Ptc India EBITDA surged on 36.8% and Revenue increased slightly on 0.61%
18-05-2016 • About Ptc India (
$PTC) • By InTwits
Ptc India reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is expanding: 9.8% in FY2016 vs. 7.2% in FY2015 vs. 5.1% in FY2012
- Ptc India has low CAPEX intensity: 5 year average CAPEX/Revenue was 0.5%.
- The company has highly profitable business model: ROIC is 13.6%
- It operates with high leverage: Net Debt/EBITDA is 5.0x while industry average is 8.6x
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased slightly on 0.61%. During the last 5 years Revenue growth topped in FY2014 at 31.5% and was decelerating since that time. Revenue decline was accompanies by EBITDA margin decline. EBITDA Margin decreased on 3.6 pp from 51.2% to 47.6% in FY2016. EBITDA Margin followed a growing trend at 1.2 pp per annum in the last 5 years.
SG&A as a % of Revenue showed almost no change in FY2016.
Net Income margin increased slightly on 1.2 pp from 1.8% to 3.1% in FY2016.
Investments (CAPEX, working capital and M&A)
In FY2016 Ptc India had CAPEX/Revenue of 2.5%. CAPEX/Revenue increased on 2.5 pp from 0.042% in FY2013 to 2.5% in FY2016. It's average level of CAPEX/Revenue for the last three years was 0.86%.
Return on investment
The company operates at good ROIC (13.6%) and ROE (13.2%). ROIC increased slightly on 1.4 pp from 12.3% to 13.6% in FY2016. ROE increased on 4.7 pp from 8.6% to 13.2% in FY2016.
Leverage (Debt)
Debt level is 5.0x Net Debt / EBITDA and 5.1x Debt / EBITDA. Net Debt / EBITDA jumped on 0.2x from 4.8x to 5.0x in FY2016. Debt jumped on 37.0% while cash dropped on 35.4%. Net Debt/EBITDA followed a growing trend at 1.0x per annum in FY2012-FY2016.
Ptc India has short term refinancing risk: cash is only 10.9% of short term debt.
Financial and operational results
Ptc India ($PTC) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 80,587 | 91,994 | 120,991 | 139,012 | 139,854 | 0.6% |
| SG&A | | | | 2 | 4 | 68.2% |
| EBITDA | 4,070 | 4,483 | 8,323 | 9,977 | 13,648 | 36.8% |
| Net Income | 2,041 | 1,983 | 3,608 | 2,563 | 4,303 | 67.9% |
Balance Sheet
|
|---|
| Cash | 2,712 | 4,580 | 6,141 | 3,383 | 2,185 | -35.4% |
| Short Term Debt | 723 | 6,412 | 15,428 | 13,456 | 20,019 | 48.8% |
| Long Term Debt | 6,880 | 9,457 | 23,523 | 37,647 | 49,977 | 32.7% |
Cash flow
|
|---|
| Capex | 9 | 39 | 87 | 26 | 3,491 | 13,174.1% |
Ratios
|
|---|
| Revenue growth | -12.1% | 14.2% | 31.5% | 14.9% | 0.6% | |
| EBITDA growth | 62.9% | 10.2% | 85.7% | 19.9% | 36.8% | |
|
|---|
| EBITDA Margin | 5.1% | 4.9% | 6.9% | 7.2% | 9.8% | 2.6% |
| SG&A, % of revenue | | | | 0.0% | 0.0% | 0.0% |
| Net Income Margin | 2.5% | 2.2% | 3.0% | 1.8% | 3.1% | 1.2% |
| CAPEX, % of revenue | 0.0% | 0.0% | 0.1% | 0.0% | 2.5% | 2.5% |
|
|---|
| ROIC | 11.2% | 10.4% | 13.6% | 12.3% | 13.6% | 1.4% |
| ROE | 8.4% | 7.7% | 13.0% | 8.6% | 13.2% | 4.7% |
| Net Debt/EBITDA | 1.2x | 2.5x | 3.9x | 4.8x | 5.0x | 0.2x |
Peers in Electric Utilities
Below you can find Ptc India benchmarking vs. other companies in Electric Utilities 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 |
|---|
| Bf Utilities ($BFUTILITIE) | 41.4% | 9.2% | 20.6% | 117.9% | - |
| Jaiprakash Power Ventures ($JPPOWER) | 119.2% | 52.2% | 9.0% | 38.1% | - |
| Adani Power ($ADANIPOWER) | - | 65.7% | 128.0% | 21.7% | 34.1% |
| Torrent Power ($TORNTPOWER) | - | 9.9% | 5.6% | 19.8% | 12.4% |
| Power Grid Corporation Of India ($POWERGRID) | 19.7% | 27.2% | 18.9% | 12.8% | - |
| |
|---|
| Median (17 companies) | 31.1% | 15.3% | 8.4% | 6.1% | 2.3% |
|---|
| Ptc India ($PTC) | - | 14.2% | 31.5% | 14.9% | 0.6% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Power Grid Corporation Of India ($POWERGRID) | 83.7% | 85.6% | 84.9% | 85.8% | - |
| Orient Green Power Company ($GREENPOWER) | 24.4% | 53.3% | 57.8% | 82.8% | 86.9% |
| Bf Utilities ($BFUTILITIE) | 43.9% | 55.1% | 61.2% | 72.2% | - |
| Nhpc ($NHPC) | 71.4% | 66.5% | 59.3% | 63.4% | - |
| Jaiprakash Power Ventures ($JPPOWER) | 91.7% | 70.6% | 60.1% | 63.3% | - |
| |
|---|
| Median (18 companies) | 28.3% | 25.5% | 26.2% | 23.5% | 26.1% |
|---|
| Ptc India ($PTC) | 5.1% | 4.9% | 6.9% | 7.2% | 9.8% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Power Grid Corporation Of India ($POWERGRID) | 184.3% | 172.4% | 173.4% | 169.8% | - |
| Jaiprakash Power Ventures ($JPPOWER) | 378.9% | 341.9% | 229.9% | 113.6% | - |
| Ksk Energy Ventures ($KSK) | 161.9% | 80.3% | 57.0% | 57.4% | - |
| Nava Bharat Ventures ($NBVENTURES) | 69.0% | 30.5% | 70.6% | 55.3% | - |
| Gvk Power & Infrastructure ($GVKPIL) | 139.1% | 136.7% | 109.1% | 52.7% | - |
| |
|---|
| Median (15 companies) | 104.0% | 46.8% | 39.9% | 20.9% | 8.9% |
|---|
| Ptc India ($PTC) | 0.0% | 0.0% | 0.1% | 0.0% | 2.5% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Bf Utilities ($BFUTILITIE) | 1.9% | 4.5% | 6.0% | 17.2% | - |
| Alstom T&D India ($ALSTOMT&D) | 0.0% | 15.7% | 14.6% | 16.1% | 10.6% |
| Torrent Power ($TORNTPOWER) | 19.0% | 7.3% | 4.9% | 8.1% | 12.2% |
| Power Grid Corporation Of India ($POWERGRID) | 8.3% | 8.8% | 8.4% | 7.7% | - |
| Tata Power Co ($TATAPOWER) | 8.9% | 8.8% | 9.0% | 7.1% | 10.6% |
| |
|---|
| Median (19 companies) | 4.8% | 5.4% | 4.9% | 5.6% | 10.6% |
|---|
| Ptc India ($PTC) | 11.2% | 10.4% | 13.6% | 12.3% | 13.6% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ksk Energy Ventures ($KSK) | 16.3x | 16.2x | 27.0x | 35.7x | - |
| Gvk Power & Infrastructure ($GVKPIL) | 19.1x | 23.9x | 20.1x | 20.2x | - |
| Gmr Infrastructure ($GMRINFRA) | 19.5x | 15.1x | 16.7x | 17.7x | - |
| Lanco Infratech ($LITL) | 16.3x | 12.9x | 19.2x | 17.5x | - |
| Jaiprakash Power Ventures ($JPPOWER) | 11.6x | 13.1x | 16.7x | 13.4x | - |
| |
|---|
| Median (18 companies) | 11.3x | 8.6x | 6.6x | 6.2x | 5.3x |
|---|
| Ptc India ($PTC) | 1.2x | 2.5x | 3.9x | 4.8x | 5.0x |
