Atishay Infotech EBITDA dropped on 12.8% and EBITDA Margin decreased on 2.6 pp from 24.5% to 21.9%
27-05-2016 • About Atishay Infotech (
$ATISHAY) • By InTwits
Atishay Infotech reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: EBITDA Margin is declining: 21.9% in FY2016 vs. 24.5% in FY2015 vs. 35.7% in FY2012.
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Atishay Infotech's Revenue decreased on 2.2%. During the last 5 years Revenue growth topped in FY2015 at 28.2%. Revenue decline was worsened by EBITDA margin decline. EBITDA Margin decreased on 2.6 pp from 24.5% to 21.9% in FY2016. EBITDA Margin stuck to a declining trend at -3.1 pp per annum in the last 5 years.
Net Income margin decreased slightly on 1.8 pp from 17.9% to 16.1% in FY2016.
Financial and operational results
Atishay Infotech ($ATISHAY) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 114.0 | 121.8 | 148.4 | 190.3 | 186.0 | -2.2% |
| EBITDA | 40.7 | 34.2 | 38.3 | 46.7 | 40.7 | -12.8% |
| Net Income | 22.1 | 14.8 | 23.0 | 34.2 | 30.0 | -12.2% |
Balance Sheet
|
|---|
| Cash | 34.0 | 26.9 | 8.7 | | | |
| Short Term Debt | 20.9 | 14.8 | 13.7 | | | |
| Long Term Debt | 5.6 | 11.1 | 5.8 | | | |
Cash flow
|
|---|
| Capex | 47.6 | 10.5 | 14.8 | | | |
Ratios
|
|---|
| Revenue growth | -25.4% | 6.9% | 21.8% | 28.2% | -2.2% | |
| EBITDA growth | 36.0% | -15.8% | 11.8% | 22.1% | -12.8% | |
|
|---|
| EBITDA Margin | 35.7% | 28.1% | 25.8% | 24.5% | 21.9% | -2.6% |
| Net Income Margin | 19.4% | 12.1% | 15.5% | 17.9% | 16.1% | -1.8% |
| CAPEX, % of revenue | 41.7% | 8.6% | 10.0% | | | |
|
|---|
| ROIC | 27.2% | 15.7% | 19.2% | | | |
| ROE | 23.6% | 13.4% | 18.0% | | | |
| Net Debt/EBITDA | -0.2x | -0.0x | 0.3x | 0.0x | 0.0x |
Peers in IT Software Products
Below we provide Atishay Infotech benchmarking against other companies in IT Software Products 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 |
|---|
| Twinstar Industries ($TWINSTAR) | 204.5% | 59.8% | 38.8% | 40.3% | - |
| Dion Global Solutions ($DION) | - | 40.8% | -9.5% | 27.8% | -14.4% |
| Avance Technologies ($AVANCE) | - | -17.9% | -30.8% | 20.3% | -4.6% |
| Softsol India ($SOFTSOL) | -10.4% | 9.3% | -20.4% | 14.1% | - |
| Aurionpro Solutions ($AURIONPRO) | 13.9% | 17.7% | 14.2% | 13.6% | - |
| |
|---|
| Median (16 companies) | 13.1% | 17.7% | 14.2% | 9.4% | -1.9% |
|---|
| Atishay Infotech ($ATISHAY) | - | 6.9% | 21.8% | 28.2% | -2.2% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Subex ($SUBEX) | 27.3% | 17.0% | 24.9% | 23.6% | 20.8% |
| Tata Elxsi ($TATAELXSI) | 13.8% | 11.9% | 17.6% | 20.9% | 23.0% |
| Cambridge Technology Enterprises ($CTE) | - | - | - | 20.9% | - |
| Virinchi Technologies ($VIRNICHIQ) | - | - | - | 17.4% | - |
| Aurionpro Solutions ($AURIONPRO) | 15.9% | 14.5% | 12.0% | 16.9% | - |
| |
|---|
| Median (23 companies) | 7.5% | 8.5% | 9.9% | 9.2% | 10.0% |
|---|
| Atishay Infotech ($ATISHAY) | 35.7% | 28.1% | 25.8% | 24.5% | 21.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Aurionpro Solutions ($AURIONPRO) | 17.5% | 12.3% | 12.6% | 13.4% | - |
| Mastek ($MASTKBBPH) | 2.2% | - | 0.0% | 4.9% | 2.4% |
| Dion Global Solutions ($DION) | 39.9% | 11.9% | 29.6% | 4.0% | 18.4% |
| Tata Elxsi ($TATAELXSI) | 5.3% | 5.4% | 3.1% | 3.9% | 3.6% |
| Polaris Financial Technology ($POLARIS) | 7.2% | 2.5% | 1.5% | 3.9% | 1.6% |
| |
|---|
| Median (10 companies) | 3.1% | 4.3% | 1.9% | 3.0% | 2.4% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Tata Elxsi ($TATAELXSI) | 22.5% | 19.1% | 38.3% | 55.4% | 65.9% |
| Mindteck (India) ($MINDTECK) | -2.6% | 1.2% | 20.0% | 17.5% | 10.6% |
| Blue Star Infotech ($BLUESTINFO) | - | 7.1% | 16.3% | 17.4% | - |
| Polaris Financial Technology ($POLARIS) | 19.5% | 15.1% | 12.6% | 16.2% | 24.8% |
| Aurionpro Solutions ($AURIONPRO) | 8.6% | 8.6% | 5.9% | 12.1% | - |
| |
|---|
| Median (31 companies) | 3.8% | 4.7% | 14.4% | 12.1% | 10.6% |
|---|
| Atishay Infotech ($ATISHAY) | 27.2% | 15.7% | 19.2% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Subex ($SUBEX) | 4.6x | 13.1x | 8.5x | 8.0x | 0.9x |
| Dion Global Solutions ($DION) | 11.8x | 11.3x | - | 7.4x | - |
| Aurionpro Solutions ($AURIONPRO) | 1.7x | 1.7x | 1.9x | 1.2x | - |
| Saksoft ($SAKSOFT) | 2.8x | 2.3x | 0.0x | 1.2x | 0.3x |
| Datamatics Global Services ($DATAMATICS) | 0.5x | 0.3x | 0.5x | 0.3x | 0.4x |
| |
|---|
| Median (19 companies) | 0.7x | 0.0x | 0.0x | 0.0x | -0.7x |
|---|
| Atishay Infotech ($ATISHAY) | -0.2x | -0.0x | 0.3x | 0.0x | 0.0x |
