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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 6.81 2.93 9.83 11.30
Op profit growth 10.70 28.40 3.70 5.76
EBIT growth 0.45 55.40 10.70 (1.30)
Net profit growth 6.30 88 92.50 32.50
Profitability ratios (%)        
OPM 20.30 19.60 15.70 16.60
EBIT margin 14.80 15.70 10.40 10.30
Net profit margin 6.16 6.19 3.39 1.94
RoCE (474) (260) (99) 95.60
RoNW 2.69 3.15 2.05 1.12
RoA 1.69 1.55 0.79 0.41
Per share ratios ()        
EPS 4.57 4.31 1.64 1.38
Dividend per share 0.40 0.30 0.40 0.10
Cash EPS (0.10) 0.23 (1.20) (2.30)
Book value per share 34.30 29.80 21.70 20.40
Valuation ratios        
P/E 8.16 5.29 9.09 6.14
P/CEPS (314) 101 (12) (3.80)
P/B 1.09 0.77 0.69 0.42
EV/EBIDTA 4.65 4.01 4.81 4.62
Payout (%)        
Dividend payout -- 11.10 57.90 13
Tax payout (25) (24) (23) (34)
Liquidity ratios        
Debtor days 84.40 88.20 94.30 107
Inventory days 71.10 72.40 65.60 66.70
Creditor days (59) (59) (56) (64)
Leverage ratios        
Interest coverage (4.10) (3.30) (1.80) (1.80)
Net debt / equity 0.52 0.75 1.14 1.38
Net debt / op. profit 1.56 2.17 3.09 3.66
Cost breakup ()        
Material costs (56) (53) (59) (59)
Employee costs (4.60) (4.30) (5.60) (4.90)
Other costs (19) (23) (20) (20)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 1,423 1,332 1,294 1,178
yoy growth (%) 6.81 2.93 9.83 11.30
Raw materials (794) (707) (764) (691)
As % of sales 55.80 53.10 59 58.70
Employee costs (65) (58) (73) (58)
As % of sales 4.55 4.35 5.60 4.88
Other costs (275) (306) (255) (234)
As % of sales 19.40 23 19.70 19.80
Operating profit 289 261 203 196
OPM 20.30 19.60 15.70 16.60
Depreciation (91) (77) (75) (80)
Interest expense (51) (63) (75) (68)
Other income 12.40 25.50 6.41 6.13
Profit before tax 160 146 60.20 54.20
Taxes (40) (35) (14) (18)
Tax rate (25) (24) (23) (34)
Minorities and other (29) (29) (2.50) (13)
Adj. profit 91.50 82.50 43.70 23.30
Exceptional items (3.80) -- 0.24 (0.50)
Net profit 87.70 82.50 43.90 22.80
yoy growth (%) 6.30 88 92.50 32.50
NPM 6.16 6.19 3.39 1.94
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 160 146 60.20 54.20
Depreciation (91) (77) (75) (80)
Tax paid (40) (35) (14) (18)
Working capital 8.42 (18) 7.76 --
Other operating items -- -- -- --
Operating cashflow 37.70 16.70 (21) (44)
Capital expenditure 57.20 (152) 298 --
Free cash flow 94.90 (135) 277 (44)
Equity raised 1,229 1,108 980 965
Investments (6.80) (19) (0.70) --
Debt financing/disposal 125 60.80 115 84
Dividends paid -- 7.63 21.10 2.54
Other items -- -- -- --
Net in cash 1,442 1,022 1,392 1,007
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 180 152 25.40 25.40
Preference capital -- -- -- --
Reserves 693 606 526 493
Net worth 873 758 552 518
Minority interest
Debt 461 578 644 754
Deferred tax liabilities (net) (48) (28) 58.80 51.80
Total liabilities 1,286 1,308 1,348 1,417
Fixed assets 797 827 804 815
Intangible assets
Investments 29.10 0.59 23.90 0.56
Deferred tax asset (net) (77) (54) 11.70 14.80
Net working capital 526 523 493 549
Inventories 242 313 216 250
Inventory Days 62 85.60 60.90 77.30
Sundry debtors 331 327 317 352
Debtor days 84.90 89.60 89.30 109
Other current assets 170 115 165 208
Sundry creditors (176) (193) (151) (185)
Creditor days 45.10 53 42.60 57.40
Other current liabilities (41) (38) (54) (76)
Cash 10.20 11 15.60 37.30
Total assets 1,286 1,308 1,348 1,417
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Particulars ( Rupees In Crores.) Mar-2017 Dec-2016 Sep-2016 Jun-2016 Mar-2016
Gross Sales 387 352 409 361 374
Excise Duty 33.50 30.70 27 -- 31.30
Net Sales 354 321 382 361 342
Other Operating Income -- -- 5.90 -- --
Other Income (1.40) 7.40 1.40 4.98 4.11
Total Income 352 328 389 365 346
Total Expenditure ** 281 260 311 286 271
PBIDT 71 68 78.50 79.90 75.20
Interest 10.50 12.80 13.30 14.40 12.30
PBDT 60.50 55.30 65.20 65.50 62.90
Depreciation 22.40 19 24 25.40 19.10
Minority Interest Before NP -- -- -- -- --
Tax 14.10 9.15 8.76 12.20 14.90
Deferred Tax (4.70) -- -- -- (6.60)
Reported Profit After Tax 28.60 27.10 32.50 27.90 35.60
Minority Interest After NP -- -- 7.34 9.10 --
Net Profit after Minority Interest 28.60 27.10 25.20 18.90 35.60
Extra-ordinary Items (1.40) -- (2.40) -- --
Adjusted Profit After Extra-ordinary item 30.10 27.10 27.60 18.90 35.60
EPS (Unit Curr.) 0.93 0.78 0.99 0.74 0.97
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 25.40 25.40 25.40 25.40 25.40
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(%) 20.10 21.20 20.50 22.20 22
PBDTM(%) 17.10 17.20 17.10 18.20 18.40
PATM(%) 8.10 8.45 8.51 7.75 10.40