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Y/e 31 Mar Mar-2016 Mar-2015 Mar-2014 Mar-2013
Growth matrix (%)        
Revenue growth 8.73 10.50 12.10 55.30
Op profit growth 35.20 0.18 21.80 31.90
EBIT growth 18.70 7.33 22.70 38.60
Net profit growth (0.50) (7.50) 39.70 (4,710)
Profitability ratios (%)        
OPM 12 9.64 10.60 9.79
EBIT margin 10.50 9.59 9.88 9.02
Net profit margin 2.43 2.65 3.17 2.54
RoCE (628) 50.10 68.70 39.90
RoNW 3.61 4.25 5.58 4.96
RoA 0.83 0.88 1.06 0.86
Per share ratios ()        
EPS 26.90 28.50 31.90 22.60
Dividend per share 1.50 2 2.25 2
Cash EPS 7.72 9.80 15.60 6.58
Book value per share 201 175 149 119
Valuation ratios        
P/E 0.84 0.35 0.29 0.21
P/CEPS 2.93 1.01 0.59 0.71
P/B 0.11 0.06 0.06 0.04
EV/EBIDTA 5.97 6.25 6.06 6.29
Payout (%)        
Dividend payout 6.70 8.76 8.85 10.90
Tax payout (29) (31) (35) (28)
Liquidity ratios        
Debtor days 42.60 43 51.50 52.90
Inventory days 163 181 178 156
Creditor days (17) (18) (25) (21)
Leverage ratios        
Interest coverage (2.10) (1.70) (2.20) (1.70)
Net debt / equity 2.92 3.61 3.75 4.43
Net debt / op. profit 4.39 6.33 5.57 6.36
Cost breakup ()        
Material costs (71) (75) (74) (74)
Employee costs (3) (2.70) (2.60) (2.20)
Other costs (14) (12) (12) (14)
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Y/e 31 Mar( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Revenue 2,973 2,735 2,474 2,208
yoy growth (%) 8.73 10.50 12.10 55.30
Raw materials (2,105) (2,062) (1,842) (1,628)
As % of sales 70.80 75.40 74.40 73.80
Employee costs (90) (74) (64) (49)
As % of sales 3.02 2.71 2.58 2.24
Other costs (422) (334) (305) (314)
As % of sales 14.20 12.20 12.30 14.20
Operating profit 357 264 263 216
OPM 12 9.64 10.60 9.79
Depreciation (52) (47) (37) (39)
Interest expense (148) (151) (113) (117)
Other income 6.26 45.20 18.60 21.90
Profit before tax 164 111 131 82.10
Taxes (47) (35) (46) (23)
Tax rate (29) (31) (35) (28)
Minorities and other (0.40) (3.90) (6.50) (4)
Adj. profit 116 72.50 78.30 55.30
Exceptional items (44) -- 0.04 0.72
Net profit 72.10 72.50 78.30 56.10
yoy growth (%) (0.50) (7.50) 39.70 (4,710)
NPM 2.43 2.65 3.17 2.54
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Profit before tax 164 111 131 82.10
Depreciation (52) (47) (37) (39)
Tax paid (47) (35) (46) (23)
Working capital 548 628 160 (160)
Other operating items -- -- -- --
Operating cashflow 612 658 208 (140)
Capital expenditure 291 159 45.50 (45)
Free cash flow 903 817 253 (185)
Equity raised 671 598 577 598
Investments 3.13 2.13 0.13 (0.10)
Debt financing/disposal 635 493 123 (18)
Dividends paid 4.02 5.29 5.92 5.23
Other items -- -- -- --
Net in cash 2,216 1,916 959 400
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Equity capital 26.70 26.50 26.30 26.20
Preference capital -- -- -- --
Reserves 510 436 365 285
Net worth 537 463 391 311
Minority interest
Debt 1,597 1,692 1,502 1,413
Deferred tax liabilities (net) 0.75 5.09 8.36 6.11
Total liabilities 2,169 2,194 1,932 1,754
Fixed assets 386 385 368 350
Intangible assets
Investments 6.42 6.94 5.12 4.99
Deferred tax asset (net) 8.02 6.29 7.08 4.82
Net working capital 1,737 1,775 1,517 1,356
Inventories 1,300 1,362 1,349 1,060
Inventory Days 160 182 199 175
Sundry debtors 376 318 326 372
Debtor days 46.10 42.40 48.10 61.50
Other current assets 357 351 109 148
Sundry creditors (144) (98) (148) (154)
Creditor days 17.70 13 21.90 25.40
Other current liabilities (152) (159) (119) (70)
Cash 32.30 21.20 35.10 37.70
Total assets 2,169 2,194 1,932 1,754
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Particulars ( Rupees In Crores.) Dec-2016 Sep-2016 Jun-2016 Mar-2016 Dec-2015
Gross Sales 792 829 704 805 726
Excise Duty -- -- -- -- --
Net Sales 792 829 704 805 726
Other Operating Income 7.91 15.20 6.31 0.97 0.80
Other Income 0.20 0.29 0.11 0.03 0.33
Total Income 800 845 710 806 727
Total Expenditure ** 699 751 613 750 650
PBIDT 101 93.30 97.40 56.50 76.70
Interest 40.10 36.30 38.90 37.60 32.80
PBDT 61 57 58.50 18.90 43.90
Depreciation 14.40 13 13.90 12.70 13.80
Minority Interest Before NP -- -- -- -- --
Tax 14.30 17.10 13.20 6.61 11.60
Deferred Tax -- -- -- -- --
Reported Profit After Tax 32.40 26.90 31.40 (0.40) 18.50
Minority Interest After NP 2.35 1.75 2.34 (5.20) 1.13
Net Profit after Minority Interest 29.80 25 28.90 5.55 16.90
Extra-ordinary Items -- -- -- (37) --
Adjusted Profit After Extra-ordinary item 29.80 25 28.90 42.90 16.90
EPS (Unit Curr.) 11.20 9.38 10.80 2.60 6.37
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 26.70 26.70 26.70 26.70 26.50
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 12.80 11.30 13.80 7.02 10.60
PBDTM(%) 7.71 6.88 8.31 2.35 6.05
PATM(%) 4.09 3.25 4.46 -- 2.55