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Y/e 31 Mar Mar-2015 Mar-2014 Mar-2013 Mar-2012
Growth matrix (%)        
Revenue growth 27 (5.30) 7.19 6.94
Op profit growth 48.50 (23) 78.80 (39)
EBIT growth 196 (45) 640 (85)
Net profit growth (87) 70.50 (58) 184
Profitability ratios (%)        
OPM 11.30 9.69 11.90 7.13
EBIT margin 7.73 3.32 5.71 0.83
Net profit margin (0.60) (6.20) (3.40) (8.70)
RoCE (37) (19) (99) (34)
RoNW (0.30) (2.10) (1.20) (2.60)
RoA (0.10) (1) (0.60) (1.30)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (3.30) (7.10) (5.80) (8.40)
Book value per share 37.60 38.30 42 44.10
Valuation ratios        
P/E 0.45 0.17 0.16 0.27
P/CEPS (5.10) (0.90) (1.10) (1.40)
P/B 0.45 0.17 0.16 0.27
EV/EBIDTA 6.62 9.28 7.49 14.30
Payout (%)        
Dividend payout -- -- -- --
Tax payout (5.40) (2.20) (3) 2.18
Liquidity ratios        
Debtor days 42.20 44.10 36.60 36.50
Inventory days 26.70 32.90 33.90 38.10
Creditor days (47) (40) (25) (17)
Leverage ratios        
Interest coverage (1.10) (0.40) (0.60) (0.10)
Net debt / equity 1.03 1.18 1.12 1.03
Net debt / op. profit 4.79 8.33 6.72 11.60
Cost breakup ()        
Material costs (19) (23) (20) (22)
Employee costs (8.70) (10) (8.50) (8.60)
Other costs (61) (57) (60) (63)
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Y/e 31 Mar( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Revenue 157 124 131 122
yoy growth (%) 27 (5.30) 7.19 6.94
Raw materials (30) (29) (26) (26)
As % of sales 19.30 23.10 19.80 21.70
Employee costs (14) (13) (11) (10)
As % of sales 8.68 10.50 8.48 8.55
Other costs (96) (70) (78) (76)
As % of sales 60.70 56.70 59.80 62.60
Operating profit 17.80 12 15.60 8.70
OPM 11.30 9.69 11.90 7.13
Depreciation (6.30) (8.20) (8.40) (7.90)
Interest expense (11) (12) (12) (11)
Other income 0.70 0.30 0.33 0.26
Profit before tax 0.88 (7.40) (4.20) (10)
Taxes -- 0.16 0.13 (0.20)
Tax rate (5.40) (2.20) (3) 2.18
Minorities and other -- -- -- --
Adj. profit 0.83 (7.30) (4) (11)
Exceptional items (1.80) (0.40) (0.40) --
Net profit (1) (7.60) (4.50) (11)
yoy growth (%) (87) 70.50 (58) 184
NPM (0.60) (6.20) (3.40) (8.70)
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Y/e 31 Mar ( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Profit before tax 0.88 (7.40) (4.20) (10)
Depreciation (6.30) (8.20) (8.40) (7.90)
Tax paid -- 0.16 0.13 (0.20)
Working capital (27) (11) -- 10.90
Other operating items -- -- -- --
Operating cashflow (32) (26) (12) (7.70)
Capital expenditure 37.10 18.70 -- (19)
Free cash flow 4.95 (7.60) (12) (26)
Equity raised 148 146 147 149
Investments (0.10) -- -- --
Debt financing/disposal 2.80 19.40 -- 47.70
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 156 158 134 170
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Y/e 31 Mar ( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Equity capital 22.20 22.20 22.20 22.20
Preference capital -- -- -- --
Reserves 61.10 62.80 71 75.60
Net worth 83.30 85 93.20 97.80
Minority interest
Debt 90.20 105 107 107
Deferred tax liabilities (net) 1.31 1.18 1.31 1.18
Total liabilities 175 191 202 206
Fixed assets 126 128 129 128
Intangible assets
Investments 0.18 0.30 0.30 0.30
Deferred tax asset (net) 0.33 0.25 0.22 0.24
Net working capital 44 57.90 69.80 72
Inventories 13.30 9.70 12.60 11.70
Inventory Days 30.90 28.60 35.20 34.90
Sundry debtors 19.90 16.60 13.40 12.90
Debtor days 46.10 48.80 37.40 38.50
Other current assets 58.80 65.50 67.70 67.30
Sundry creditors (19) (16) (8.10) (7.70)
Creditor days 45.20 48.20 22.60 23.10
Other current liabilities (28) (18) (16) (12)
Cash 4.73 4.96 2.60 5.40
Total assets 175 191 202 206
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Particulars ( Rupees In Crores.) Mar-2015 Dec-2014 Sep-2014 Jun-2014 Mar-2014
Gross Sales 44.10 38.90 33.90 40.50 41.50
Excise Duty -- -- -- -- --
Net Sales 44.10 38.90 33.90 40.50 41.50
Other Operating Income 0.01 0.01 -- -- 0.05
Other Income 0.08 0.43 0.16 0.02 0.16
Total Income 44.20 39.30 34 40.50 41.70
Total Expenditure ** 41.70 33.30 30.80 35.60 37.20
PBIDT 2.48 6.07 3.20 4.95 4.50
Interest 2.65 3.26 2.62 2.76 2.97
PBDT (0.20) 2.81 0.58 2.19 1.53
Depreciation 0.47 1.95 1.97 1.96 2.01
Minority Interest Before NP -- -- -- -- --
Tax 0.05 -- -- -- (0.20)
Deferred Tax -- -- -- -- --
Reported Profit After Tax (0.70) 0.86 (1.40) 0.23 (0.30)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (0.70) 0.86 (1.40) 0.23 (0.30)
Extra-ordinary Items (1.70) -- -- -- (0.30)
Adjusted Profit After Extra-ordinary item 1.05 0.88 (1.40) 0.24 (0.10)
EPS (Unit Curr.) (0.30) 0.39 (0.60) 0.10 (0.10)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 22.20 22.20 22.20 22.20 22.20
Public Shareholding (Number) 9,078,479 9,079,479 9,079,479 9,079,479 9,079,479
Public Shareholding (%) 41 41 41 41 41
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares 13,081,521 13,080,521 13,080,521 13,080,521 13,080,521
Non Encumbered - % in Total Promoters Holding 100 100 100 100 100
Non Encumbered - % in Total Equity 59 59 59 59 59
PBIDTM(%) 5.62 15.60 9.45 12.20 10.80
PBDTM(%) (0.40) 7.23 1.71 5.40 3.69
PATM(%) (1.60) 2.21 (4.10) 0.57 (0.70)