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Y/e 31 Mar Mar-2014 Mar-2013 Mar-2012 Mar-2011
Growth matrix (%)        
Revenue growth 7.94 1.41 (36) --
Op profit growth (4) 45.70 (37) --
EBIT growth (15) 22.80 (23) --
Net profit growth (1,178) (109) (87) --
Profitability ratios (%)        
OPM 63.50 71.40 49.70 50.80
EBIT margin 76.90 97.40 80.50 67
Net profit margin 4.82 (0.50) 5.45 26
RoCE 291 (179) 26.90 --
RoNW 0.34 -- 0.36 --
RoA 0.17 -- 0.18 --
Per share ratios ()        
EPS 2.77 -- 2.72 23.60
Dividend per share 1 1 1 2.50
Cash EPS 1.80 (1.80) 0.26 22.50
Book value per share 232 230 232 222
Valuation ratios        
P/E 0.50 0.61 0.79 1.01
P/CEPS 64.30 (79) 696 10
P/B 0.50 0.61 0.79 1.01
EV/EBIDTA 6.83 5.90 8.30 6.05
Payout (%)        
Dividend payout 37.10 (397) 35.70 12
Tax payout 161 (48) 105 8.16
Liquidity ratios        
Debtor days 139 213 324 --
Inventory days 1,547 1,392 1,009 --
Creditor days (365) (439) (205) --
Leverage ratios        
Interest coverage (1) (1) (1) (1.60)
Net debt / equity 1.02 0.94 1.04 0.74
Net debt / op. profit 5.71 5.01 8.11 3.45
Cost breakup ()        
Material costs 52.50 50.50 64.20 31.40
Employee costs (5.20) (4.20) (6.60) (3.90)
Other costs (84) (75) (108) (77)
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Y/e 31 Mar( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Revenue 476 441 435 677
yoy growth (%) 7.94 1.41 (36) --
Raw materials 250 223 279 212
As % of sales 52.50 50.50 64.20 31.40
Employee costs (25) (18) (29) (26)
As % of sales 5.17 4.16 6.58 3.89
Other costs (399) (331) (469) (519)
As % of sales 83.80 74.90 108 76.70
Operating profit 302 315 216 344
OPM 63.50 71.40 49.70 50.80
Depreciation (9.80) (11) (22) (13)
Interest expense (357) (435) (335) (279)
Other income 73.40 125 156 123
Profit before tax 9.18 (5) 14.90 175
Taxes 14.80 2.42 15.60 14.30
Tax rate 161 (48) 105 8.16
Minorities and other 1.34 3.53 2.71 1.85
Adj. profit 25.30 0.95 33.20 191
Exceptional items (2.40) (3.10) (9.50) (15)
Net profit 22.90 (2.10) 23.70 176
yoy growth (%) (1,178) (109) (87) --
NPM 4.82 (0.50) 5.45 26
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Profit before tax 9.18 (5) 14.90 175
Depreciation (9.80) (11) (22) (13)
Tax paid 14.80 2.42 15.60 14.30
Working capital 485 (36) 36 --
Other operating items -- -- -- --
Operating cashflow 499 (49) 44.70 --
Capital expenditure (124) (73) 72.50 --
Free cash flow 375 (122) 117 --
Equity raised 3,142 3,225 3,199 --
Investments 11.20 78 (78) --
Debt financing/disposal 1,437 953 1,057 --
Dividends paid 7.27 7.27 7.27 18.20
Other items -- -- -- --
Net in cash 4,972 4,141 4,303 --
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Equity capital 72.70 78.70 77.50 77.50
Preference capital -- -- -- --
Reserves 1,617 1,596 1,609 1,535
Net worth 1,690 1,675 1,686 1,613
Minority interest
Debt 1,767 1,722 1,847 1,270
Deferred tax liabilities (net) 0.22 0.48 0.06 0.08
Total liabilities 3,476 3,413 3,533 2,883
Fixed assets 212 213 288 445
Intangible assets
Investments 368 330 252 357
Deferred tax asset (net) 35 12.10 8.95 5.55
Net working capital 2,819 2,713 2,889 1,991
Inventories 2,136 1,899 1,466 939
Inventory Days 1,638 1,571 1,230 506
Sundry debtors 192 172 343 429
Debtor days 147 142 288 231
Other current assets 1,918 1,901 1,981 1,720
Sundry creditors (176) (171) (133) (113)
Creditor days 135 141 111 61.10
Other current liabilities (1,251) (1,088) (768) (985)
Cash 42.10 144 94.60 84.30
Total assets 3,476 3,413 3,533 2,883
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Particulars ( Rupees In Crores.) Mar-2016 Mar-2015 Mar-2014 Mar-2013 Mar-2012
Gross Sales 458 619 391 377 414
Excise Duty -- -- -- -- --
Net Sales 458 619 391 377 414
Other Operating Income 17.30 11.70 82 15.20 21.10
Other Income 42.80 98.20 73.40 175 156
Total Income 518 729 547 566 590
Total Expenditure ** 99.30 300 174 142 240
PBIDT 419 429 373 424 350
Interest 452 403 357 419 331
PBDT (33) 25.30 16.40 5.38 19.40
Depreciation 5.07 9.80 9.85 10.40 14.10
Minority Interest Before NP -- -- -- -- --
Tax (3.10) 4.77 8.43 0.25 (12)
Deferred Tax (1.50) 5.01 (23) (2.70) (3.40)
Reported Profit After Tax (34) 5.76 21.40 (2.60) 21
Minority Interest After NP (0.60) (0.50) (0.30) -- --
Net Profit after Minority Interest (29) 0.74 22.90 0.95 23.70
Extra-ordinary Items -- 1.30 -- -- (3.50)
Adjusted Profit After Extra-ordinary item (29) (0.60) 22.90 0.95 27.20
EPS (Unit Curr.) (4) 0.10 3.15 (0.30) 3.26
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 72.70 72.70 72.70 72.70 72.70
Public Shareholding (Number) -- 18,424,055 12,735,871 12,735,871 12,735,871
Public Shareholding (%) -- 25.30 17.50 17.50 17.50
Pledged/Encumbered - No. of Shares -- 49,626,779 43,504,000 49,074,000 40,554,000
Pledged/Encumbered - % in Total Promoters Holding -- 91.40 72.50 81.80 67.60
Pledged/Encumbered - % in Total Equity -- 68.20 59.80 67.50 55.80
Non Encumbered - No. of Shares -- 4,685,037 16,496,000 10,926,000 19,446,000
Non Encumbered - % in Total Promoters Holding -- 8.63 27.50 18.20 32.40
Non Encumbered - % in Total Equity -- 6.44 22.70 15 26.70
PBIDTM(%) 91.40 69.30 95.30 113 84.70
PBDTM(%) (7.20) 4.10 4.19 1.43 4.70
PATM(%) (7.30) 0.93 5.46 (0.70) 5.07