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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth (24) 69.30 69.20 (54)
Op profit growth (19) 0.31 (33) (52)
EBIT growth (27) 5.34 (27) (53)
Net profit growth (26) 8.11 (40) (74)
Profitability ratios (%)        
OPM 4.02 3.76 6.35 16
EBIT margin 3.66 3.81 6.12 14.20
Net profit margin 0.98 1.02 1.59 4.52
RoCE (40) 42.70 (140) 41.80
RoNW 0.05 0.06 0.06 0.10
RoA 0.04 0.06 0.06 0.09
Per share ratios ()        
EPS 0.10 0.13 0.12 0.20
Dividend per share -- -- -- --
Cash EPS 0.01 0.03 -- 0.05
Book value per share 52.90 53 52.30 52.40
Valuation ratios        
P/E 363 208 149 101
P/CEPS 3,460 1,068 (566) 422
P/B 0.69 0.51 0.34 0.39
EV/EBIDTA 82.60 48.20 31.70 28
Payout (%)        
Dividend payout -- -- -- --
Tax payout (29) (32) (31) (33)
Liquidity ratios        
Debtor days 161 181 184 78.70
Inventory days -- -- -- --
Creditor days (103) (131) (120) --
Leverage ratios        
Interest coverage (1.60) (1.60) (1.60) (1.90)
Net debt / equity 0.01 0.03 0.03 0.04
Net debt / op. profit 0.85 3.25 3.41 2.59
Cost breakup ()        
Material costs (89) (92) (83) (53)
Employee costs (5) (1.90) (4.50) (11)
Other costs (2) (2.70) (6.30) (20)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 30.60 40.10 23.70 14
yoy growth (%) (24) 69.30 69.20 (54)
Raw materials (27) (37) (20) (7.50)
As % of sales 89 91.70 82.80 53.20
Employee costs (1.50) (0.80) (1.10) (1.50)
As % of sales 4.99 1.89 4.47 10.80
Other costs (0.60) (1.10) (1.50) (2.80)
As % of sales 1.95 2.67 6.34 19.90
Operating profit 1.23 1.51 1.51 2.24
OPM 4.02 3.76 6.35 16
Depreciation (0.30) (0.30) (0.50) (0.50)
Interest expense (0.70) (0.90) (0.90) (1)
Other income 0.16 0.35 0.42 0.23
Profit before tax 0.43 0.60 0.55 0.95
Taxes (0.10) (0.20) (0.20) (0.30)
Tax rate (29) (32) (31) (33)
Minorities and other -- -- -- --
Adj. profit 0.30 0.41 0.38 0.63
Exceptional items -- -- -- --
Net profit 0.30 0.41 0.38 0.63
yoy growth (%) (26) 8.11 (40) (74)
NPM 0.98 1.02 1.59 4.52
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 0.43 0.60 0.55 0.95
Depreciation (0.30) (0.30) (0.50) (0.50)
Tax paid (0.10) (0.20) (0.20) (0.30)
Working capital 1.09 (2.10) (31) --
Other operating items -- -- -- --
Operating cashflow 1.12 (2.10) (31) 0.15
Capital expenditure (6.10) (6.20) (4.70) --
Free cash flow (5) (8.30) (36) 0.15
Equity raised 250 258 262 265
Investments 32.40 3.14 (0.30) --
Debt financing/disposal 4.11 5.33 (1.20) --
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 281 258 225 265
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 31.40 31.40 31.40 31.40
Preference capital -- -- -- --
Reserves 135 135 133 133
Net worth 166 166 164 164
Minority interest
Debt 4.27 5.42 5.76 6.18
Deferred tax liabilities (net) 0.37 0.34 0.35 0.39
Total liabilities 171 172 170 171
Fixed assets 3.64 3.75 4.03 6.24
Intangible assets
Investments 96.20 98.20 99.60 100
Deferred tax asset (net) -- -- -- --
Net working capital 67.50 69.50 66 63.90
Inventories -- -- -- --
Inventory Days -- -- -- --
Sundry debtors 7.12 19.90 19.90 4
Debtor days 84.90 181 306 104
Other current assets 64.40 63.80 61.60 60.40
Sundry creditors (3.40) (13) (15) --
Creditor days 41 120 225 --
Other current liabilities (0.60) (1) (0.90) (0.50)
Cash 3.23 0.51 0.62 0.37
Total assets 171 172 170 171
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 30.60 39.70 22.90 13 30.50
Excise Duty -- -- -- -- --
Net Sales 30.60 39.70 22.90 13 30.50
Other Operating Income -- -- -- -- --
Other Income 0.16 0.35 0.42 0.23 0.09
Total Income 30.80 40 23.30 13.20 30.60
Total Expenditure ** 29.40 38 21.40 10.70 25.90
PBIDT 1.39 1.96 1.93 2.47 4.76
Interest 0.70 0.93 0.91 1.04 0.49
PBDT 0.69 1.03 1.02 1.43 4.27
Depreciation 0.27 0.43 0.48 0.48 0.50
Minority Interest Before NP -- -- -- -- --
Tax 0.10 0.20 0.17 0.32 1.31
Deferred Tax 0.02 -- -- -- --
Reported Profit After Tax 0.30 0.41 0.38 0.63 2.46
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 0.30 0.41 0.38 0.63 2.46
Extra-ordinary Items 0.04 0.18 0.23 0.03 --
Adjusted Profit After Extra-ordinary item 0.26 0.23 0.15 0.60 2.46
EPS (Unit Curr.) 0.10 0.13 0.12 0.20 0.79
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 31.40 31.40 31.40 31.40 31.40
Public Shareholding (Number) -- -- 17,313,830 17,527,364 18,081,480
Public Shareholding (%) -- -- 55.20 55.90 57.70
Pledged/Encumbered - No. of Shares -- -- 1,625,000 2,250,000 4,250,000
Pledged/Encumbered - % in Total Promoters Holding -- -- 11.60 16.30 32
Pledged/Encumbered - % in Total Equity -- -- 5.18 7.18 13.60
Non Encumbered - No. of Shares -- -- 12,409,949 11,571,415 9,017,300
Non Encumbered - % in Total Promoters Holding -- -- 88.40 83.70 68
Non Encumbered - % in Total Equity -- -- 39.60 36.90 28.80
PBIDTM(%) 4.54 4.94 8.42 19 15.60
PBDTM(%) 2.25 2.60 4.45 11 14
PATM(%) 0.98 1.03 1.66 4.86 8.06