B.C. Power Controls reports 10.5% revenue growth in FY2016

31-05-2016 • About B.C. Power Controls ($BCP) • By InTwits

B.C. Power Controls reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:

B.C. Power Controls is a fast growth stock: FY2016 revenue growth was 10.5%, 5 year revenue CAGR was 40.4% at FY2016 ROIC
EBITDA Margin is relatively stable: in FY2016 vs. 1.6% in FY2015 vs. 0.9% 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

B.C. Power Controls's Revenue jumped on 10.5%.

Net Income margin showed almost no change in FY2016. Net Income margin was relatively stable in the last 5 years.

Financial and operational results

B.C. Power Controls ($BCP) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	1,036	1,014	1,036	2,231	2,465	10.5%
EBITDA	9	15	15	35
Net Income	4	3	3	7	7	7.0%
Balance Sheet
Cash	2	20
Short Term Debt	26	191
Long Term Debt	17	28
Cash flow
Capex	25	4
Ratios
Revenue growth	129.0%	-2.2%	2.2%	115.3%	10.5%
EBITDA growth	446.9%	66.6%	-3.6%	136.7%

EBITDA Margin	0.9%	1.5%	1.4%	1.6%
Net Income Margin	0.4%	0.3%	0.3%	0.3%	0.3%	-0.0%
CAPEX, % of revenue	2.5%	0.4%

ROIC	5.1%	4.0%
ROE	5.1%	3.2%
Net Debt/EBITDA	4.4x	13.0x	0.0x	0.0x

Peers in Other Elect.Equip./ Prod.

Below we provide B.C. Power Controls benchmarking against other companies in Other Elect.Equip./ Prod. 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
Salzer Electronics ($SALZER)	-	2.6%	6.9%	15.9%	27.5%
Ultracab (India) ($ULTRACAB)	-	26.2%	10.5%	10.6%	17.7%
Kirloskar Electric Company ($KECL)	-	-1.7%	-7.6%	-48.5%	7.3%
Cords Cable Industries ($CORDSCABLE)	-	2.3%	-31.8%	0.8%	6.9%
Emgee Cables & Communications ($EMGEECA)	-	-1.4%	1.1%	-0.8%	-2.2%
Median (13 companies)	22.7%	-1.7%	-7.6%	3.3%	-4.4%
B.C. Power Controls ($BCP)	-	-2.2%	2.2%	115.3%	10.5%

Top companies by Gross margin, %


Top	FY2012	FY2013	FY2014	FY2015	FY2016
Malvica Engineering ($MALVICAE)	0.0%	0.0%	0.0%	0.0%	0.0%
Median (1 company)	0.0%	0.0%	0.0%	0.0%	0.0%

Top companies by EBITDA margin, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Fluidomat ($FLUIDOM)	-	-	-	28.0%	-
Indosolar ($INDOSOLAR)	-114.4%	-52.7%	-140.0%	16.3%	3.3%
Genus Power Infrastructures ($GENUSPOWER)	14.1%	11.0%	13.8%	13.8%	14.8%
Salzer Electronics ($SALZER)	12.9%	12.5%	12.4%	12.6%	12.1%
Pitti Laminations ($PITTILAM)	15.6%	13.6%	13.2%	12.0%	6.2%
Median (16 companies)	9.9%	9.0%	9.3%	10.3%	10.0%
B.C. Power Controls ($BCP)	0.9%	1.5%	1.4%	1.6%	-

Top companies by CAPEX/Revenue, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Indosolar ($INDOSOLAR)	311.2%	148.3%	42.3%	26.9%	7.1%
Diamond Power Infrastructure ($DIAPOWER)	-	6.8%	8.4%	8.7%	-
Salzer Electronics ($SALZER)	6.8%	5.6%	4.1%	8.2%	9.8%
Birla Ericsson Optical ($BIRLAERIC)	1.3%	4.4%	4.0%	3.5%	-
Kirloskar Electric Company ($KECL)	1.8%	0.7%	1.8%	2.3%	0.3%
Median (7 companies)	3.4%	4.4%	4.0%	3.5%	3.7%

Top companies by ROIC, %


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Salzer Electronics ($SALZER)	14.6%	12.7%	13.0%	14.6%	13.8%
Genus Power Infrastructures ($GENUSPOWER)	12.4%	8.0%	12.2%	13.5%	12.7%
Hbl Power Systems ($HBLPOWER)	10.6%	10.1%	4.3%	6.7%	6.5%
Malvica Engineering ($MALVICAE)	0.0%	0.0%	0.0%	0.0%	0.0%
Indosolar ($INDOSOLAR)	-14.0%	-6.8%	-5.2%	2.2%	-3.0%
Median (22 companies)	9.0%	9.2%	9.7%	4.5%	3.3%
B.C. Power Controls ($BCP)	5.1%	4.0%	-	-	-

Top companies by Net Debt / EBITDA


Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Diamond Power Infrastructure ($DIAPOWER)	3.3x	5.2x	4.8x	46.8x	-
Indosolar ($INDOSOLAR)	-	-	-	20.3x	66.3x
Hbl Power Systems ($HBLPOWER)	4.1x	4.4x	6.8x	4.7x	4.2x
Salzer Electronics ($SALZER)	1.9x	2.2x	2.6x	2.7x	2.2x
Genus Power Infrastructures ($GENUSPOWER)	3.2x	3.9x	2.9x	2.7x	1.5x
Median (13 companies)	3.3x	4.1x	2.9x	0.0x	0.0x
B.C. Power Controls ($BCP)	4.4x	13.0x	0.0x	0.0x	-

B.C. Power Controls stock price chart

B.C. Power Controls financials

mln.	FY2010	FY2011	FY2012

Revenue	2,578	452.5	1,036
EBITDA	0.737	1.681	9.194
Net income	0.134	0.503	3.868
CAPEX	1.641	31.624	25.411
Debt	1.451	0.000	43.062
Cash	0.845	4.761	2.171

About B.C. Power Controls

B.C. Power Controls Limited manufactures and trades various wires and cables in India. The company offers armoured cables for use in underground wiring; unarmoured cables that are made with plastic covering; flexible and house wires; submersible cables to transmit energy in submerged devices; and control and instrumentation cables for use in communication and instrumentation applications in process industries, such as oil exploration, cement, paper, steel, power generation, and others. It also provides telephone switch board cables that are used for indoor telephones, telephone exchanges, satellite telecommunication systems, industrial plant communication systems, EPBAX systems, closed circuit security systems, in-house telephone wiring, and various other equipment involving telephones; and flame retardant-low smoke and halogen cables for use in places, such as shopping malls, buildings, offices, hospitals, etc. B.C. Power Controls Limited was founded in 2008 and is based in New Delhi, India.