwits
Uplbbph reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Uplbbph is a fast growth stock: FY2016 revenue growth was 9.7%, 5 year revenue CAGR was 17.9% at FY2016 ROIC 22.2%
- Uplbbph has medium CAPEX intensity: 5 year average CAPEX/Revenue was 5.2%. At the same time it's in pair with industry average of 8.1%
- CAPEX is quite volatile: ₹17,154m in FY2016, ₹6,373m in FY2015, ₹4,989m in FY2014, ₹6,250m in FY2013, ₹7,930m in FY2012
- The company has highly profitable business model: ROIC is 22.2%
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 9.7%. Revenue decline was accelerating on average at -5.6 pp per annum in FY2012-FY2016. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased slightly on 1.6 pp from 15.2% to 16.8% in FY2016. EBITDA Margin stuck to a growing trend at 0.69 pp per annum in the last 5 years.
SG&A as a % of Revenue showed almost no change in FY2016.
Net Income margin showed almost no change in FY2016. Net Income margin stuck to a growing trend at 0.65 pp per annum in the last 5 years.
Investments (CAPEX, working capital and M&A)
In FY2016 the company had CAPEX/Revenue of 4.9%. Uplbbph showed almost no change in CAPEX/Revenue from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 4.4%.
Return on investment
The company operates at high and attractive ROIC (22.2%) and ROE (20.5%). ROIC showed almost no change in FY2016. ROE showed almost no change in FY2016. ROIC grew at 1.7 pp per annum in the last 5 years. ROE grew at 1.6 pp per annum in the last 5 years.
Leverage (Debt)
Debt level is 1.0x Net Debt / EBITDA and 1.4x Debt / EBITDA. Net Debt / EBITDA jumped on 0.3x from 0.7x to 1.0x in FY2016. Debt surged on 38.8% while cash increased on 5.7%. During the last 5 years Net Debt/EBITDA bottomed in FY2015 at 0.7x.
Uplbbph has short term refinancing risk: cash is only 63.2% of short term debt.
Management team
Uplbbph's CEO Jaidev Rajnikant Shroff "Jai" has spent 13 years with the company. Uplbbph's CFO is Anand Vora. Anand Vora has 7 years tenure at the company.
Financial and operational results
Uplbbph ($UPLBBPH) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 76,713 | 91,857 | 107,709 | 119,449 | 131,034 | 9.7% |
| SG&A | | | | 892 | 1,471 | 64.9% |
| EBITDA | 13,952 | 16,787 | 20,196 | 23,834 | 27,222 | 14.2% |
| Net Income | 5,556 | 7,746 | 9,498 | 11,440 | 12,988 | 13.5% |
Balance Sheet
|
|---|
| Cash | 6,960 | 15,432 | 10,161 | 10,005 | 10,575 | 5.7% |
| Short Term Debt | 7,703 | 11,147 | 6,067 | 10,874 | 16,739 | 53.9% |
| Long Term Debt | 23,772 | 28,123 | 22,543 | 16,941 | 21,864 | 29.1% |
Cash flow
|
|---|
| Capex | 5,689 | 4,762 | 3,647 | 5,994 | 6,405 | 6.9% |
Ratios
|
|---|
| Revenue growth | 33.2% | 19.7% | 17.3% | 10.9% | 9.7% | |
| EBITDA growth | 28.5% | 20.3% | 20.3% | 18.0% | 14.2% | |
|
|---|
| EBITDA Margin | 18.2% | 18.3% | 18.8% | 20.0% | 20.8% | 0.8% |
| SG&A, % of revenue | | | | 0.7% | 1.1% | 0.4% |
| Net Income Margin | 7.2% | 8.4% | 8.8% | 9.6% | 9.9% | 0.3% |
| CAPEX, % of revenue | 7.4% | 5.2% | 3.4% | 5.0% | 4.9% | -0.1% |
|
|---|
| ROIC | 17.1% | 15.9% | 18.2% | 22.1% | 22.2% | 0.0% |
| ROE | 14.1% | 17.6% | 19.2% | 20.6% | 20.5% | -0.1% |
| Net Debt/EBITDA | 1.8x | 1.4x | 0.9x | 0.7x | 1.0x | 0.3x |
Peers in
Below you can find Uplbbph benchmarking vs. other companies in 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 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Rane Engine Valve ($RANENGIN) | 6.5% | -14.4% | -1.2% | 49.3% | - |
| Indbulbbph ($INDBULBBPH) | - | -6.5% | 33.5% | 49.2% | 0.9% |
| Monetbbph ($MONETBBPH) | 22.3% | 3.7% | 11.6% | 40.8% | - |
| Asleyf ($ASLEYF) | 15.5% | -3.3% | -8.0% | 33.6% | - |
| Bharat Rasayan ($BHARATRA) | 51.3% | 32.1% | 92.7% | 21.4% | - |
| |
|---|
| Median (17 companies) | 17.7% | 9.7% | 3.5% | 8.8% | 0.9% |
|---|
| Uplbbph ($UPLBBPH) | - | 19.7% | 17.3% | 10.9% | 9.7% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jenson & Nicholson Financial Services ($JNFSL) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Bombay Drugs & Pharmas ($BOMDRDM) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Southern Herbals ($SOUTHNHE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Tafnccpeq ($TAFNCCPEQ) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (4 companies) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Oswal Chemicals & Fertilizers ($OSWALCHEM) | - | - | - | 53.4% | - |
| Kaleconbbph ($KALECONBBPH) | 27.7% | 44.3% | 43.5% | 37.9% | - |
| Paushak ($PAUSHAK) | - | - | - | 25.6% | - |
| The United Nilgiri Tea Estates Company ($UNITEDTEA) | - | - | - | 24.7% | - |
| Indbulbbph ($INDBULBBPH) | 36.7% | 34.6% | 29.5% | 23.5% | 28.7% |
| |
|---|
| Median (20 companies) | 15.1% | 13.4% | 13.4% | 10.3% | 9.8% |
|---|
| Uplbbph ($UPLBBPH) | 18.2% | 18.3% | 18.8% | 20.0% | 20.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Monetbbph ($MONETBBPH) | 131.4% | 5.2% | 139.2% | 89.2% | - |
| Jklakbbph ($JKLAKBBPH) | 28.5% | 28.8% | 24.6% | 23.6% | - |
| Rilbbph ($RILBBPH) | 4.6% | 7.7% | 13.8% | 16.9% | 18.0% |
| Gkw ($GKW) | - | - | - | 15.5% | - |
| Paushak ($PAUSHAK) | - | - | - | 12.3% | - |
| |
|---|
| Median (17 companies) | 8.9% | 6.3% | 4.9% | 5.0% | 0.9% |
|---|
| Uplbbph ($UPLBBPH) | 7.4% | 5.2% | 3.4% | 5.0% | 4.9% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Kaleconbbph ($KALECONBBPH) | - | 89.0% | 103.8% | 81.0% | - |
| Bharat Rasayan ($BHARATRA) | 22.1% | 13.7% | 21.9% | 26.1% | - |
| Rane Brake Lining ($RANEBRAKE) | 14.1% | 7.9% | 11.1% | 12.8% | - |
| Merckbbph ($MERCKBBPH) | 21.3% | 13.1% | 8.6% | 10.6% | - |
| Asleyf ($ASLEYF) | 12.2% | 5.8% | -0.5% | 7.6% | - |
| |
|---|
| Median (28 companies) | 8.4% | 6.7% | 5.6% | 3.9% | 2.7% |
|---|
| Uplbbph ($UPLBBPH) | 17.1% | 15.9% | 18.2% | 22.1% | 22.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Monetbbph ($MONETBBPH) | 9.8x | 16.3x | 27.4x | 140.3x | - |
| Indbulbbph ($INDBULBBPH) | 4.3x | 4.8x | 5.5x | 9.6x | 6.5x |
| Jklakbbph ($JKLAKBBPH) | 2.1x | 2.3x | 5.3x | 5.5x | - |
| Asleyf ($ASLEYF) | 2.5x | 5.0x | 17.8x | 5.0x | - |
| Rane Engine Valve ($RANENGIN) | 2.1x | 11.3x | 4.5x | 4.8x | - |
| |
|---|
| Median (16 companies) | 1.9x | 2.2x | 2.5x | 1.4x | 1.7x |
|---|
| Uplbbph ($UPLBBPH) | 1.8x | 1.4x | 0.9x | 0.7x | 1.0x |
