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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 1.12 0.57 0.62 0.39
P/CEPS 29.30 10.10 5.88 7.13
P/B 1.12 0.57 0.62 0.39
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.) Mar-2016 Mar-2015 Mar-2014 Mar-2013 Mar-2012
Gross Sales 2,973 2,735 2,462 2,214 1,422
Excise Duty -- -- -- -- --
Net Sales 2,973 2,735 2,462 2,214 1,422
Other Operating Income 5.57 44 29.90 13.40 13.70
Other Income 0.69 1.17 1.09 2.50 (36)
Total Income 2,980 2,780 2,493 2,230 1,399
Total Expenditure ** 2,661 2,471 2,211 1,991 1,258
PBIDT 319 309 282 239 141
Interest 148 151 113 117 107
PBDT 171 158 168 122 33.90
Depreciation 51.50 46.60 37.40 38.80 34
Minority Interest Before NP -- -- -- -- --
Tax 47.10 34.80 46.30 22.70 2
Deferred Tax -- -- -- -- --
Reported Profit After Tax 72.50 76.40 84.80 60.10 (2)
Minority Interest After NP (0.20) 3.93 6.48 4.02 (1)
Net Profit after Minority Interest 72.10 72.50 78.30 56 (1.10)
Extra-ordinary Items (27) -- -- -- (34)
Adjusted Profit After Extra-ordinary item 98.80 72.50 78.30 56 33.20
EPS (Unit Curr.) 27.20 27.50 29.80 21.50 (0.40)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 20 22.50 20 --
Equity 26.70 26.50 26.30 26.20 26.10
Public Shareholding (Number) -- 8,539,409 8,813,782 9,957,427 10,900,578
Public Shareholding (%) -- 32.30 33.50 38 41.70
Pledged/Encumbered - No. of Shares -- 2,500,000 -- -- 7,180,003
Pledged/Encumbered - % in Total Promoters Holding -- 14 -- -- 47.20
Pledged/Encumbered - % in Total Equity -- 9.45 -- -- 27.50
Non Encumbered - No. of Shares -- 15,414,173 17,491,828 16,210,968 8,037,833
Non Encumbered - % in Total Promoters Holding -- 86 100 100 52.80
Non Encumbered - % in Total Equity -- 58.30 66.50 62 30.80
PBIDTM(%) 10.70 11.30 11.50 10.80 9.95
PBDTM(%) 5.75 5.77 6.84 5.49 2.39
PATM(%) 2.44 2.79 3.44 2.71 (0.10)