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Industrial Investment Trust revenue dropped on 41.3%

26-05-2016 • About Industrial Investment Trust ($IITL) • By InTwits

Industrial Investment Trust reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
  • EBITDA Margin is declining: in FY2016 vs. -34.0% in FY2015 vs. -9.7% in FY2012
  • Industrial Investment Trust motivates its personel by high Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 was 0.0% while average EBITDA Margin was -8.0% for the sames years
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


Industrial Investment Trust's Revenue dropped on 41.3%. Revenue decline was accelerating on average at -37.7 pp per annum in FY2012-FY2016.

Net Income margin decreased on 5.8 pp from 0.62% to -5.2% in FY2016. During the last 5 years Net Income margin topped in FY2013 at 8.8% and was declining since that time.

Financial and operational results


Industrial Investment Trust ($IITL) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue7011,2082,1322,4741,451-41.3%
EBITDA-6819579-841
Net Income111061715-76-593.0%
Balance Sheet
Cash185343116
Short Term Debt209127148
Long Term Debt0064
Cash flow
Capex84105
Ratios
Revenue growth119.2%72.5%76.4%16.0%-41.3%
EBITDA growth-165.1%-385.8%-59.2%-1,159.3%
EBITDA Margin-9.7%16.1%3.7%-34.0%
Net Income Margin1.5%8.8%0.8%0.6%-5.2%-5.8%
CAPEX, % of revenue1.1%0.3%4.9%
ROIC5.8%1.2%
ROE1.2%3.4%0.3%
Net Debt/EBITDA-1.1x1.2x

Peers in Finance (including NBFCs)


Below we provide Industrial Investment Trust benchmarking against other companies in Finance (including NBFCs) 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 5 FY2012 FY2013 FY2014 FY2015 FY2016
Fortune Financial Services (India) ($FORTUNEF)--24.9%-7.1%188.4%-10.9%
Motilal Oswal Financial Services ($MOTILALOFS)-0.4%-0.9%64.7%39.8%
Sks Microfinance ($SKSMICRO)--25.6%55.0%47.3%64.5%
Bajaj Holdings & Investment ($BAJAJHLDNG)-12.8%25.9%27.0%-12.2%
Bajaj Finserv ($BAJAJFINSV)-28.1%18.8%26.8%23.9%
 
Median (23 companies)23.9%24.4%19.8%13.3%8.2%
Industrial Investment Trust ($IITL)-72.5%76.4%16.0%-41.3%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Microse India ($MICROSE)---101.1%-
Pnb Gilts ($PNBGILTS)94.0%96.4%96.4%96.1%95.4%
Jsw Holdings ($JSWHL)---93.8%-
Rural Electrification Corporation ($RECLTD)97.2%97.3%96.7%93.3%-
Bajaj Holdings & Investment ($BAJAJHLDNG)96.1%95.4%92.3%92.7%91.4%
 
Median (49 companies)70.0%67.8%66.4%59.4%62.7%
Industrial Investment Trust ($IITL)-9.7%16.1%3.7%-34.0%-


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Fortune Financial Services (India) ($FORTUNEF)1.0%1.3%4.5%7.3%0.9%
Clarus Finance & Securities ($CLARUS)--6.9%5.8%-
Srei Infrastructure Finance ($SREINFRA)30.2%8.5%12.3%5.4%-
Motilal Oswal Financial Services ($MOTILALOFS)15.5%5.3%1.7%3.4%2.5%
Bengal & Assam Company ($BENGALASM)15.9%4.5%1.2%2.1%-
 
Median (22 companies)0.6%0.8%0.9%0.7%0.8%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Motilal Oswal Financial Services ($MOTILALOFS)-12.0%9.7%11.9%7.8%
Sks Microfinance ($SKSMICRO)--4.1%6.6%7.6%
Shriram City Union Finance ($SHRIRAMCIT)6.1%5.8%5.8%5.7%4.6%
Rural Electrification Corporation ($RECLTD)-4.7%5.2%4.7%-
Mahindra & Mahindra Financial Services ($M&MFIN)6.4%6.3%5.3%4.2%3.2%
 
Median (53 companies)4.1%4.4%4.2%4.1%3.7%
Industrial Investment Trust ($IITL)-5.8%1.2%--


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Fortune Financial Services (India) ($FORTUNEF)9.0x-10.8x8.9x-0.5x
Pnb Gilts ($PNBGILTS)14.2x11.2x11.3x8.8x15.0x
Srei Infrastructure Finance ($SREINFRA)7.0x6.2x7.5x8.0x-
Rural Electrification Corporation ($RECLTD)8.3x8.0x7.5x8.0x-
Magma Fincorp ($MAGMA)7.7x8.5x7.0x7.7x7.5x
 
Median (46 companies)4.8x3.6x3.9x0.0x3.9x


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