Arihant Superstructures Net Income surged on 78.4% and EBITDA Margin increased on 4.9 pp from 22.9% to 27.8%
02-05-2016 • About Arihant Superstructures (
$ASL) • By InTwits
Arihant Superstructures reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: EBITDA Margin is expanding: 27.8% in FY2016 vs. 22.9% in FY2015 vs. 19.6% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Arihant Superstructures's Revenue surged on 13.4%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased on 4.9 pp from 22.9% to 27.8% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2013 at 11.1% and was growing since that time.
Net Income margin increased on 5.4 pp from 9.4% to 14.8% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2013 at -4.2% and was growing since that time.
Financial and operational results
Arihant Superstructures ($ASL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 646 | 704 | 1,001 | 1,079 | 1,224 | 13.4% |
| EBITDA | 127 | 78 | 201 | 247 | 340 | 37.7% |
| Net Income | 53 | -29 | 13 | 101 | 181 | 78.4% |
Balance Sheet
|
|---|
| Cash | 212 | 32 | 55 | 31 | | |
| Short Term Debt | 719 | 918 | 995 | 469 | | |
| Long Term Debt | 3 | 335 | 291 | 991 | | |
Cash flow
|
|---|
| Capex | 2 | 66 | 15 | 10 | | |
Ratios
|
|---|
| Revenue growth | -36.5% | 9.1% | 42.0% | 7.8% | 13.4% | |
| EBITDA growth | 23.7% | -38.2% | 157.0% | 22.6% | 37.7% | |
|
|---|
| EBITDA Margin | 19.6% | 11.1% | 20.1% | 22.9% | 27.8% | 4.9% |
| Net Income Margin | 8.3% | -4.2% | 1.3% | 9.4% | 14.8% | 5.4% |
| CAPEX, % of revenue | 0.4% | 9.4% | 1.5% | 0.9% | | |
|
|---|
| ROIC | 12.2% | 4.9% | 10.6% | 12.0% | | |
| ROE | 14.0% | -6.4% | 2.5% | 17.6% | | |
| Net Debt/EBITDA | 4.0x | 15.6x | 6.1x | 5.8x | 0.0x |
Peers in Realty
Below you can find Arihant Superstructures benchmarking vs. other companies in Realty 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 |
|---|
| Sspdl ($SSPDL) | 16.2% | -11.8% | -43.4% | 326.1% | - |
| Orbit Corporation ($ORBITCORP) | -4.2% | -21.9% | -88.0% | 275.1% | - |
| Ajmera Realty & Infra India ($AJMERA) | 21.3% | -61.7% | -1.8% | 109.9% | - |
| Prajay Engineers Syndicate ($PRAENG) | -21.1% | 42.0% | -30.1% | 62.8% | - |
| Godrej Properties ($GODREJPROP) | 70.6% | 34.7% | 13.7% | 56.3% | - |
| |
|---|
| Median (34 companies) | 0.6% | 3.4% | -4.5% | 13.2% | 53.7% |
|---|
| Arihant Superstructures ($ASL) | - | 9.1% | 42.0% | 7.8% | 13.4% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Godrej Properties ($GODREJPROP) | 24.9% | 33.3% | 28.9% | 19.4% | - |
| |
|---|
| Median (1 company) | 24.9% | 33.3% | 28.9% | 19.4% | - |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hubtown ($HUBTOWN) | 53.3% | 72.4% | 67.6% | 82.4% | - |
| Housing Development & Infrastructure ($HDIL) | 75.8% | 40.6% | 102.5% | 78.9% | - |
| Tci Developers ($TCIDEVELOP) | - | - | - | 75.9% | - |
| Orbit Corporation ($ORBITCORP) | 42.4% | 53.3% | -127.2% | 69.8% | - |
| Oberoi Realty ($OBEROIRLTY) | 59.3% | 58.9% | 54.5% | 56.4% | 47.7% |
| |
|---|
| Median (43 companies) | 19.9% | 18.1% | 19.8% | 19.4% | 23.8% |
|---|
| Arihant Superstructures ($ASL) | 19.6% | 11.1% | 20.1% | 22.9% | 27.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Prozone Intu Properties ($PROZONINTU) | - | - | - | 89.5% | - |
| Ashiana Housing ($ASHIANA) | - | - | - | 26.7% | - |
| Brigade Enterprises ($BRIGADE) | 45.7% | 10.7% | 17.0% | 18.5% | - |
| Prestige Estates Projects ($PRESTIGE) | 37.7% | 30.2% | 18.8% | 11.6% | - |
| Parsvnath Developers ($PARSVNATH) | 15.9% | - | 11.6% | 10.6% | - |
| |
|---|
| Median (30 companies) | 4.9% | 2.3% | 3.7% | 2.5% | 3.1% |
|---|
| Arihant Superstructures ($ASL) | 0.4% | 9.4% | 1.5% | 0.9% | - |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ahluwalia Contracts (India) ($AHLUCONT) | -3.2% | -15.8% | 5.6% | 21.2% | - |
| Poddar Developers ($PODDARDEV) | 3.9% | 2.6% | 12.9% | 19.1% | - |
| Lancor Holdings ($LANCORHOL) | 18.0% | 11.6% | 19.5% | 17.7% | - |
| Mahindra Lifespace Developers ($MAHLIFE) | 10.4% | 11.7% | 6.6% | 14.9% | 4.6% |
| Sobha Developers ($SOBHA) | 18.8% | 16.7% | 14.6% | 12.7% | - |
| |
|---|
| Median (50 companies) | 5.7% | 4.8% | 5.6% | 6.8% | 7.6% |
|---|
| Arihant Superstructures ($ASL) | 12.2% | 4.9% | 10.6% | 12.0% | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| D B Realty ($DBREALTY) | 13.2x | 135.4x | 14.0x | 54.8x | - |
| B.L.Kashyap And Sons ($BLKASHYAP) | 8.2x | 5.8x | 12.7x | 40.1x | - |
| Vipul ($VIPUL) | 0.7x | 3.0x | 10.8x | 26.0x | - |
| Ansal Properties & Infrastructure ($ANSALAPI) | 12.8x | 11.9x | 11.4x | 16.6x | - |
| Srs Real Infrastructure ($SRSREAL) | 11.7x | 10.0x | 12.9x | 14.7x | - |
| |
|---|
| Median (37 companies) | 5.3x | 4.8x | 4.9x | 4.0x | 0.5x |
|---|
| Arihant Superstructures ($ASL) | 4.0x | 15.6x | 6.1x | 5.8x | 0.0x |
