Birla Ericsson Optical reports 9.1% EBITDA decline in 2016 and 4.4% Revenue decline
18-05-2016 • About Birla Ericsson Optical (
$BIRLAERIC) • By InTwits
Birla Ericsson Optical reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is quite volatile: 10.7% in FY2016, 11.3% in FY2015, 12.3% in FY2014, 9.0% in FY2013, 2.6% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Birla Ericsson Optical's Revenue decreased on 4.4%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 4.1 pp from 8.2% to 12.4% in FY2016. During FY2012-FY2016 EBITDA Margin topped in FY2014 at 12.3% and was declining since that time.
Net Income margin decreased slightly on 1.4 pp from 4.8% to 3.4% in FY2016. During the last 5 years Net Income margin topped in FY2014 at 6.6% and was declining since that time.
Financial and operational results
Birla Ericsson Optical ($BIRLAERIC) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 751 | 1,238 | 2,906 | 2,578 | 2,464 | -4.4% |
| EBITDA | 20 | 111 | 356 | 290 | 264 | -9.1% |
| Net Income | -48 | 57 | 192 | 125 | 85 | -32.1% |
Balance Sheet
|
|---|
| Cash | 10 | 21 | 17 | 102 | | |
| Short Term Debt | 286 | 340 | 326 | 439 | | |
| Long Term Debt | 7 | 1 | 151 | 136 | | |
Cash flow
|
|---|
| Capex | 10 | 54 | 116 | 89 | | |
Ratios
|
|---|
| Revenue growth | 13.1% | 64.8% | 134.7% | -11.3% | -4.4% | |
| EBITDA growth | -188.3% | 470.7% | 219.8% | -18.5% | -9.1% | |
|
|---|
| EBITDA Margin | 2.6% | 9.0% | 12.3% | 11.3% | 10.7% | -0.5% |
| Net Income Margin | -6.4% | 4.6% | 6.6% | 4.8% | 3.4% | -1.4% |
| CAPEX, % of revenue | 1.3% | 4.4% | 4.0% | 3.5% | | |
|
|---|
| ROIC | -2.2% | 8.2% | 27.3% | 16.6% | | |
| ROE | -8.2% | 9.6% | 27.4% | 15.2% | | |
| Net Debt/EBITDA | 14.5x | 2.9x | 1.3x | 1.6x | 0.0x |
Peers in Other Elect.Equip./ Prod.
Below you can find Birla Ericsson Optical benchmarking vs. other companies in Other Elect.Equip./ Prod. 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 |
|---|
| Indosolar ($INDOSOLAR) | -85.0% | -34.7% | -71.0% | 1,797.0% | - |
| B.C. Power Controls ($BCP) | 129.0% | -2.2% | 2.2% | 115.3% | - |
| Ece Industries ($ECEIND) | - | -30.9% | -14.8% | 58.1% | -12.8% |
| Pitti Laminations ($PITTILAM) | 60.4% | -23.9% | -19.4% | 35.9% | - |
| Genus Power Infrastructures ($GENUSPOWER) | -1.2% | -7.5% | 17.4% | 19.5% | - |
| |
|---|
| Median (14 companies) | 23.4% | -2.6% | -9.3% | 8.9% | -12.8% |
|---|
| Birla Ericsson Optical ($BIRLAERIC) | - | 64.8% | 134.7% | -11.3% | -4.4% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Malvica Engineering ($MALVICAE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (1 company) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Fluidomat ($FLUIDOM) | - | - | - | 28.0% | - |
| Indosolar ($INDOSOLAR) | -114.4% | -52.7% | -140.0% | 16.3% | - |
| Genus Power Infrastructures ($GENUSPOWER) | 14.1% | 11.0% | 13.8% | 13.8% | - |
| Salzer Electronics ($SALZER) | 12.9% | 12.5% | 12.4% | 12.6% | - |
| Pitti Laminations ($PITTILAM) | 15.6% | 13.6% | 13.2% | 12.0% | - |
| |
|---|
| Median (16 companies) | 9.9% | 8.8% | 8.7% | 7.8% | - |
|---|
| Birla Ericsson Optical ($BIRLAERIC) | 2.6% | 9.0% | 12.3% | 11.3% | 10.7% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Indosolar ($INDOSOLAR) | 311.2% | 148.3% | 42.3% | 26.9% | - |
| Diamond Power Infrastructure ($DIAPOWER) | - | 6.8% | 8.4% | 8.7% | - |
| Salzer Electronics ($SALZER) | 6.8% | 5.6% | 4.1% | 8.2% | - |
| Kirloskar Electric Company ($KECL) | 1.8% | 0.7% | 1.8% | 2.3% | - |
| Genus Power Infrastructures ($GENUSPOWER) | 3.4% | 3.6% | 2.0% | 2.2% | - |
| |
|---|
| Median (6 companies) | 3.4% | 4.0% | 3.6% | 5.2% | - |
|---|
| Birla Ericsson Optical ($BIRLAERIC) | 1.3% | 4.4% | 4.0% | 3.5% | - |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Salzer Electronics ($SALZER) | 14.6% | 12.7% | 13.0% | 14.6% | - |
| Genus Power Infrastructures ($GENUSPOWER) | 12.4% | 8.0% | 12.2% | 13.5% | - |
| Hbl Power Systems ($HBLPOWER) | 10.6% | 10.1% | 4.3% | 6.7% | - |
| Indosolar ($INDOSOLAR) | -14.0% | -6.8% | -5.2% | 2.2% | - |
| Malvica Engineering ($MALVICAE) | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| |
|---|
| Median (23 companies) | 9.0% | 9.1% | 7.0% | 2.2% | 0.0% |
|---|
| Birla Ericsson Optical ($BIRLAERIC) | -2.2% | 8.2% | 27.3% | 16.6% | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Diamond Power Infrastructure ($DIAPOWER) | 3.3x | 5.2x | 4.8x | 46.8x | - |
| Indosolar ($INDOSOLAR) | - | - | - | 20.3x | - |
| Hbl Power Systems ($HBLPOWER) | 4.1x | 4.4x | 6.8x | 4.7x | - |
| Salzer Electronics ($SALZER) | 1.9x | 2.2x | 2.6x | 2.7x | - |
| Genus Power Infrastructures ($GENUSPOWER) | 3.2x | 3.9x | 2.9x | 2.7x | - |
| |
|---|
| Median (13 companies) | 3.3x | 4.3x | 2.9x | 0.0x | 0.0x |
|---|
| Birla Ericsson Optical ($BIRLAERIC) | 14.5x | 2.9x | 1.3x | 1.6x | 0.0x |
