B.L.Kashyap And Sons EBITDA jumped on 1,197% and EBITDA Margin surged on 25.8 pp from 2.2% to 28.1%
27-05-2016 • About B.L.Kashyap And Sons (
$BLKASHYAP) • By InTwits
B.L.Kashyap And Sons reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- EBITDA Margin is quite volatile: 28.1% in FY2016, 2.2% in FY2015, 3.9% in FY2014, 6.9% in FY2013, 3.9% in FY2012
- B.L.Kashyap And Sons has low CAPEX intensity: 5 year average CAPEX/Revenue was 3.1%. At the same time it's in pair with industry average of 5.7%
- CAPEX is quite volatile: ₹412m in FY2016, ₹197m in FY2015, ₹221m in FY2014, ₹228m in FY2013, ₹1,007m in FY2012
- The company has highly profitable business model: ROIC is 20.2%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue increased on 3.1%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 2.8 pp from 15.9% to 18.7% in FY2016.
Net Income margin increased on 6.2 pp from -6.9% to -0.70% in FY2016.
Investments (CAPEX, working capital and M&A)
The company's CAPEX/Revenue was 4.8% in FY2016. The company's CAPEX/Revenue increased on 3.3 pp from 1.5% in FY2013 to 4.8% in FY2016. It's average level of CAPEX/Revenue for the last three years was 2.9%. During the last 5 years CAPEX as a % of Revenue bottomed in FY2013 at 1.5% and was growing since that time.
Return on investment
The company operates at low but positive ROIC (20.2%) and negative ROE (-1.5%). ROIC surged on 22.8 pp from -2.6% to 20.2% in FY2016. ROE surged on 11.8 pp from -13.3% to -1.5% in FY2016.
Leverage (Debt)
Company's Net Debt / EBITDA is 3.3x and Debt / EBITDA is 3.3x. Net Debt / EBITDA dropped on 36.8x from 40.1x to 3.3x in FY2016. Debt increased on 4.7% while cash dropped on 25.0%.
B.L.Kashyap And Sons has short term refinancing risk: cash is only 2.3% of short term debt.
Financial and operational results
B.L.Kashyap And Sons ($BLKASHYAP) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 19,378 | 15,433 | 13,491 | 8,343 | 8,603 | 3.1% |
| EBITDA | 763 | 1,072 | 527 | 186 | 2,416 | 1,196.9% |
| Net Income | -55 | 84 | -850 | -579 | -60 | |
Balance Sheet
|
|---|
| Cash | 119 | 144 | 128 | 148 | 111 | -25.0% |
| Short Term Debt | 4,087 | 4,985 | 4,811 | 4,584 | 4,784 | 4.4% |
| Long Term Debt | 2,256 | 1,396 | 2,005 | 3,032 | 3,188 | 5.1% |
Cash flow
|
|---|
| Capex | 1,007 | 228 | 221 | 197 | 412 | 108.9% |
Ratios
|
|---|
| Revenue growth | 22.2% | -20.4% | -12.6% | -38.2% | 3.1% | |
| EBITDA growth | -36.9% | 40.5% | -50.8% | -64.7% | 1,196.9% | |
|
|---|
| EBITDA Margin | 3.9% | 6.9% | 3.9% | 2.2% | 28.1% | 25.8% |
| Net Income Margin | -0.3% | 0.5% | -6.3% | -6.9% | -0.7% | 6.2% |
| CAPEX, % of revenue | 5.2% | 1.5% | 1.6% | 2.4% | 4.8% | 2.4% |
|
|---|
| ROIC | 4.4% | 6.9% | 2.6% | -2.6% | 20.2% | 22.8% |
| ROE | -1.0% | 1.5% | -16.8% | -13.3% | -1.5% | 11.8% |
| Net Debt/EBITDA | 8.2x | 5.8x | 12.7x | 40.1x | 3.3x | -36.8x |
Peers in Realty
Below we provide B.L.Kashyap And Sons benchmarking against other companies in Realty 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 |
|---|
| Sspdl ($SSPDL) | 16.2% | -11.8% | -43.4% | 326.1% | - |
| Orbit Corporation ($ORBITCORP) | - | -21.9% | -88.0% | 275.1% | -98.6% |
| Ajmera Realty & Infra India ($AJMERA) | - | -61.7% | -1.8% | 109.9% | 92.0% |
| Prajay Engineers Syndicate ($PRAENG) | -21.1% | 42.0% | -30.1% | 62.8% | - |
| Godrej Properties ($GODREJPROP) | - | 34.7% | 13.7% | 56.3% | 35.9% |
| |
|---|
| Median (34 companies) | -16.0% | 5.6% | -1.8% | 13.2% | 15.5% |
|---|
| B.L.Kashyap And Sons ($BLKASHYAP) | - | -20.4% | -12.6% | -38.2% | 3.1% |
Top companies by Gross margin, %
| Top | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Godrej Properties ($GODREJPROP) | 24.9% | 33.3% | 28.9% | 19.4% | 14.7% |
| |
|---|
| Median (1 company) | 24.9% | 33.3% | 28.9% | 19.4% | 14.7% |
|---|
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Hubtown ($HUBTOWN) | 53.3% | 72.4% | 67.6% | 82.4% | - |
| Housing Development & Infrastructure ($HDIL) | 75.8% | 40.6% | 102.5% | 78.9% | - |
| Tci Developers ($TCIDEVELOP) | - | - | - | 75.9% | - |
| Orbit Corporation ($ORBITCORP) | 42.4% | 53.3% | -127.2% | 69.8% | - |
| Oberoi Realty ($OBEROIRLTY) | 59.3% | 58.9% | 54.5% | 56.4% | 47.7% |
| |
|---|
| Median (43 companies) | 20.1% | 18.1% | 20.1% | 22.6% | 21.4% |
|---|
| B.L.Kashyap And Sons ($BLKASHYAP) | 3.9% | 6.9% | 3.9% | 2.2% | 28.1% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Prozone Intu Properties ($PROZONINTU) | - | - | - | 89.5% | - |
| Ashiana Housing ($ASHIANA) | - | - | - | 26.7% | - |
| Brigade Enterprises ($BRIGADE) | 45.7% | 10.7% | 17.0% | 18.5% | 56.3% |
| Prestige Estates Projects ($PRESTIGE) | 37.7% | 30.2% | 18.8% | 11.6% | - |
| Parsvnath Developers ($PARSVNATH) | 15.9% | - | 11.6% | 10.6% | 15.6% |
| |
|---|
| Median (30 companies) | 4.7% | 2.6% | 3.7% | 2.4% | 1.8% |
|---|
| B.L.Kashyap And Sons ($BLKASHYAP) | 5.2% | 1.5% | 1.6% | 2.4% | 4.8% |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Ahluwalia Contracts (India) ($AHLUCONT) | -3.2% | -15.8% | 5.6% | 21.2% | 27.1% |
| Poddar Developers ($PODDARDEV) | 3.9% | 2.6% | 12.9% | 19.1% | 7.5% |
| Lancor Holdings ($LANCORHOL) | 18.0% | 11.6% | 19.5% | 17.7% | - |
| Mahindra Lifespace Developers ($MAHLIFE) | 10.4% | 11.7% | 6.6% | 14.9% | 4.6% |
| Sobha Developers ($SOBHA) | 18.8% | 16.7% | 14.6% | 12.7% | 9.0% |
| |
|---|
| Median (50 companies) | 5.9% | 4.6% | 5.7% | 6.8% | 7.5% |
|---|
| B.L.Kashyap And Sons ($BLKASHYAP) | 4.4% | 6.9% | 2.6% | -2.6% | 20.2% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| D B Realty ($DBREALTY) | 13.2x | 135.4x | 14.0x | 54.8x | - |
| Vipul ($VIPUL) | 0.7x | 3.0x | 10.8x | 26.0x | - |
| Ansal Properties & Infrastructure ($ANSALAPI) | 12.8x | 11.9x | 11.4x | 16.6x | - |
| Srs Real Infrastructure ($SRSREAL) | 11.7x | 10.0x | 12.9x | 14.7x | - |
| Prozone Intu Properties ($PROZONINTU) | - | 8.6x | 13.0x | 11.9x | 8.7x |
| |
|---|
| Median (37 companies) | 5.1x | 4.8x | 4.9x | 4.0x | 4.7x |
|---|
| B.L.Kashyap And Sons ($BLKASHYAP) | 8.2x | 5.8x | 12.7x | 40.1x | 3.3x |
