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Y/e 31 Mar Mar-2016 Mar-2015 Mar-2014 Mar-2013
Growth matrix (%)        
Revenue growth 69.30 69.20 (54) 97.90
Op profit growth 0.31 (33) (52) 44
EBIT growth 5.34 (27) (53) 38.20
Net profit growth 8.11 (40) (74) 23.70
Profitability ratios (%)        
OPM 3.76 6.35 16 15.20
EBIT margin 3.81 6.12 14.20 13.90
Net profit margin 1.02 1.59 4.52 8.03
RoCE 42.70 (140) 41.80 15.90
RoNW 0.06 0.06 0.10 0.39
RoA 0.06 0.06 0.09 0.38
Per share ratios ()        
EPS 0.13 0.12 0.20 0.79
Dividend per share -- -- -- --
Cash EPS 0.03 -- 0.05 0.63
Book value per share 53 52.30 52.40 51.40
Valuation ratios        
P/E 0.51 0.34 0.39 0.57
P/CEPS 1,068 (566) 422 47
P/B 0.51 0.34 0.39 0.57
EV/EBIDTA 48.20 31.70 28 20.70
Payout (%)        
Dividend payout -- -- -- --
Tax payout (32) (31) (33) (35)
Liquidity ratios        
Debtor days 181 184 78.70 15.80
Inventory days -- -- -- --
Creditor days (131) (120) -- --
Leverage ratios        
Interest coverage (1.60) (1.60) (1.90) (8.60)
Net debt / equity 0.03 0.03 0.04 0.04
Net debt / op. profit 3.25 3.41 2.59 1.30
Cost breakup ()        
Material costs (92) (83) (53) (72)
Employee costs (1.90) (4.50) (11) (5.90)
Other costs (2.70) (6.30) (20) (7.10)
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Y/e 31 Mar( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Revenue 40.10 23.70 14 30.70
yoy growth (%) 69.30 69.20 (54) 97.90
Raw materials (37) (20) (7.50) (22)
As % of sales 91.70 82.80 53.20 71.70
Employee costs (0.80) (1.10) (1.50) (1.80)
As % of sales 1.89 4.47 10.80 5.93
Other costs (1.10) (1.50) (2.80) (2.20)
As % of sales 2.67 6.34 19.90 7.09
Operating profit 1.51 1.51 2.24 4.68
OPM 3.76 6.35 16 15.20
Depreciation (0.30) (0.50) (0.50) (0.50)
Interest expense (0.90) (0.90) (1) (0.50)
Other income 0.35 0.42 0.23 0.09
Profit before tax 0.60 0.55 0.95 3.78
Taxes (0.20) (0.20) (0.30) (1.30)
Tax rate (32) (31) (33) (35)
Minorities and other -- -- -- --
Adj. profit 0.41 0.38 0.63 2.46
Exceptional items -- -- -- --
Net profit 0.41 0.38 0.63 2.46
yoy growth (%) 8.11 (40) (74) 23.70
NPM 1.02 1.59 4.52 8.03
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Profit before tax 0.60 0.55 0.95 3.78
Depreciation (0.30) (0.50) (0.50) (0.50)
Tax paid (0.20) (0.20) (0.30) (1.30)
Working capital 1.05 (3.40) (32) 32
Other operating items -- -- -- --
Operating cashflow 1.13 (3.50) (32) 33.90
Capital expenditure (6.30) (4.70) (1.50) 1.51
Free cash flow (5.20) (8.20) (33) 35.40
Equity raised 250 255 262 260
Investments 34.40 4.54 0.34 (0.30)
Debt financing/disposal 5.26 5.67 (0.70) 0.73
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 284 257 228 296
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Equity capital 31.40 31.40 31.40 31.40
Preference capital -- -- -- --
Reserves 135 133 133 130
Net worth 166 164 164 161
Minority interest
Debt 5.42 5.76 6.18 6.91
Deferred tax liabilities (net) 0.34 0.35 0.39 0.43
Total liabilities 172 170 171 168
Fixed assets 3.75 4.03 6.24 8.09
Intangible assets
Investments 98.20 99.60 100 99.90
Deferred tax asset (net) -- -- -- --
Net working capital 69.50 66 63.90 59.60
Inventories -- -- -- --
Inventory Days -- -- -- --
Sundry debtors 19.90 19.90 4 2.04
Debtor days 181 306 104 24.30
Other current assets 63.80 61.60 60.40 58.70
Sundry creditors (13) (15) -- --
Creditor days 120 225 -- --
Other current liabilities (1) (0.90) (0.50) (1.20)
Cash 0.51 0.62 0.37 0.85
Total assets 172 170 171 168
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Particulars ( Rupees In Crores.) Mar-2016 Mar-2015 Mar-2014 Mar-2013 Mar-2012
Gross Sales 39.70 22.90 13 30.50 15.50
Excise Duty -- -- -- -- --
Net Sales 39.70 22.90 13 30.50 15.50
Other Operating Income -- -- -- -- --
Other Income 0.35 0.42 0.23 0.09 0.73
Total Income 40 23.30 13.20 30.60 16.20
Total Expenditure ** 38 21.40 10.70 25.90 12.30
PBIDT 1.96 1.93 2.47 4.76 3.97
Interest 0.93 0.91 1.04 0.49 0.01
PBDT 1.03 1.02 1.43 4.27 3.96
Depreciation 0.43 0.48 0.48 0.50 0.89
Minority Interest Before NP -- -- -- -- --
Tax 0.19 0.17 0.32 1.31 1.08
Deferred Tax -- -- -- -- --
Reported Profit After Tax 0.41 0.38 0.63 2.46 1.99
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 0.41 0.38 0.63 2.46 1.99
Extra-ordinary Items 0.18 0.23 0.03 -- 0.42
Adjusted Profit After Extra-ordinary item 0.23 0.15 0.60 2.46 1.57
EPS (Unit Curr.) 0.13 0.12 0.20 0.79 0.65
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 18,985,120
Public Shareholding (%) -- 55.20 55.90 57.70 60.60
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 12,363,659
Non Encumbered - % in Total Promoters Holding -- 88.40 83.70 68 100
Non Encumbered - % in Total Equity -- 39.60 36.90 28.80 39.40
PBIDTM(%) 4.94 8.42 19 15.60 25.60
PBDTM(%) 2.60 4.45 11 14 25.60
PATM(%) 1.03 1.66 4.86 8.06 12.80