Crisil EBITDA jumped on 17.8% and Revenue jumped on 12.1%
11-02-2017 • About Crisil (
$CRISIL) • By InTwits
Crisil reported FY2016 financial results today. Overall the company's long term financial model is characterised by the following facts:
- Crisil is a growth stock: FY2016 revenue growth was 12.1%, 5 year revenue CAGR was 13.9% at FY2016 ROIC 48.3%
- The company has highly profitable business model: ROIC is 48.3%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.
Revenue and profitability
Crisil's Revenue jumped on 12.1%. During the last 5 years Revenue growth bottomed in FY2015 at 10.1%. Revenue growth happened at the same time with EBITDA margin expansion. EBITDA Margin increased slightly on 1.4 pp from 28.4% to 29.9% in FY2016. EBITDA Margin followed a declining trend at -1.1 pp per annum in FY2012-FY2016.
Net Income margin showed almost no change in FY2016.
Return on investment
The company operates at high and attractive ROIC (48.3%) and ROE (36.2%). ROIC increased on 5.2 pp from 43.1% to 48.3% in FY2016. ROE increased on 2.8 pp from 33.5% to 36.2% in FY2016. During the last 5 years ROIC bottomed in FY2015 at 43.1%.
Leverage (Debt)
The company has no debt. Cash jumped on 35.6%.
Management team
Ashu Suyash is a Crisil's CEO. Ashu Suyash has spent 5 years with the company. The company's CFO is Amish Pramod Mehta. Amish Pramod Mehta has 6 years tenure at the company.
Financial and operational results
Crisil ($CRISIL) key annual financial indicators| mln. INR | 2012 | 2013 | 2014 | 2015 | 2016 | 2016/2015 |
|---|
P&L
|
|---|
| Revenue | 9,777 | 11,106 | 12,534 | 13,799 | 15,472 | 12.1% |
| EBITDA | 3,276 | 3,606 | 3,830 | 3,923 | 4,622 | 17.8% |
| Net Income | 2,204 | 2,978 | 2,684 | 2,852 | 3,264 | 14.4% |
Balance Sheet
|
|---|
| Cash | 1,371 | 1,515 | 1,205 | 1,309 | 1,775 | 35.6% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | 430 | 178 | 212 | 262 | | |
Ratios
|
|---|
| Revenue growth | 21.2% | 13.6% | 12.9% | 10.1% | 12.1% | |
| EBITDA growth | 20.8% | 10.1% | 6.2% | 2.4% | 17.8% | |
|
|---|
| EBITDA Margin | 33.5% | 32.5% | 30.6% | 28.4% | 29.9% | 1.4% |
| Net Income Margin | 22.5% | 26.8% | 21.4% | 20.7% | 21.1% | 0.4% |
| CAPEX, % of revenue | 4.4% | 1.6% | 1.7% | 1.9% | | |
|
|---|
| ROIC | 62.5% | 53.7% | 46.4% | 43.1% | 48.3% | 5.2% |
| ROE | 46.6% | 49.5% | 35.3% | 33.5% | 36.2% | 2.8% |
| Net Debt/EBITDA | -0.4x | -0.4x | -0.3x | -0.3x | -0.4x | -0.1x |
Peers in Other Financial Services
Below we provide Crisil benchmarking against other companies in Other Financial Services 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 |
|---|
| Capital First ($CAPF) | - | 9.9% | 31.5% | 35.8% | 31.0% |
| Jm Financial ($JMFINANCIL) | - | 19.3% | -3.4% | 39.4% | 17.6% |
| Religare Enterprises ($RELIGARE) | - | 8.1% | -0.5% | 21.3% | 7.9% |
| Credit Analysis And Research ($CARERATING) | - | 13.1% | 16.0% | 10.6% | 7.2% |
| Aditya Birla Money ($BIRLAMONEY) | - | -13.3% | -10.6% | 49.0% | 6.8% |
| |
|---|
| Median (12 companies) | - | 9.9% | -0.5% | 31.6% | 5.9% |
|---|
| Crisil ($CRISIL) | - | 13.6% | 12.9% | 10.1% | 12.1% |
Top companies by EBITDA margin, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Twentyfirst Century Management Services ($21STCENMGM) | - | - | - | 91.9% | - |
| Tcfc Finance ($TCFCFINQ) | - | - | - | 88.4% | - |
| Frontline Securities ($FRONTSEC) | - | - | - | 87.0% | - |
| Shardul Securities ($SHARDUL) | - | - | - | 84.6% | - |
| Axis Capital Markets (India) ($AXISCAP) | - | - | - | 84.2% | - |
| |
|---|
| Median (33 companies) | 43.2% | 57.6% | 53.8% | 39.4% | 59.3% |
|---|
| Crisil ($CRISIL) | 33.5% | 32.5% | 30.6% | 28.4% | 29.9% |
Top companies by CAPEX/Revenue, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Jm Financial ($JMFINANCIL) | 0.9% | 0.9% | 11.2% | 16.9% | 1.2% |
| Geojit Bnp Paribas Financial Services ($GEOJITBNPP) | 5.7% | 7.8% | 3.7% | 4.8% | 8.3% |
| Credit Analysis And Research ($CARERATING) | 4.6% | 2.8% | 1.4% | 4.4% | 1.0% |
| Multi Commodity Exchange Of India ($MCX) | 3.8% | 8.8% | 1.7% | 3.8% | 8.8% |
| Icra ($ICRA) | 2.0% | 2.1% | 13.2% | 1.5% | 3.1% |
| |
|---|
| Median (10 companies) | 3.8% | 1.7% | 1.8% | 1.3% | 2.3% |
|---|
| Crisil ($CRISIL) | 4.4% | 1.6% | 1.7% | 1.9% | - |
Top companies by ROIC, %
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Credit Analysis And Research ($CARERATING) | - | 32.4% | 31.4% | 36.1% | 44.1% |
| Icra ($ICRA) | 20.7% | 17.0% | 20.9% | 21.1% | 20.5% |
| Multi Commodity Exchange Of India ($MCX) | 35.4% | 27.2% | 9.9% | 4.8% | 9.7% |
| Indiabulls Securities ($IBSEC) | - | - | - | - | 2.8% |
| Religare Enterprises ($RELIGARE) | 2.0% | 3.4% | 2.7% | 4.1% | 2.4% |
| |
|---|
| Median (35 companies) | 3.7% | 10.2% | 9.9% | 12.9% | 9.7% |
|---|
| Crisil ($CRISIL) | 62.5% | 53.7% | 46.4% | 43.1% | 48.3% |
Top companies by Net Debt / EBITDA
| Top 5 | FY2012 | FY2013 | FY2014 | FY2015 | FY2016 |
|---|
| Capital First ($CAPF) | 7.5x | 9.2x | 9.1x | 7.7x | 9.4x |
| Religare Enterprises ($RELIGARE) | 9.2x | 6.1x | 7.0x | 7.2x | 8.6x |
| Jm Financial ($JMFINANCIL) | 6.4x | 6.4x | 4.8x | 4.8x | 5.8x |
| Intec Capital ($INTECCAP) | 5.1x | 4.9x | 4.6x | 4.5x | 0.0x |
| Indiabulls Securities ($IBSEC) | 1.6x | 2.5x | 1.9x | 4.0x | 4.0x |
| |
|---|
| Median (31 companies) | -0.1x | 0.3x | 0.0x | 0.0x | 0.0x |
|---|
| Crisil ($CRISIL) | -0.4x | -0.4x | -0.3x | -0.3x | -0.4x |
