Prajay Engineers Syndicate revenue dropped on 15.2%

14-06-2016 • About Prajay Engineers Syndicate ($PRAENG) • By InTwits

Prajay Engineers Syndicate reported FY2016 financial results today. Here are the key drivers of the company's long term financial model: Prajay Engineers Syndicate 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 -6.5%.

Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability

Prajay Engineers Syndicate's Revenue dropped on 15.2%.

Net Income margin decreased on 7.3 pp from -22.6% to -29.9% in FY2016. Net Income margin stuck to a declining trend at -4.3 pp per annum in FY2012-FY2016.

Financial and operational results

Prajay Engineers Syndicate ($PRAENG) key annual financial indicators

mln. INR	2012	2013	2014	2015	2016	2016/2015
P&L
Revenue	675	958	670	1,091	926	-15.2%
EBITDA	26	6	-178	-132
Net Income	-91	-122	-122	-247	-277
Balance Sheet
Cash	42	115
Short Term Debt	468	44
Long Term Debt	2,724	2,551
Cash flow
Capex	5
Ratios
Revenue growth	-21.1%	42.0%	-30.1%	62.8%	-15.2%
EBITDA growth	-81.8%	-78.4%	-3,264.5%	-25.7%
EBITDA Margin	3.9%	0.6%	-26.6%	-12.1%
Net Income Margin	-13.5%	-12.7%	-18.1%	-22.6%	-29.9%	-7.3%
CAPEX, % of revenue	0.8%
ROIC	-0.1%	-0.3%
ROE	-1.3%	-1.8%
Net Debt/EBITDA	120.7x	440.5x

Peers in Realty

Below you can find Prajay Engineers Syndicate 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
Pvp Ventures ($PVP)	-	-	32.9%	-15.9%	177.3%
Sunteck Realty ($SUNTECK)	-	77.7%	2,963.6%	-67.3%	159.7%
Ajmera Realty & Infra India ($AJMERA)	-	-61.7%	-1.8%	109.9%	92.0%
Peninsula Land ($PENINLAND)	-	39.2%	-62.3%	-42.4%	90.2%
Oberoi Realty ($OBEROIRLTY)	-	27.3%	-23.4%	14.1%	53.7%
Median (33 companies)	-35.7%	3.4%	-1.8%	11.4%	0.9%
Prajay Engineers Syndicate ($PRAENG)	-	42.0%	-30.1%	62.8%	-15.2%

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 ($OBEROIRLTY)	59.3%	58.9%	54.5%	56.4%	47.7%
Median (43 companies)	20.1%	18.1%	20.1%	22.6%	16.3%
Prajay Engineers Syndicate ($PRAENG)	3.9%	0.6%	-26.6%	-12.1%	-

Top companies by CAPEX/Revenue, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Nitesh Estates ($NITESHEST)	-	39.7%	0.1%	2.8%	104.7%
Brigade Enterprises ($BRIGADE)	45.7%	10.7%	17.0%	18.5%	56.3%
The Phoenix Mills ($PHOENIXLTD)	168.3%	108.0%	107.1%	7.3%	22.8%
Ansal Properties & Infrastructure ($ANSALAPI)	20.7%	9.4%	5.4%	5.8%	19.4%
Vipul ($VIPUL)	5.0%	1.9%	3.3%	9.4%	15.7%
Median (25 companies)	4.9%	2.5%	3.6%	2.4%	2.9%

Top companies by ROIC, %

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Ahluwalia Contracts (India) ($AHLUCONT)	-3.2%	-15.8%	5.6%	21.2%	27.1%
Ashiana Housing ($ASHIANA)	34.1%	6.6%	5.8%	6.0%	20.4%
B.L.Kashyap And Sons ($BLKASHYAP)	4.4%	6.9%	2.6%	-2.6%	20.2%
Ajmera Realty & Infra India ($AJMERA)	6.6%	2.3%	2.4%	8.3%	14.2%
Brigade Enterprises ($BRIGADE)	4.5%	6.2%	9.3%	10.5%	10.9%
Median (48 companies)	5.9%	5.1%	5.6%	6.8%	6.4%
Prajay Engineers Syndicate ($PRAENG)	-0.1%	-0.3%	-	-	-

Top companies by Net Debt / EBITDA

Top 5	FY2012	FY2013	FY2014	FY2015	FY2016
Nitesh Estates ($NITESHEST)	225.8x	-	5.1x	5.9x	151.9x
D B Realty ($DBREALTY)	13.2x	135.4x	14.0x	54.8x	51.1x
Parsvnath Developers ($PARSVNATH)	5.1x	4.7x	14.6x	9.0x	36.3x
Srs Real Infrastructure ($SRSREAL)	11.7x	10.0x	12.9x	14.7x	30.2x
Vipul ($VIPUL)	0.7x	3.0x	10.8x	26.0x	27.7x
Median (34 companies)	5.1x	4.8x	5.0x	4.0x	4.4x

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