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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 11.50 (27) (14) 9.42
Op profit growth 10.80 11.60 7.37 5.31
EBIT growth 3.43 23.20 5.62 9.83
Net profit growth 0.52 26.20 4.77 7.73
Profitability ratios (%)        
OPM 15.10 15.20 9.95 8.01
EBIT margin 14.40 15.50 9.17 7.50
Net profit margin 9.79 10.90 6.28 5.18
RoCE 39.40 49.80 31.30 32.70
RoNW 3.02 3.30 2.82 2.95
RoA 1.56 1.73 1.54 1.71
Per share ratios ()        
EPS 101 99.20 78.20 75.10
Dividend per share 11 10.50 10 9.50
Cash EPS 61.70 61.70 40.80 38.40
Book value per share 891 785 742 676
Valuation ratios        
P/E 13.10 10.50 10.50 12.40
P/CEPS 21.40 16.90 20.20 24.20
P/B 1.48 1.33 1.11 1.38
EV/EBIDTA 11.60 9.68 9.19 9.16
Payout (%)        
Dividend payout -- 12.40 15.10 14.50
Tax payout (25) (23) (24) (22)
Liquidity ratios        
Debtor days 7.56 6.51 7.16 8.05
Inventory days 59.70 66.40 53.50 46.80
Creditor days (96) (94) (65) (50)
Leverage ratios        
Interest coverage (11) (11) (10) (8.50)
Net debt / equity 0.81 0.79 0.71 0.51
Net debt / op. profit 4.64 4.40 4.17 2.90
Cost breakup ()        
Material costs (70) (69) (78) (84)
Employee costs (2.70) (2.70) (1.70) (1.30)
Other costs (13) (13) (10) (7.20)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 305,382 273,999 375,435 434,460
yoy growth (%) 11.50 (27) (14) 9.42
Raw materials (212,300) (188,814) (294,046) (363,022)
As % of sales 69.50 68.90 78.30 83.60
Employee costs (8,388) (7,407) (6,262) (5,572)
As % of sales 2.75 2.70 1.67 1.28
Other costs (38,500) (36,074) (37,763) (31,067)
As % of sales 12.60 13.20 10.10 7.15
Operating profit 46,194 41,704 37,364 34,799
OPM 15.10 15.20 9.95 8.01
Depreciation (11,646) (11,565) (11,547) (11,201)
Interest expense (3,849) (3,691) (3,316) (3,836)
Other income 9,335 12,289 8,613 9,001
Profit before tax 40,034 38,737 31,114 28,763
Taxes (10,201) (8,876) (7,474) (6,215)
Tax rate (25) (23) (24) (22)
Minorities and other 68 (116) (74) (55)
Adj. profit 29,901 29,745 23,566 22,493
Exceptional items -- -- -- --
Net profit 29,901 29,745 23,566 22,493
yoy growth (%) 0.52 26.20 4.77 7.73
NPM 9.79 10.90 6.28 5.18
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 40,034 38,737 31,114 28,763
Depreciation (11,646) (11,565) (11,547) (11,201)
Tax paid (10,201) (8,876) (7,474) (6,215)
Working capital (131,695) (125,280) (79,934) --
Other operating items -- -- -- --
Operating cashflow (113,508) (106,984) (67,841) 11,347
Capital expenditure 123,000 102,024 47,895 --
Free cash flow 9,492 (4,960) (19,946) 11,347
Equity raised 381,949 368,394 374,060 371,794
Investments 56,794 45,419 33,603 --
Debt financing/disposal 280,381 266,869 262,058 248,256
Dividends paid -- 3,095 2,944 2,793
Other items -- -- -- --
Net in cash 728,616 678,817 652,719 634,190
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 2,963 2,956 2,960 2,957
Preference capital -- -- -- --
Reserves 260,746 228,600 215,539 195,730
Net worth 263,709 231,556 218,499 198,687
Minority interest
Debt 217,477 194,714 168,251 138,761
Deferred tax liabilities (net) 23,875 22,711 19,983 16,282
Total liabilities 507,978 452,337 409,771 354,689
Fixed assets 523,363 413,607 322,920 232,911
Intangible assets
Investments 78,390 84,015 76,451 60,602
Deferred tax asset (net) 2,677 2,217 7,009 4,357
Net working capital (99,475) (58,530) (9,154) 18,835
Inventories 53,460 46,486 53,248 56,720
Inventory Days 63.90 61.90 51.80 47.70
Sundry debtors 8,177 4,465 5,315 9,411
Debtor days 9.77 5.95 5.17 7.91
Other current assets 40,389 39,396 34,007 31,215
Sundry creditors (76,595) (60,296) (59,407) (60,860)
Creditor days 91.50 80.30 57.80 51.10
Other current liabilities (124,906) (88,581) (42,317) (17,651)
Cash 3,023 11,028 12,545 37,984
Total assets 507,978 452,337 409,771 354,689
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Particulars ( Rupees In Crores.) Mar-2017 Dec-2016 Sep-2016 Jun-2016
Gross Sales 90,537 92,889 84,189 81,651 71,451
Excise Duty 7,066 8,066 4,781 5,490 6,461
Net Sales 83,471 84,823 79,408 76,161 64,990
Other Operating Income -- -- -- -- --
Other Income 3,225 1,936 2,736 2,393 2,378
Total Income 86,696 86,759 82,144 78,554 67,368
Total Expenditure ** 70,917 72,595 67,907 64,985 53,779
PBIDT 15,779 14,164 14,237 13,569 13,589
Interest 1,119 556 1,204 893 1,206
PBDT 14,660 13,608 13,033 12,676 12,383
Depreciation 3,037 3,354 2,793 2,774 2,725
Minority Interest Before NP -- -- -- -- --
Tax 2,321 1,795 2,432 2,347 2,306
Deferred Tax 223 406 284 361 275
Reported Profit After Tax 9,079 8,053 7,524 7,194 7,077
Minority Interest After NP -- -- -- (30) --
Net Profit after Minority Interest 9,079 8,053 7,524 7,206 7,077
Extra-ordinary Items 849 -- -- -- --
Adjusted Profit After Extra-ordinary item 8,230 8,053 7,524 7,206 7,077
EPS (Unit Curr.) 30.80 27.30 25.50 24.40 24.10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 2,959 2,959 2,951 2,951 2,950
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(%) 18.90 16.70 17.90 17.80 20.90
PBDTM(%) 17.60 16 16.40 16.60 19.10
PATM(%) 10.90 9.49 9.48 9.45 10.90