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Itd Cementation India reports 9.5% EBITDA growth in 2016 and 0.65% Revenue growth

21-02-2017 • About Itd Cementation India ($ITDCEM) • By InTwits

Itd Cementation India reported FY2016 financial results today. Here are the key drivers of the company's long term financial model:
  • EBITDA Margin is quite volatile: 6.8% in FY2016, 6.2% in FY2015, 5.3% in FY2014, 11.3% in FY2013, 11.9% in FY2012
  • The company has highly profitable business model: ROIC is 15.8%
Below you can find a comprehensive analysis of the key data driving the company's performance and the stock price.

Revenue and profitability


Itd Cementation India's Revenue increased slightly on 0.65%. Having declining revenue the company managed to increase EBITDA margin. EBITDA Margin increased on 6.0 pp from 15.0% to 20.9% in FY2016. During the last 5 years EBITDA Margin bottomed in FY2014 at 5.3% and was growing since that time.

Net Income margin increased on 3.5 pp from -1.9% to 1.6% in FY2016.

Return on investment


The company operates at good ROIC (15.8%) while ROE is low (9.1%). ROIC increased on 3.1 pp from 12.6% to 15.8% in FY2016. ROE surged on 20.1 pp from -11.0% to 9.1% in FY2016. During FY2012-FY2016 ROIC bottomed in FY2014 at 3.8% and was growing since that time.

Leverage (Debt)


Company's Net Debt / EBITDA is 1.3x and Debt / EBITDA is 2.2x. Net Debt / EBITDA dropped on 1.4x from 2.7x to 1.3x in FY2016. Debt dropped on 22.9% while cash surged on 121%. During FY2012-FY2016 Net Debt/EBITDA topped in FY2014 at 8.1x and was declining since that time.

Itd Cementation India has short term refinancing risk: cash is only 43.8% of short term debt.

Financial and operational results


Itd Cementation India ($ITDCEM) key annual financial indicators

mln. INR201220132014201520162016/2015
P&L
Revenue16,44715,78417,12430,68730,8860.6%
EBITDA1,9601,7779131,9162,0999.5%
Net Income22093194-593481
Balance Sheet
Cash1512092498381,851121.0%
Short Term Debt7,0567,5817,2495,8904,224-28.3%
Long Term Debt778114404118406244.6%
Cash flow
Capex451583491586
Ratios
Revenue growth-3.7%-4.0%8.5%79.2%0.6%
EBITDA growth13.8%-9.4%-48.6%109.9%9.5%
EBITDA Margin11.9%11.3%5.3%6.2%6.8%0.6%
Net Income Margin1.3%0.6%1.1%-1.9%1.6%3.5%
CAPEX, % of revenue2.7%3.7%2.9%1.9%
ROIC13.1%11.3%3.8%12.6%15.8%3.1%
ROE5.6%2.3%4.0%-11.0%9.1%20.1%
Net Debt/EBITDA3.9x4.2x8.1x2.7x1.3x-1.4x

Peers in Construction & Engineering


Below you can find Itd Cementation India benchmarking vs. other companies in Construction & Engineering 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
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 (29 companies)-12.1%6.9%6.6%-0.0%-5.3%
Itd Cementation India ($ITDCEM)--4.0%8.5%79.2%0.6%


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)12.3%11.3%10.7%10.3%10.8%
Itd Cementation India ($ITDCEM)11.9%11.3%5.3%6.2%6.8%


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%8.6%6.9%3.2%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 (38 companies)8.6%7.1%6.3%6.6%6.3%
Itd Cementation India ($ITDCEM)13.1%11.3%3.8%12.6%15.8%


Top companies by Net Debt / EBITDA

Top 5 FY2012 FY2013 FY2014 FY2015 FY2016
Mcnally Bharat Engineering Company ($MBECL)4.3x7.0x7.6x28.3x2,779.7x
Atlanta ($ATLANTA)10.7x4.8x6.4x7.6x71.7x
Ramky Infrastructure ($RAMKY)3.1x4.6x--20.6x
Supreme Infrastructure India ($SUPREMEINF)6.0x6.1x6.8x11.3x16.2x
Jaiprakash Associates ($JPASSOCIAT)9.2x8.9x11.0x11.9x14.1x
 
Median (26 companies)4.7x5.5x5.4x3.0x5.1x
Itd Cementation India ($ITDCEM)3.9x4.2x8.1x2.7x1.3x


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