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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 0.14 (4.10) 18.90 9.36
Op profit growth 44.10 (2.40) 9.49 3.63
EBIT growth 58.50 (11) 12.30 (4)
Net profit growth 4,140 (95) (61) (28)
Profitability ratios (%)        
OPM 12.40 8.63 8.48 9.21
EBIT margin 9.05 5.72 6.19 6.56
Net profit margin 1.90 0.04 0.82 2.48
RoCE 7.60 4.89 5.64 5.38
RoNW 1.10 0.03 0.54 1.43
RoA 0.40 0.01 0.19 0.51
Per share ratios ()        
EPS 8.39 -- 0.15 10.10
Dividend per share 1.10 1 1 1
Cash EPS (11) (20) (13) (5.70)
Book value per share 207 198 186 197
Valuation ratios        
P/E 23.30 -- 861 14
P/CEPS (17) (4.40) (10) (25)
P/B 0.94 0.44 0.70 0.72
EV/EBIDTA 7.35 8.26 9.03 9.78
Payout (%)        
Dividend payout -- -- 30.40 11.20
Tax payout (43) (77) (11) (17)
Liquidity ratios        
Debtor days 29.50 31.20 32.20 37.80
Inventory days 63.90 64.30 61.50 64.60
Creditor days (75) (68) (63) (60)
Leverage ratios        
Interest coverage (1.60) (1.10) (1.50) (2.10)
Net debt / equity 1.21 1.56 1.65 1.47
Net debt / op. profit 4.47 7.32 7.14 7.39
Cost breakup ()        
Material costs (56) (59) (62) (61)
Employee costs (8.50) (8.20) (7.70) (7.70)
Other costs (23) (24) (22) (22)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 100,184 100,042 104,281 87,695
yoy growth (%) 0.14 (4.10) 18.90 9.36
Raw materials (55,661) (59,388) (64,932) (53,388)
As % of sales 55.60 59.40 62.30 60.90
Employee costs (8,546) (8,238) (7,991) (6,745)
As % of sales 8.53 8.23 7.66 7.69
Other costs (23,541) (23,785) (22,511) (19,483)
As % of sales 23.50 23.80 21.60 22.20
Operating profit 12,436 8,631 8,847 8,080
OPM 12.40 8.63 8.48 9.21
Depreciation (4,457) (4,127) (3,493) (3,347)
Interest expense (5,742) (5,049) (4,178) (2,702)
Other income 1,086 1,215 1,105 1,017
Profit before tax 3,322 671 2,280 3,049
Taxes (1,433) (515) (256) (525)
Tax rate (43) (77) (11) (17)
Minorities and other 17.90 465 770 46.80
Adj. profit 1,907 621 2,794 2,571
Exceptional items (7.60) (577) (1,940) (396)
Net profit 1,900 44.80 854 2,175
yoy growth (%) 4,140 (95) (61) (28)
NPM 1.90 0.04 0.82 2.48
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 3,322 671 2,280 3,049
Depreciation (4,457) (4,127) (3,493) (3,347)
Tax paid (1,433) (515) (256) (525)
Working capital 5,206 3,328 321 --
Other operating items -- -- -- --
Operating cashflow 2,638 (643) (1,148) (823)
Capital expenditure 72,945 69,527 41,886 --
Free cash flow 75,583 68,884 40,738 (823)
Equity raised 72,799 72,090 72,628 78,828
Investments 4,327 1,912 (255) --
Debt financing/disposal 65,886 61,123 46,904 42,358
Dividends paid -- -- 207 206
Other items -- -- -- --
Net in cash 218,595 204,009 160,222 120,570
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 223 205 207 212
Preference capital -- -- -- --
Reserves 45,836 40,402 38,122 40,393
Net worth 46,059 40,607 38,329 40,605
Minority interest
Debt 63,817 67,552 68,468 64,756
Deferred tax liabilities (net) 10,363 9,860 7,822 6,401
Total liabilities 120,245 118,400 115,574 113,542
Fixed assets 86,476 89,862 86,070 84,223
Intangible assets
Investments 15,182 12,463 12,346 12,961
Deferred tax asset (net) 8,346 7,763 5,267 3,226
Net working capital 1,980 3,905 6,582 8,111
Inventories 18,291 16,787 18,451 16,694
Inventory Days 66.60 61.20 64.60 69.50
Sundry debtors 8,275 7,918 9,186 9,235
Debtor days 30.10 28.90 32.20 38.40
Other current assets 9,175 9,709 10,383 9,848
Sundry creditors (19,262) (16,643) (17,552) (15,135)
Creditor days 70.20 60.70 61.40 63
Other current liabilities (14,499) (13,866) (13,887) (12,531)
Cash 8,261 4,407 5,309 5,021
Total assets 120,245 118,400 115,574 113,542
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 102,631 101,202 103,537 87,228 79,706
Excise Duty 2,448 2,443 -- -- --
Net Sales 100,184 98,759 103,537 87,228 79,706
Other Operating Income -- -- 744 468 487
Other Income 1,112 1,360 1,105 1,017 1,012
Total Income 101,295 100,119 105,386 88,713 81,205
Total Expenditure ** 87,781 90,842 97,277 79,805 72,356
PBIDT 13,515 9,278 8,109 8,908 8,849
Interest 5,742 5,134 4,178 2,702 2,079
PBDT 7,772 4,144 3,931 6,206 6,770
Depreciation 4,457 4,347 3,591 3,553 2,861
Minority Interest Before NP -- -- -- -- --
Tax 914 897 256 525 886
Deferred Tax 519 (398) -- -- --
Reported Profit After Tax 1,882 (702) 83.90 2,128 3,023
Minority Interest After NP 17.40 451 (596) 20 (20)
Net Profit after Minority Interest 1,865 (1,152) 854 2,175 3,027
Extra-ordinary Items (4.30) 320 (1,684) (318) --
Adjusted Profit After Extra-ordinary item 1,869 (1,472) 2,538 2,493 3,027
EPS (Unit Curr.) 9.22 (4.60) 4.14 10.90 15.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 110 100 100 100 --
Equity 223 207 207 206 191
Public Shareholding (Number) -- -- 1,141,752,906 1,138,652,672 1,141,122,176
Public Shareholding (%) -- -- 55.30 55.20 59.60
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- 769,797,188 763,797,184 613,797,184
Non Encumbered - % in Total Promoters Holding -- -- 100 100 100
Non Encumbered - % in Total Equity -- -- 37 37 32.10
PBIDTM(%) 13.50 9.39 7.83 10.20 11.10
PBDTM(%) 7.76 4.20 3.80 7.11 8.49
PATM(%) 1.88 (0.70) 0.08 2.44 3.79