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Kirloskar Electric Company revenue returned to growth in FY2016: increased 7.3% vs. 48.5% decline a year earliner

25-05-2016 • About Kirloskar Electric Company ($KECL) • By InTwits

Kirloskar Electric Company reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • The company operates at negative EBITDA Margin: -0.7%
  • Kirloskar Electric Company spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -1.3%
  • Kirloskar Electric Company has low CAPEX intensity: 5 year average CAPEX/Revenue was 1.4%. At the same time it's a lot of higher than industry average of 17.6%.
  • CAPEX is quite volatile: ₹17m in FY2016, ₹118m in FY2015, ₹179m in FY2014, ₹72m in FY2013, ₹193m in FY2012
  • The company has unprofitable business model: ROIC is -12.4%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


Kirloskar Electric Company's Revenue increased on 7.3%. During FY2012-FY2016 Revenue growth bottomed in FY2015 at -48.5%. Despite revenue decline the EBITDA margin expanded. EBITDA Margin increased on 3.4 pp from 2.5% to 6.0% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2015 at -15.2%.

Net Income margin jumped on 39.9 pp from -47.1% to -7.2% in FY2016. During FY2012-FY2016 Net Income margin bottomed in FY2015 at -47.1%.

Investments (CAPEX, working capital and M&A)


The company's CAPEX/Revenue was 0.30% in FY2016. CAPEX/Revenue showed almost no change from FY2013 to FY2016. Average CAPEX/Revenue for the last three years was 1.5%.

Leverage (Debt)


Company's Net Debt / EBITDA is 0.0x and Debt / EBITDA is . Net Debt / EBITDA didn't change in FY2016. Debt surged on 21.3% while cash surged on 27.7%.

Kirloskar Electric Company has short term refinancing risk: cash is only 8.4% of short term debt.

Financial and operational results


Kirloskar Electric Company ($KECL) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue10,91210,7309,9105,1035,4787.3%
EBITDA674152-560-774-39
Net Income34-487-942-2,403-395
Balance Sheet
Cash25722748111714927.7%
Short Term Debt2,2432,5732,4211,7601,7891.6%
Long Term Debt5243578539081,44859.5%
Cash flow
Capex1937217911817-85.9%
Ratios
Revenue growth0.4%-1.7%-7.6%-48.5%7.3%
EBITDA growth34.2%-77.5%-469.1%38.1%-95.0%
EBITDA Margin6.2%1.4%-5.7%-15.2%-0.7%14.5%
Net Income Margin0.3%-4.5%-9.5%-47.1%-7.2%39.9%
CAPEX, % of revenue1.8%0.7%1.8%2.3%0.3%-2.0%
ROIC9.0%-3.6%-16.5%-30.9%-12.4%18.4%
ROE1.5%-23.3%-61.4%
Net Debt/EBITDA3.7x17.8x

Peers in Other Elect.Equip./ Prod.


Below you can find Kirloskar Electric Company 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)--23.9%-19.4%35.9%-8.3%
Genus Power Infrastructures ($GENUSPOWER)--7.5%17.4%19.5%-6.3%
 
Median (14 companies)26.6%-2.6%-5.3%8.9%-7.3%
Kirloskar Electric Company ($KECL)--1.7%-7.6%-48.5%7.3%


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 ($GENUSPOWER)14.1%11.0%13.8%13.8%14.8%
Salzer Electronics ($SALZER)12.9%12.5%12.4%12.6%-
Pitti Laminations ($PITTILAM)15.6%13.6%13.2%12.0%6.2%
 
Median (16 companies)9.9%9.0%9.3%10.3%10.7%
Kirloskar Electric Company ($KECL)6.2%1.4%-5.7%-15.2%-0.7%


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 ($SALZER)6.8%5.6%4.1%8.2%-
Birla Ericsson Optical ($BIRLAERIC)1.3%4.4%4.0%3.5%-
Genus Power Infrastructures ($GENUSPOWER)3.4%3.6%2.0%2.2%3.7%
 
Median (6 companies)3.4%4.4%4.1%5.8%3.7%
Kirloskar Electric Company ($KECL)1.8%0.7%1.8%2.3%0.3%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Birla Ericsson Optical ($BIRLAERIC)-2.2%8.2%27.3%16.6%-
Salzer Electronics ($SALZER)14.6%12.7%13.0%14.6%-
Genus Power Infrastructures ($GENUSPOWER)12.4%8.0%12.2%13.5%12.7%
Hbl Power Systems ($HBLPOWER)10.6%10.1%4.3%6.7%-
Indosolar ($INDOSOLAR)-14.0%-6.8%-5.2%2.2%-
 
Median (23 companies)8.9%9.2%10.5%6.7%6.4%
Kirloskar Electric Company ($KECL)9.0%-3.6%-16.5%-30.9%-12.4%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Diamond Power Infrastructure ($DIAPOWER)3.3x5.2x4.8x46.8x-
Indosolar ($INDOSOLAR)---20.3x-
Hbl Power Systems ($HBLPOWER)4.1x4.4x6.8x4.7x-
Salzer Electronics ($SALZER)1.9x2.2x2.6x2.7x-
Genus Power Infrastructures ($GENUSPOWER)3.2x3.9x2.9x2.7x1.5x
 
Median (14 companies)3.3x4.1x2.8x0.0x0.0x


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