Unity Infraprojects revenue dropped on 69.3%
31-05-2016 • About Unity Infraprojects (
$UNITY) • By InTwits
Unity Infraprojects reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
- Unity Infraprojects is a company in decline: FY2016 revenue growth was -69.3%, 5 years revenue CAGR was -28.8%
- EBITDA Margin is declining: in FY2016 vs. -3.0% in FY2015 vs. 15.4% in FY2012
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
The company's Revenue dropped on 69.3%. Revenue decline was accelerating on average at -24.3 pp per annum in FY2012-FY2016.
Net Income margin dropped on 168 pp from -32.3% to -200% in FY2016. Net Income margin followed a declining trend in FY2012-FY2016.
Financial and operational results
Unity Infraprojects ($UNITY) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 20,667 | 24,118 | 23,021 | 10,565 | 3,248 | -69.3% |
| EBITDA | 3,190 | 3,434 | 2,778 | -312 | | |
| Net Income | 1,065 | 1,036 | 62 | -3,415 | -6,511 | |
Balance Sheet
|
|---|
| Cash | 1,414 | 1,157 | 1,423 | | | |
| Short Term Debt | 8,907 | 12,784 | 17,140 | | | |
| Long Term Debt | 2,006 | 2,151 | 6,333 | | | |
Cash flow
|
|---|
| Capex | 623 | 3,669 | 104 | | | |
Ratios
|
|---|
| Revenue growth | 16.6% | 16.7% | -4.5% | -54.1% | -69.3% | |
| EBITDA growth | 30.3% | 7.6% | -19.1% | -111.2% | | |
|
|---|
| EBITDA Margin | 15.4% | 14.2% | 12.1% | -3.0% | |
| Net Income Margin | 5.2% | 4.3% | 0.3% | -32.3% | -200.4% | -168.1% |
| CAPEX, % of revenue | 3.0% | 15.2% | 0.5% | | | |
|
|---|
| ROIC | 16.8% | 15.0% | 9.1% | | | |
| ROE | 15.2% | 12.9% | 0.7% | | | |
| Net Debt/EBITDA | 3.0x | 4.0x | 7.9x | | |
Peers in Construction & Engineering
Below we provide Unity Infraprojects benchmarking against other companies in Construction & Engineering 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 |
|---|
| Ramky Infrastructure ($RAMKY) | - | -5.0% | -37.9% | -33.6% | 44.2% |
| Shristi Infrastructure Development Corporation ($SHRISTI) | - | -2.1% | -2.3% | 1.0% | 28.2% |
| Prakash Constrowell ($PRAKASHCON) | - | 19.4% | -3.4% | -26.4% | 23.8% |
| Mbl Infrastructures ($MBLINFRA) | - | 7.1% | 30.3% | 11.1% | 19.4% |
| Skipper ($SKIPPER) | - | 21.5% | 15.7% | 26.0% | 14.7% |
| |
|---|
| Median (28 companies) | -11.6% | 6.7% | 7.1% | 1.2% | -5.1% |
|---|
| Unity Infraprojects ($UNITY) | - | 16.7% | -4.5% | -54.1% | -69.3% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Madhucon Projects ($MADHUCON) | 8.4% | 31.9% | 22.1% | 32.1% | 40.2% |
| Jaiprakash Associates ($JPASSOCIAT) | 36.9% | 35.9% | 32.4% | 31.5% | 27.6% |
| Arss Infrastructure Projects ($ARSSINFRA) | 14.0% | 13.9% | 22.0% | 31.3% | - |
| Reliance Industrial Infrastructure ($RIIL) | - | - | - | 30.8% | - |
| Shristi Infrastructure Development Corporation ($SHRISTI) | 27.2% | 30.0% | 30.0% | 29.8% | 29.6% |
| |
|---|
| Median (37 companies) | 11.9% | 11.2% | 10.2% | 10.3% | 10.8% |
|---|
| Unity Infraprojects ($UNITY) | 15.4% | 14.2% | 12.1% | -3.0% | - |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Shristi Infrastructure Development Corporation ($SHRISTI) | 0.0% | 11.2% | 14.1% | 40.8% | 25.2% |
| Jaiprakash Associates ($JPASSOCIAT) | 97.0% | 65.5% | 45.0% | 31.6% | 18.9% |
| Supreme Infrastructure India ($SUPREMEINF) | 46.6% | 31.1% | 43.1% | 45.8% | 14.8% |
| Mbl Infrastructures ($MBLINFRA) | 7.0% | 12.7% | 11.7% | 9.6% | 14.8% |
| Ramky Infrastructure ($RAMKY) | 10.6% | 11.9% | 8.6% | 1.4% | 6.8% |
| |
|---|
| Median (20 companies) | 7.7% | 6.6% | 6.9% | 3.1% | 3.5% |
|---|
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Skipper ($SKIPPER) | 10.4% | 13.5% | 14.7% | 27.4% | 24.4% |
| Voltas ($VOLTAS) | 19.6% | 11.7% | 11.8% | 19.3% | 18.2% |
| Spml Infra ($SPMLINFRA) | 8.6% | 9.7% | 7.1% | 10.6% | 13.1% |
| Mbl Infrastructures ($MBLINFRA) | 21.3% | 13.4% | 14.0% | 13.6% | 11.2% |
| Madhucon Projects ($MADHUCON) | -2.4% | 0.7% | 3.8% | 7.5% | 10.9% |
| |
|---|
| Median (35 companies) | 8.6% | 7.1% | 5.6% | 6.7% | 6.3% |
|---|
| Unity Infraprojects ($UNITY) | 16.8% | 15.0% | 9.1% | - | - |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Mcnally Bharat Engineering Company ($MBECL) | 4.3x | 7.0x | 7.6x | 28.3x | 2,779.7x |
| Atlanta ($ATLANTA) | 10.7x | 4.8x | 6.4x | 7.6x | 71.7x |
| Ramky Infrastructure ($RAMKY) | 3.1x | 4.6x | - | - | 20.6x |
| Supreme Infrastructure India ($SUPREMEINF) | 6.0x | 6.1x | 6.8x | 11.3x | 16.2x |
| Jaiprakash Associates ($JPASSOCIAT) | 9.2x | 8.9x | 11.0x | 11.9x | 14.1x |
| |
|---|
| Median (26 companies) | 4.7x | 5.5x | 5.4x | 2.9x | 5.1x |
|---|
