Sspdl reports 182% Net Income growth in 2016

28-05-2016 • About Sspdl ($SSPDL) • By InTwits

Sspdl reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts: Sspdl spends a lot for Stock Based Compensation (SBC): average SBC/Revenue for FY2012-FY2016 is 0.0%. Average EBITDA Margin for the same period was -6.3%.

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 dropped on 48.8%.

Net Income margin surged on 19.4 pp from -7.5% to 12.0% in FY2016. During the last 5 years Net Income margin bottomed in FY2013 at -25.3% and was growing since that time.

Financial and operational results

Sspdl ($SSPDL) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	720	635	359	1,532	784	-48.8%
EBITDA	-130	-165	-34		77
Net Income	-83	-161	-72	-114	94
Balance Sheet
Cash	21	123	18
Short Term Debt	472	299	204
Long Term Debt	1	80	80
Cash flow
Ratios
Revenue growth	16.2%	-11.8%	-43.4%	326.1%	-48.8%
EBITDA growth	-217.5%	26.8%	-79.6%

EBITDA Margin	-18.1%	-26.0%	-9.3%		9.8%
Net Income Margin	-11.5%	-25.3%	-19.9%	-7.5%	12.0%	19.4%

ROIC	-11.7%	-16.9%	-7.2%
ROE	-10.4%	-23.7%	-13.0%

Peers in Realty

Below you can find Sspdl benchmarking vs. other companies in Realty 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 5	FY2012	FY2013	FY2014	FY2015	FY2016
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%
Poddar Developers ($PODDARDEV)	-	63.9%	152.9%	56.0%	35.7%
Median (34 companies)	-16.0%	5.6%	-1.8%	11.4%	3.1%
Sspdl ($SSPDL)	-	-11.8%	-43.4%	326.1%	-48.8%

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%	68.4%
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 (44 companies)	20.1%	18.1%	20.1%	21.0%	20.1%

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 (31 companies)	4.8%	2.5%	3.6%	2.4%	2.9%

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 ($SOBHA)	18.8%	16.7%	14.6%	12.7%	9.0%
Median (50 companies)	5.9%	5.1%	5.7%	6.8%	6.9%
Sspdl ($SSPDL)	-11.7%	-16.9%	-7.2%	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
D B Realty ($DBREALTY)	13.2x	135.4x	14.0x	54.8x	51.1x
B.L.Kashyap And Sons ($BLKASHYAP)	8.2x	5.8x	12.7x	40.1x	3.3x
Vipul ($VIPUL)	0.7x	3.0x	10.8x	26.0x	-
Ansal Properties & Infrastructure ($ANSALAPI)	12.8x	11.9x	11.4x	16.6x	13.3x
Srs Real Infrastructure ($SRSREAL)	11.7x	10.0x	12.9x	14.7x	-
Median (38 companies)	5.2x	4.8x	5.0x	4.0x	4.4x

Sspdl stock price chart

Sspdl financials

mln.	FY2010	FY2011	FY2012

Revenue	1,797	619.4	719.5
EBITDA	16.853	110.8	-130.099
Net income	-27.047	59.057	-82.972
CAPEX	3.293	129.8	0.000
Debt	464.0	419.2	473.7
Cash	10.842	11.907	21.140

About Sspdl

SSPDL Limited engages in the construction and development of commercial and residential properties in metropolitan and Tier II cities, and infrastructure projects in India. The company operates through two segments, Property Development, and Construction and Project Management services. It develops commercial properties, including IT parks, shopping malls, hotel projects, service apartments, etc.; and residential properties, such as gated communities, villas, apartments, and serviced plots. The company was formerly known as Srinivasa Shipping and Property Development Limited. SSPDL Limited was founded in 1994 and is based in Chennai, India.