Veritas (India) revenue started to decline in FY2016: decreased 3.1% vs. 25.0% growth a year earliner
25-05-2016 • About Veritas (India) (
$VERITAS) • By InTwits
Veritas (India) reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: It operates with medium-size leverage: Net Debt/EBITDA is 2.6x while industry average is -7.5x.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue decreased on 3.1%.
Net Income margin increased slightly on 0.94 pp from 3.2% to 4.1% in FY2016. Net Income margin stuck to a growing trend at 0.59 pp per annum in the last 5 years.
Financial and operational results
Veritas (India) ($VERITAS) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 7,902 | 9,142 | 12,021 | 15,027 | 14,558 | -3.1% |
| EBITDA | 165 | 264 | 393 | 571 | | |
| Net Income | 135 | 193 | 310 | 480 | 602 | 25.4% |
Balance Sheet
|
|---|
| Cash | 55 | 157 | 124 | 153 | | |
| Short Term Debt | 351 | 1,128 | 1,367 | 1,410 | | |
| Long Term Debt | 38 | 31 | 21 | 684 | | |
Cash flow
|
|---|
| Capex | 41 | | | 1 | | |
Ratios
|
|---|
| Revenue growth | 28.3% | 15.7% | 31.5% | 25.0% | -3.1% | |
| EBITDA growth | -46.4% | 60.4% | 48.9% | 45.3% | | |
|
|---|
| EBITDA Margin | 2.1% | 2.9% | 3.3% | 3.8% | |
| Net Income Margin | 1.7% | 2.1% | 2.6% | 3.2% | 4.1% | 0.9% |
| CAPEX, % of revenue | 0.5% | | | 0.0% | | |
|
|---|
| ROIC | 10.4% | 11.9% | 12.9% | 7.2% | | |
| ROE | 11.7% | 14.0% | 18.2% | 7.9% | | |
| Net Debt/EBITDA | 2.0x | 3.8x | 3.2x | 3.4x | |
Peers in Consulting Services
Below you can find Veritas (India) benchmarking vs. other companies in Consulting Services 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 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Engineers India ($ENGINERSIN) | - | -32.1% | -27.0% | -5.7% | -12.4% |
| |
|---|
| Median (1 company) | - | -32.1% | -27.0% | -5.7% | -12.4% |
|---|
| Veritas (India) ($VERITAS) | - | 15.7% | 31.5% | 25.0% | -3.1% |
Top companies by EBITDA margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Engineers India ($ENGINERSIN) | 19.4% | 23.6% | 21.1% | 13.5% | 11.4% |
| Artefact Projects ($ARTEFACT) | - | - | - | 13.4% | - |
| |
|---|
| Median (2 companies) | 19.4% | 23.6% | 21.1% | 13.4% | 11.4% |
|---|
| Veritas (India) ($VERITAS) | 2.1% | 2.9% | 3.3% | 3.8% | - |
Top companies by CAPEX/Revenue, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Engineers India ($ENGINERSIN) | 0.0% | 3.2% | 4.4% | 3.6% | 3.9% |
| |
|---|
| Median (1 company) | 0.0% | 3.2% | 4.4% | 3.6% | 3.9% |
|---|
| Veritas (India) ($VERITAS) | 0.5% | - | - | 0.0% | - |
Top companies by ROIC, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Engineers India ($ENGINERSIN) | 44.2% | 26.8% | 14.4% | 8.5% | 5.9% |
| Artefact Projects ($ARTEFACT) | - | - | - | - | - |
| |
|---|
| Median (2 companies) | 44.2% | 26.8% | 14.4% | 8.5% | 5.9% |
|---|
| Veritas (India) ($VERITAS) | 10.4% | 11.9% | 12.9% | 7.2% | - |
Top companies by Net Debt / EBITDA
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Artefact Projects ($ARTEFACT) | 0.0x | 3.6x | - | 0.0x | - |
| Engineers India ($ENGINERSIN) | -0.0x | -0.0x | -0.0x | -0.1x | -15.0x |
| |
|---|
| Median (2 companies) | -0.0x | 1.8x | -0.0x | -0.0x | -15.0x |
|---|
| Veritas (India) ($VERITAS) | 2.0x | 3.8x | 3.2x | 3.4x | - |
