Crest Ventures Limited revenue dropped on 68.6% while EBITDA Margin surged on 11.1 pp from 4.2% to 15.3%

14-05-2016 • About Crest Ventures Limited ($CREST) • By InTwits

Crest Ventures Limited reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:

Crest Ventures Limited is a company in decline: FY2016 revenue growth was -68.6%, 5 years revenue CAGR was -20.5%
EBITDA Margin is quite volatile: 15.3% in FY2016, 4.2% in FY2015, 21.8% in FY2014, 13.4% in FY2013, 4.9% 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

Crest Ventures Limited's Revenue dropped on 68.6%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin surged on 11.1 pp from 4.2% to 15.3% in FY2016.

Net Income margin surged on 95.6 pp from 22.2% to 118% in FY2016. Net Income margin pursued a growing trend in the last 5 years.

Financial and operational results

Crest Ventures Limited ($CREST) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	599	654	649	1,006	316	-68.6%
EBITDA	29	88	142	42	48	14.1%
Net Income	-9	14	101	223	372	66.5%
Balance Sheet
Cash	551	474	327
Short Term Debt	376	332	546
Long Term Debt	122	159	173
Cash flow
Capex	31	26	29
Ratios
Revenue growth	-39.7%	9.2%	-0.8%	55.0%	-68.6%
EBITDA growth	-337.1%	200.4%	61.6%	-70.1%	14.1%

EBITDA Margin	4.9%	13.4%	21.8%	4.2%	15.3%	11.1%
Net Income Margin	-1.5%	2.2%	15.6%	22.2%	117.8%	95.6%
CAPEX, % of revenue	5.2%	4.0%	4.4%

ROE	-0.5%	0.8%	5.3%
Net Debt/EBITDA	-1.8x	0.2x	2.8x	0.0x	0.0x

Peers in Misc.Commercial Services

Below we provide Crest Ventures Limited benchmarking against other companies in Misc.Commercial Services 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	FY2012	FY2013	FY2014	FY2015	FY2016
Trinity Tradelink Limited ($TRITRADE)	-	-	408,047.0%	28.3%	-
Ganesha Ecosphere ($GANECOS)	32.3%	12.9%	14.7%	24.7%	-
Centum Electronics ($CENTUM)	1.4%	9.8%	50.4%	14.8%	-
Delta Corp ($DELTACORP)	-	16.6%	31.3%	-46.3%	26.0%
Median (4 companies)	16.8%	12.9%	40.9%	19.7%	26.0%
Crest Ventures Limited ($CREST)	-	9.2%	-0.8%	55.0%	-68.6%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Delta Corp ($DELTACORP)	27.7%	23.7%	27.0%	22.9%	33.6%
Centum Electronics ($CENTUM)	12.8%	16.6%	20.6%	20.3%	-
Greencrest Financial Services ($GREENCREST)	-	-	-	14.0%	-
Ganesha Ecosphere ($GANECOS)	10.8%	11.1%	11.0%	10.1%	-
Sawaca Business Machines ($SAWABUSI)	-	-	-	3.9%	-
Median (7 companies)	12.8%	16.6%	15.8%	10.1%	33.6%
Crest Ventures Limited ($CREST)	4.9%	13.4%	21.8%	4.2%	15.3%

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Delta Corp ($DELTACORP)	95.5%	74.3%	14.0%	5.2%	2.8%
Ganesha Ecosphere ($GANECOS)	6.9%	23.4%	15.4%	4.6%	-
Centum Electronics ($CENTUM)	5.5%	2.4%	6.7%	3.9%	-
Greencrest Financial Services ($GREENCREST)	-	-	-	0.0%	-
Lifeline Drugs & Pharma ($LIFELINE)	-	-	-	0.0%	-
Median (5 companies)	6.9%	12.9%	10.3%	3.9%	2.8%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Centum Electronics ($CENTUM)	10.6%	16.9%	35.8%	32.8%	-
Ganesha Ecosphere ($GANECOS)	18.6%	15.8%	13.2%	12.3%	-
Trinity Tradelink Limited ($TRITRADE)	-138.6%	-242.1%	5.1%	12.3%	-
Greencrest Financial Services ($GREENCREST)	-	1.8%	2.2%	3.1%	-
Delta Corp ($DELTACORP)	8.5%	6.7%	10.1%	2.9%	8.2%
Median (11 companies)	6.7%	6.7%	7.6%	7.7%	8.2%
Crest Ventures Limited ($CREST)	-	-	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Delta Corp ($DELTACORP)	3.2x	4.4x	2.1x	4.6x	1.4x
Ganesha Ecosphere ($GANECOS)	2.1x	3.6x	3.9x	3.0x	-
Trinity Tradelink Limited ($TRITRADE)	-	-	-2.9x	1.0x	-
Centum Electronics ($CENTUM)	1.9x	1.2x	0.5x	0.4x	-
Sawaca Business Machines ($SAWABUSI)	-	-	-1.0x	0.0x	-
Median (6 companies)	2.0x	2.4x	-0.3x	0.7x	1.4x
Crest Ventures Limited ($CREST)	-1.8x	0.2x	2.8x	0.0x	0.0x

Crest Ventures Limited stock price chart

Crest Ventures Limited financials

mln.	FY2010	FY2011	FY2012

Revenue	1,113	993.7	598.9
EBITDA	160.7	-12.307	29.184
Net income	66.703	-102.161	-9.276
CAPEX	32.942	44.617	31.243
Debt	17.942	206.6	498.5
Cash	537.7	709.4	550.9

About Crest Ventures Limited

Crest Ventures Limited, together with its subsidiaries, acquires and invests in financial assets and real estate properties in India and internationally. The company provides broking services in spot, futures and options, commodity, and currency derivatives segments; and financial services, such as equity, debt, forex, commodities, and depository services, as well as distributes financial products comprising mutual funds, insurance, fixed deposits, public provident fund, wealth management, etc. It also provides intermediary services to counterparties, including scheduled commercial banks, co-operative banks, financial institutions, mutual funds, corporate treasuries, and foreign institutional investors. In addition, the company offers various travel and related services for individuals, groups, incentives, and conferences; and project management services for the development of various properties. Further, it is involved in the development and management of various real estate properties, as well as provides properties for lease/rent to corporate clients. The company was formerly known as Sharyans Resources Limited and changed its name to Crest Ventures Limited in September 2014. Crest Ventures Limited was incorporated in 1982 and is based in Mumbai, India.