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Y/e 31 Mar Mar-2014 Mar-2013 Mar-2012 Mar-2011
Growth matrix (%)        
Revenue growth (43) 7.30 14 --
Op profit growth (67) 6.47 17.60 --
EBIT growth (77) 3.44 20.80 --
Net profit growth (606) (26) (33) --
Profitability ratios (%)        
OPM 11.10 19 19.20 18.60
EBIT margin 7.04 17.30 18 17
Net profit margin (21) 2.34 3.40 5.75
RoCE 7.02 22.80 27.90 --
RoNW (8.70) 1.51 2.13 --
RoA (1.50) 0.37 0.64 --
Per share ratios ()        
EPS -- 5.96 8.09 12
Dividend per share -- 0.40 0.40 0.20
Cash EPS (38) (0.10) 2.72 7.47
Book value per share 72.40 103 97 94.70
Valuation ratios        
P/E 0.18 1.31 1.42 1.99
P/CEPS (0.40) (1,259) 50.60 25.20
P/B 0.18 1.31 1.42 1.99
EV/EBIDTA 25.70 9.15 7.52 8.35
Payout (%)        
Dividend payout -- 7.69 5.70 3.84
Tax payout (48) (38) (37) (33)
Liquidity ratios        
Debtor days 363 142 119 --
Inventory days 209 120 112 --
Creditor days (76) (39) (44) --
Leverage ratios        
Interest coverage (0.30) (1.40) (1.60) (2)
Net debt / equity 6.09 3.23 2.35 1.57
Net debt / op. profit 26.80 6.74 4.94 3.80
Cost breakup ()        
Material costs (14) (15) (12) (0.50)
Employee costs (4.50) (3.40) (3.50) (3.50)
Other costs (70) (62) (65) (77)
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Y/e 31 Mar( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Revenue 2,684 4,685 4,366 3,830
yoy growth (%) (43) 7.30 14 --
Raw materials (373) (711) (526) (18)
As % of sales 13.90 15.20 12.10 0.47
Employee costs (120) (161) (153) (133)
As % of sales 4.48 3.43 3.52 3.47
Other costs (1,892) (2,921) (2,848) (2,967)
As % of sales 70.50 62.40 65.20 77.50
Operating profit 299 892 838 713
OPM 11.10 19 19.20 18.60
Depreciation (132) (112) (99) (84)
Interest expense (747) (598) (487) (321)
Other income 22.30 32.20 46.40 22.10
Profit before tax (558) 215 298 330
Taxes 269 (81) (109) (110)
Tax rate (48) (38) (37) (33)
Minorities and other 0.12 0.28 0.08 0.26
Adj. profit (289) 133 190 220
Exceptional items (267) (24) (41) --
Net profit (556) 110 148 220
yoy growth (%) (606) (26) (33) --
NPM (21) 2.34 3.40 5.75
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Profit before tax (558) 215 298 330
Depreciation (132) (112) (99) (84)
Tax paid 269 (81) (109) (110)
Working capital 1,410 854 (854) --
Other operating items -- -- -- --
Operating cashflow 989 876 (764) --
Capital expenditure 883 358 (358) --
Free cash flow 1,872 1,234 (1,122) --
Equity raised 3,521 3,453 3,414 --
Investments 18.20 (2.60) 2.55 --
Debt financing/disposal 5,559 2,167 (1,527) --
Dividends paid -- 7.27 7.27 7.27
Other items -- -- -- --
Net in cash 10,970 6,858 775 --
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Equity capital 36.40 36.40 36.40 36.40
Preference capital -- -- -- --
Reserves 1,280 1,828 1,727 1,685
Net worth 1,317 1,865 1,763 1,722
Minority interest
Debt 8,100 6,181 4,540 3,219
Deferred tax liabilities (net) 245 272 233 189
Total liabilities 9,663 8,318 6,538 5,130
Fixed assets 4,093 3,582 2,402 1,583
Intangible assets
Investments 370 368 370 352
Deferred tax asset (net) 245 2.87 15.40 3.28
Net working capital 4,867 4,200 3,352 2,682
Inventories 1,462 1,615 1,457 1,220
Inventory Days 199 126 122 116
Sundry debtors 3,197 2,139 1,496 1,360
Debtor days 435 167 125 130
Other current assets 1,783 1,223 1,077 721
Sundry creditors (567) (425) (387) (461)
Creditor days 77.10 33.10 32.30 43.90
Other current liabilities (1,008) (352) (291) (158)
Cash 86.90 165 398 510
Total assets 9,663 8,318 6,538 5,130
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Particulars ( Rupees In Crores.) Mar-2007 Dec-2006 Sep-2006 Jun-2006 Mar-2006
Gross Sales 402 323 273 202 170
Excise Duty -- -- -- -- --
Net Sales 402 323 273 202 170
Other Operating Income -- -- -- -- --
Other Income 8.61 1.86 2.08 1.39 1.23
Total Income 410 324 275 204 171
Total Expenditure ** 323 254 199 152 147
PBIDT 87 70.50 76.30 51.30 23.90
Interest 21.20 11.50 8.59 4.88 3.29
PBDT 65.80 59.10 67.70 46.40 20.60
Depreciation 2.60 2.28 1.72 1.58 1.14
Minority Interest Before NP -- -- -- -- --
Tax 3.87 15.70 16.70 11.20 3.72
Deferred Tax 14.80 1.96 5 0.54 2.75
Reported Profit After Tax 44.40 39.10 44.20 33 13
Minority Interest After NP 6.47 8.55 13.80 11.90 0.02
Net Profit after Minority Interest 38 30.50 30.40 21.10 13
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 38 30.50 30.40 21.10 13
EPS (Unit Curr.) 20.40 16.40 16.30 11.40 10.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 18.60 18.60 18.60 18.60 18.60
Public Shareholding (Number) 14,844,780 14,844,780 14,844,780 14,844,780 14,844,780
Public Shareholding (%) 79.80 79.80 79.80 79.80 79.80
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 21.70 21.90 27.90 25.30 14.10
PBDTM(%) 16.40 18.30 24.80 22.90 12.20
PATM(%) 11.10 12.10 16.20 16.30 7.66