Bajaj Holdings & Investment revenue surged on 29.9% in 2015 while EBITDA Margin decreased slightly on 1.8 pp from 94.4% to 92.7%
21 May 2015 • About Bajaj Holdings & Investment (
$BAUD) • By InTwits
Bajaj Holdings & Investment reported FY2015 financial results today. Overall the company's long term financial model is characterised by the following facts:
- EBITDA Margin is declining: 92.7% in FY2015 vs. 94.4% in FY2014 vs. 98.7% in FY2011
- The company has potentially unprofitable business model: ROIC is at 3.9%
Below you can find a comprehensive analysis of the key data driving the company's performance and stock price.
Bajaj Holdings & Investment ($BAUD) key annual financial indicators
| mln. INR | 2011 | 2012 | 2013 | 2014 | 2015 | 2015/2014 |
|---|
P&L
|
|---|
| Revenue | 9,002 | 3,010 | 3,392 | 4,180 | 5,428 | 29.9% |
| EBITDA | 8,886 | 2,894 | 3,241 | 3,946 | 5,030 | 27.5% |
| Net Income | 23,228 | 16,792 | 18,564 | 19,876 | 20,292 | 2.1% |
Balance Sheet
|
|---|
| Cash | 2,223 | 511 | 332 | 603 | 11 | -98.2% |
| Short Term Debt | 0 | 0 | 0 | 0 | 0 | |
| Long Term Debt | 0 | 0 | 0 | 0 | 0 | |
Cash flow
|
|---|
| Capex | | 0 | 0 | 0 | 1 | |
Ratios
|
|---|
| Revenue growth | 25.1% | -66.6% | 12.7% | 23.2% | 29.9% | |
| EBITDA growth | | -67.4% | 12.0% | 21.8% | 27.5% | |
| EBITDA Margin | 98.7% | 96.2% | 95.5% | 94.4% | 92.7% | -1.8% |
| Net Income Margin | 258.0% | 557.9% | 547.2% | 475.5% | 373.8% | -101.7% |
| CAPEX, % of revenue | | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| ROIC | 11.7% | 3.6% | 3.4% | 3.5% | 3.9% | 0.4% |
| ROE | 35.7% | 20.8% | 19.5% | 17.8% | 16.0% | -1.8% |
| Net Debt/EBITDA | -0.3x | -0.2x | -0.1x | -0.2x | -0.0x | 0.2x |
Revenue and profitability
Bajaj Holdings & Investment's Revenue jumped on 29.9% in FY2015. Revenue growth was financed by EBITDA margin decline. EBITDA Margin decreased slightly on 1.8 pp from 94.4% to 92.7% in FY2015.
Net Income marign dropped on 102 pp from 476% to 374% in FY2015.
Capital expenditures (CAPEX) and working capital investments
The company's CAPEX/Revenue was 0.0092% in FY2015. Bajaj Holdings & Investment's CAPEX/Revenue showed almost no change from FY2012 to FY2015.
Return on investment
The company operates at good ROE (15.98%) while ROIC is low (3.91%). ROIC showed almost no change in FY2015. ROE decreased slightly on 1.8 pp from 17.8% to 16.0% in FY2015.
Leverage (Debt)
The company has no debt. Cash dropped on 98.2% in FY2015.
Appendix 1: Peers in Finance (including NBFCs)
Below you can find Bajaj Holdings & Investment benchmarking vs. other companies in Finance (including NBFCs) 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 | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Srei Infrastructure Finance ($SRI) | | 49.3% | 27.2% | 0.4% | 2.3% |
| |
|---|
| Median (1 company) | | 49.3% | 27.2% | 0.4% | 2.3% |
|---|
| Bajaj Holdings & Investment ($BAUD) | | -66.6% | 12.7% | 23.2% | 29.9% |
Top companies by EBITDA margin, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Srei Infrastructure Finance ($SRI) | 78.5% | 80.6% | 83.9% | 83.7% | 78.5% |
| |
|---|
| Median (1 company) | 78.5% | 80.6% | 83.9% | 83.7% | 78.5% |
|---|
| Bajaj Holdings & Investment ($BAUD) | 98.7% | 96.2% | 95.5% | 94.4% | 92.7% |
Top companies by CAPEX/Revenue, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Srei Infrastructure Finance ($SRI) | 34.8% | 29.3% | 8.3% | 12.6% | 5.4% |
| |
|---|
| Median (1 company) | 34.8% | 29.3% | 8.3% | 12.6% | 5.4% |
|---|
| Bajaj Holdings & Investment ($BAUD) | | 0.0% | 0.0% | 0.0% | 0.0% |
Top companies by ROIC, %
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Srei Infrastructure Finance ($SRI) | | | | | |
| |
|---|
| Median (1 company) | | | | | |
|---|
| Bajaj Holdings & Investment ($BAUD) | 11.7% | 3.6% | 3.4% | 3.5% | 3.9% |
Top companies by Net Debt / EBITDA
| Top | FY2011 | FY2012 | FY2013 | FY2014 | FY2015 |
|---|
| Srei Infrastructure Finance ($SRI) | 6.4x | 7.0x | 6.2x | 7.5x | 8.0x |
| |
|---|
| Median (1 company) | 6.4x | 7.0x | 6.2x | 7.5x | 8.0x |
|---|
| Bajaj Holdings & Investment ($BAUD) | -0.3x | -0.2x | -0.1x | -0.2x | -0.0x |
