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V.S.T.Tillers Tractors revenue returned to growth in FY2016: increased 17.2% vs. 11.6% decline a year earliner

27-05-2016 • About V.S.T.Tillers Tractors ($VSTTILLERS) • By InTwits

V.S.T.Tillers Tractors reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
  • V.S.T.Tillers Tractors has low CAPEX intensity: 5 year average CAPEX/Revenue was 4.0%. At the same time it's a lot of higher than industry average of 2.3%.
  • CAPEX is quite volatile: ₹57m in FY2016, ₹227m in FY2015, ₹368m in FY2014, ₹325m in FY2013, ₹127m in FY2012
  • The company has highly profitable business model: ROIC is 25.2%
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 jumped on 17.2%. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.7 pp from 19.1% to 17.5% in FY2016. During the last 5 years EBITDA Margin topped in FY2014 at 19.2% and was declining since that time.

Net Income margin decreased slightly on 1.1 pp from 12.6% to 11.5% in FY2016. During FY2012-FY2016 Net Income margin topped in FY2014 at 13.3% and was declining since that time.

Investments (CAPEX, working capital and M&A)


In FY2016 the company had CAPEX/Revenue of 0.89%. CAPEX/Revenue decreased on 5.9 pp from 6.7% in FY2013 to 0.89% in FY2016. Average CAPEX/Revenue for the last three years was 3.6%. During FY2012-FY2016 CAPEX as a % of Revenue topped in FY2013 at 6.7% and was declining since that time.

Return on investment


The company operates at high and attractive ROIC (25.2%) while ROE is a bit lower (18.9%). ROIC decreased on 2.7 pp from 28.0% to 25.2% in FY2016. ROE decreased slightly on 1.7 pp from 20.6% to 18.9% in FY2016.

Leverage (Debt)


The company has no debt. Cash surged on 48.1%.

Valuation and dividends


The company's trades at EV/EBITDA 13.1x and P/E 20.3x while industy averages are 17.8x and 21.9x. V.S.T.Tillers Tractors's EV/(EBITDA-CAPEX) is 13.8x with the industry average at 22.8x.

Financial and operational results


V.S.T.Tillers Tractors ($VSTTILLERS) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue5,3064,8176,2425,5166,46717.2%
EBITDA7447261,1991,0541,1297.1%
Net Income4994868296957416.6%
Balance Sheet
Cash19932622218026648.1%
Short Term Debt1600000
Long Term Debt00000
Cash flow
Capex12732536822757-74.8%
Ratios
Revenue growth24.2%-9.2%29.6%-11.6%17.2%
EBITDA growth2.6%-2.4%65.2%-12.1%7.1%
EBITDA Margin14.0%15.1%19.2%19.1%17.5%-1.7%
Net Income Margin9.4%10.1%13.3%12.6%11.5%-1.1%
CAPEX, % of revenue2.4%6.7%5.9%4.1%0.9%-3.2%
ROIC36.4%29.3%41.0%28.0%25.2%-2.7%
ROE27.1%21.6%29.8%20.6%18.9%-1.7%
Net Debt/EBITDA-0.1x-0.4x-0.2x-0.2x-0.2x-0.1x

Peers in Commercial Vehicles


Below we provide V.S.T.Tillers Tractors benchmarking against other companies in Commercial Vehicles 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
Ashok Leyland ($ASHOKLEY)--3.3%-8.0%33.6%36.0%
Tata Motors ($TATAMOTORS)35.7%13.5%23.3%13.4%-
Hmt ($HMT)-1.3%-15.9%-23.9%2.2%-
Beml ($BEML)-3.2%3.7%-3.5%6.3%
Trf ($TRF)--16.0%5.4%-4.2%-0.3%
 
Median (6 companies)18.2%-9.6%-2.2%-0.7%6.3%
V.S.T.Tillers Tractors ($VSTTILLERS)--9.2%29.6%-11.6%17.2%


Top companies by EBITDA margin, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Tata Motors ($TATAMOTORS)12.3%12.2%13.5%14.4%-
Ashok Leyland ($ASHOKLEY)9.7%7.0%4.1%10.7%14.3%
Brady & Morris Engineering Co ($BRADYM)---6.9%-
Stone India ($STONEIN)---4.7%-
Cranex ($CRANEX)---4.3%-
 
Median (12 companies)8.0%2.8%4.1%0.8%4.4%
V.S.T.Tillers Tractors ($VSTTILLERS)14.0%15.1%19.2%19.1%17.5%


Top companies by CAPEX/Revenue, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Tata Motors ($TATAMOTORS)8.5%10.2%11.8%12.4%-
Abg Shipyard ($ABGSHIP)21.0%9.1%15.2%3.7%-
Ashok Leyland ($ASHOKLEY)5.4%5.2%3.6%1.6%1.3%
Beml ($BEML)4.4%4.8%1.5%1.5%0.8%
Cranex ($CRANEX)---1.0%-
 
Median (8 companies)4.9%5.0%2.5%1.2%1.0%
V.S.T.Tillers Tractors ($VSTTILLERS)2.4%6.7%5.9%4.1%0.9%


Top companies by ROIC, %

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Tata Motors ($TATAMOTORS)20.1%16.6%17.2%17.8%-
Ashok Leyland ($ASHOKLEY)12.2%5.8%-0.5%7.6%15.7%
Cranex ($CRANEX)5.5%5.3%5.2%5.3%-
Beml ($BEML)2.6%-2.9%1.9%0.6%2.7%
Gujarat Apollo Industries ($GUJAPOLLO)14.5%11.0%-4.5%-2.2%-
 
Median (12 companies)10.6%5.8%1.2%0.6%2.7%
V.S.T.Tillers Tractors ($VSTTILLERS)36.4%29.3%41.0%28.0%25.2%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Cranex ($CRANEX)10.0x9.9x9.0x10.8x-
Beml ($BEML)5.8x-8.0x6.9x3.4x
Ashok Leyland ($ASHOKLEY)2.5x5.0x17.8x5.0x3.1x
Tata Motors ($TATAMOTORS)1.7x1.7x1.2x1.2x-
Brady & Morris Engineering Co ($BRADYM)-1.5x-0.0x0.0x
 
Median (6 companies)3.9x2.6x9.0x3.1x3.2x
V.S.T.Tillers Tractors ($VSTTILLERS)-0.1x-0.4x-0.2x-0.2x-0.2x


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