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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth (17) (2.80) (6) 10.50
Op profit growth 4.26 (45) (31) 1.72
EBIT growth 8.30 (75) (29) (1)
Net profit growth (43) (150) (28) (28)
Profitability ratios (%)        
OPM 8.48 6.76 11.80 16
EBIT margin 3.19 2.44 9.62 12.70
Net profit margin (1.70) (2.50) 4.81 6.26
RoCE 14.30 (17) (64) 46
RoNW (0.80) (1.30) 2.38 3.39
RoA (0.30) (0.60) 1.10 1.57
Per share ratios ()        
EPS -- -- 15.40 22.50
Dividend per share -- 3 10 10
Cash EPS (26) (28) (0.90) 7.31
Book value per share 164 168 182 185
Valuation ratios        
P/E -- -- 22.70 6.52
P/CEPS (17) (14) (374) 20
P/B 2.58 2.32 1.93 0.79
EV/EBIDTA 21.30 20 10.10 5.13
Payout (%)        
Dividend payout -- (41) 68.90 48.30
Tax payout -- (3) (26) (23)
Liquidity ratios        
Debtor days 186 152 145 124
Inventory days 31.90 28.50 27.40 24.20
Creditor days (47) (40) (33) (34)
Leverage ratios        
Interest coverage (0.70) (0.50) (3.10) (2.80)
Net debt / equity 1.28 1 1.03 1.04
Net debt / op. profit 8.50 7.02 4.35 3.10
Cost breakup ()        
Material costs (57) (56) (54) (50)
Employee costs (14) (13) (12) (11)
Other costs (21) (24) (21) (23)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 319 384 396 421
yoy growth (%) (17) (2.80) (6) 10.50
Raw materials (182) (214) (215) (211)
As % of sales 56.90 55.80 54.40 50
Employee costs (44) (51) (49) (45)
As % of sales 13.80 13.20 12.50 10.60
Other costs (66) (93) (84) (98)
As % of sales 20.80 24.30 21.30 23.40
Operating profit 27.10 26 46.80 67.60
OPM 8.48 6.76 11.80 16
Depreciation (22) (21) (20) (18)
Interest expense (16) (19) (12) (19)
Other income 5.49 4.30 11.30 4.44
Profit before tax (5.50) (9.80) 25.70 34.30
Taxes -- 0.30 (6.60) (7.90)
Tax rate -- (3) (26) (23)
Minorities and other -- -- -- --
Adj. profit (5.50) (9.50) 19 26.40
Exceptional items -- -- -- --
Net profit (5.50) (9.50) 19 26.40
yoy growth (%) (43) (150) (28) (28)
NPM (1.70) (2.50) 4.81 6.26
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax (5.50) (9.80) 25.70 34.30
Depreciation (22) (21) (20) (18)
Tax paid -- 0.30 (6.60) (7.90)
Working capital 26.40 39.30 (12) 11.60
Other operating items -- -- -- --
Operating cashflow (1.50) 8.83 (13) 19.60
Capital expenditure 84.10 33.70 (20) 20.10
Free cash flow 82.60 42.50 (33) 39.70
Equity raised 326 361 370 363
Investments -- -- -- --
Debt financing/disposal 27.60 7.07 (7.80) 21
Dividends paid -- 3.27 10.90 10.90
Other items -- -- -- --
Net in cash 436 414 341 434
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 10.90 10.90 10.90 10.90
Preference capital -- -- -- --
Reserves 168 172 187 191
Net worth 179 183 198 202
Minority interest
Debt 232 192 208 229
Deferred tax liabilities (net) 16.10 17.30 13.70 18.90
Total liabilities 428 392 420 450
Fixed assets 196 202 200 213
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 8.79 10 6.16 7.07
Net working capital 221 170 210 211
Inventories 20.70 35.30 24.80 34.70
Inventory Days 23.60 33.50 22.80 30.10
Sundry debtors 177 149 171 144
Debtor days 202 142 157 125
Other current assets 72.80 54.60 81.20 86.90
Sundry creditors (34) (42) (36) (27)
Creditor days 38.70 39.50 33.30 23.40
Other current liabilities (15) (27) (31) (28)
Cash 1.84 9.52 3.93 19
Total assets 428 392 420 450
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 319 384 386 411 372
Excise Duty -- -- -- -- --
Net Sales 319 384 386 411 372
Other Operating Income -- -- 9.15 9.73 10.60
Other Income 5.49 4.30 11.30 4.44 2.96
Total Income 325 389 407 426 386
Total Expenditure ** 292 358 349 351 316
PBIDT 32.60 30.30 58.10 74 69.40
Interest 15.70 19.30 12.40 21.30 15.10
PBDT 16.90 11 45.70 52.70 54.30
Depreciation 22.40 20.90 20.10 18.40 15.20
Minority Interest Before NP -- -- -- -- 0.42
Tax -- -- 6.63 6.19 --
Deferred Tax -- (0.30) -- 1.74 1.95
Reported Profit After Tax (5.50) (9.60) 19 26.40 36.70
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (5.50) (9.60) 19 26.40 36.70
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (5.50) (9.60) 19 26.40 36.70
EPS (Unit Curr.) (5) (8.80) 17.50 24.20 33.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 30 100 100 --
Equity 10.90 10.90 10.90 10.90 10.90
Public Shareholding (Number) -- -- 3,312,598 3,310,898 --
Public Shareholding (%) -- -- 30.40 30.40 --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- 7,591,161 7,592,861 --
Non Encumbered - % in Total Promoters Holding -- -- 100 100 --
Non Encumbered - % in Total Equity -- -- 69.60 69.60 --
PBIDTM(%) 10.20 7.88 15 18 18.70
PBDTM(%) 5.30 2.87 11.80 12.80 14.60
PATM(%) (1.70) (2.50) 4.93 6.41 9.87