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Y/e 31 Mar Mar-2016 Mar-2015 Mar-2014 Mar-2013
Growth matrix (%)        
Revenue growth 1.76 (6.40) 7.35 1.41
Op profit growth 13.80 10.30 (4.80) 45.70
EBIT growth (0.40) 14.40 (15) 22.80
Net profit growth (4,003) (97) (1,178) (109)
Profitability ratios (%)        
OPM 83.40 74.60 63.30 71.40
EBIT margin 91.70 93.70 76.70 97.40
Net profit margin (6.40) 0.17 4.84 (0.50)
RoCE 12.30 947 289 (179)
RoNW (0.40) 0.01 0.34 --
RoA (0.20) 0.01 0.17 --
Per share ratios ()        
EPS -- 0.20 2.77 --
Dividend per share -- -- 1 1
Cash EPS (4.60) (1.20) 1.80 (1.80)
Book value per share 235 234 232 230
Valuation ratios        
P/E -- 500 41.70 --
P/CEPS (22) (80) 64.30 (79)
P/B 0.44 0.43 0.50 0.61
EV/EBIDTA 9.93 5.77 6.88 5.90
Payout (%)        
Dividend payout -- -- 37.10 (397)
Tax payout (12) (81) 225 (48)
Liquidity ratios        
Debtor days 154 154 140 213
Inventory days 2,204 1,885 1,555 1,392
Creditor days (1,119) (652) (365) (439)
Leverage ratios        
Interest coverage (0.90) (1) (1) (1)
Net debt / equity 2 1.01 1.02 0.94
Net debt / op. profit 9.06 5.22 5.75 5.01
Cost breakup ()        
Material costs 88.40 52.30 52.80 50.50
Employee costs (5.80) (5.60) (5.20) (4.20)
Other costs (99) (72) (84) (75)
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Y/e 31 Mar( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Revenue 451 443 473 441
yoy growth (%) 1.76 (6.40) 7.35 1.41
Raw materials 399 232 250 223
As % of sales 88.40 52.30 52.80 50.50
Employee costs (26) (25) (25) (18)
As % of sales 5.78 5.64 5.20 4.16
Other costs (447) (319) (399) (331)
As % of sales 99.20 72 84.30 74.90
Operating profit 376 331 300 315
OPM 83.40 74.60 63.30 71.40
Depreciation (5.10) (9.80) (9.80) (11)
Interest expense (452) (403) (357) (435)
Other income 42.80 94.60 73.40 125
Profit before tax (38) 12 6.58 (5)
Taxes 4.62 (9.80) 14.80 2.42
Tax rate (12) (81) 225 (48)
Minorities and other 4.28 1.65 1.34 3.53
Adj. profit (29) 3.90 22.70 0.95
Exceptional items 0.53 (3.20) 0.22 (3.10)
Net profit (29) 0.74 22.90 (2.10)
yoy growth (%) (4,003) (97) (1,178) (109)
NPM (6.40) 0.17 4.84 (0.50)
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Profit before tax (38) 12 6.58 (5)
Depreciation (5.10) (9.80) (9.80) (11)
Tax paid 4.62 (9.80) 14.80 2.42
Working capital 396 (585) (144) 144
Other operating items -- -- -- --
Operating cashflow 357 (593) (132) 131
Capital expenditure (12) (112) 5.26 (5.30)
Free cash flow 346 (705) (127) 125
Equity raised 3,203 3,239 3,203 3,229
Investments 537 33.40 38 (38)
Debt financing/disposal 3,121 1,011 978 892
Dividends paid -- -- 7.27 7.27
Other items -- -- -- --
Net in cash 7,207 3,579 4,099 4,215
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Equity capital 72.70 72.70 72.70 78.70
Preference capital -- -- -- --
Reserves 1,634 1,626 1,617 1,596
Net worth 1,707 1,699 1,690 1,675
Minority interest
Debt 3,451 1,780 1,767 1,722
Deferred tax liabilities (net) 0.79 0.28 0.22 0.48
Total liabilities 5,177 3,498 3,476 3,413
Fixed assets 324 168 212 213
Intangible assets
Investments 894 286 368 330
Deferred tax asset (net) 32.10 30.10 35 12.10
Net working capital 3,881 2,958 2,819 2,713
Inventories 3,005 2,442 2,136 1,899
Inventory Days 2,432 2,011 1,647 1,571
Sundry debtors 199 182 192 172
Debtor days 161 150 148 142
Other current assets 2,569 1,875 1,918 1,901
Sundry creditors (233) (226) (176) (171)
Creditor days 189 186 136 141
Other current liabilities (1,658) (1,315) (1,251) (1,088)
Cash 45 56.30 42.10 144
Total assets 5,177 3,498 3,476 3,413
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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