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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 10.80 3.38 13.50 12.40
Op profit growth (2.70) (33) 101 38.70
EBIT growth (46) (50) 276 73.10
Net profit growth (1,645) (94) (612) (26)
Profitability ratios (%)        
OPM 3.55 4.04 6.25 3.53
EBIT margin 0.86 1.76 3.64 1.10
Net profit margin (0.80) 0.05 0.99 (0.20)
RoCE 3.09 5.83 12.60 3.80
RoNW (1.90) 0.12 2.08 (0.40)
RoA (0.70) 0.05 0.85 (0.20)
Per share ratios ()        
EPS -- -- 5.73 --
Dividend per share 0.75 0.75 0.75 0.75
Cash EPS (23) (15) (9.90) (13)
Book value per share 57.40 61.70 63.40 58.90
Valuation ratios        
P/E -- -- 71.50 --
P/CEPS (16) (24) (41) (30)
P/B 6.32 5.91 6.46 6.53
EV/EBIDTA 20.20 18.60 14.70 27.40
Payout (%)        
Dividend payout -- 624 17.70 (88)
Tax payout 44.70 482 (37) 108
Liquidity ratios        
Debtor days 4.04 6.31 6.36 3.87
Inventory days 43 44.70 40.70 39.60
Creditor days (39) (42) (43) (42)
Leverage ratios        
Interest coverage (0.50) (0.90) (2) (0.60)
Net debt / equity 1.83 1.59 1.38 1.26
Net debt / op. profit 5.04 4.57 2.73 4.63
Cost breakup ()        
Material costs (65) (65) (63) (65)
Employee costs (7.90) (7.50) (7.40) (7.70)
Other costs (24) (24) (24) (24)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 4,910 4,432 4,287 3,778
yoy growth (%) 10.80 3.38 13.50 12.40
Raw materials (3,189) (2,863) (2,693) (2,446)
As % of sales 65 64.60 62.80 64.70
Employee costs (389) (333) (316) (292)
As % of sales 7.91 7.51 7.36 7.72
Other costs (1,158) (1,057) (1,011) (907)
As % of sales 23.60 23.80 23.60 24
Operating profit 174 179 268 133
OPM 3.55 4.04 6.25 3.53
Depreciation (151) (130) (125) (98)
Interest expense (87) (85) (78) (65)
Other income 18.80 28.50 13.30 6.18
Profit before tax (45) (6.90) 77.80 (24)
Taxes (20) (33) (29) (26)
Tax rate 44.70 482 (37) 108
Minorities and other 41.10 42.70 (6.60) 42
Adj. profit (24) 2.41 42.40 (7.60)
Exceptional items (13) -- -- (0.70)
Net profit (37) 2.41 42.40 (8.30)
yoy growth (%) (1,645) (94) (612) (26)
NPM (0.80) 0.05 0.99 (0.20)
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax (45) (6.90) 77.80 (24)
Depreciation (151) (130) (125) (98)
Tax paid (20) (33) (29) (26)
Working capital 68.90 53.40 74.80 --
Other operating items -- -- -- --
Operating cashflow (148) (116) (1.50) (148)
Capital expenditure 226 (32) 320 --
Free cash flow 78.40 (149) 319 (148)
Equity raised 935 959 910 912
Investments 19.90 38.90 -- --
Debt financing/disposal 662 479 332 48.30
Dividends paid -- 12.50 6.25 6.24
Other items -- -- -- --
Net in cash 1,696 1,340 1,567 819
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 41.80 42 41.70 41.60
Preference capital -- -- -- --
Reserves 437 473 487 449
Net worth 479 515 528 490
Minority interest
Debt 885 829 751 645
Deferred tax liabilities (net) 7.39 7.08 18.20 20.80
Total liabilities 1,377 1,350 1,324 1,158
Fixed assets 942 940 931 896
Intangible assets
Investments 19.90 39 0.02 0.02
Deferred tax asset (net) 11.70 10.70 8.67 10.80
Net working capital 395 350 365 223
Inventories 578 579 506 449
Inventory Days 42.90 47.70 43.10 43.40
Sundry debtors 56.80 51.90 101 48
Debtor days 4.22 4.27 8.64 4.64
Other current assets 448 408 423 356
Sundry creditors (505) (507) (481) (457)
Creditor days 37.50 41.80 40.90 44.10
Other current liabilities (182) (182) (185) (173)
Cash 7.61 10.40 19.90 27.90
Total assets 1,377 1,350 1,324 1,158
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Particulars ( Rupees In Crores.) Dec-2011 Dec-2010 Dec-2009 Dec-2008 Dec-2007
Gross Sales 2,245 1,744 1,161 1,065 850
Excise Duty -- -- -- -- --
Net Sales 2,245 1,744 1,161 1,065 850
Other Operating Income 39.50 26 20.70 21.70 --
Other Income 3.85 2.40 4.27 -- --
Total Income 2,288 1,772 1,186 1,087 850
Total Expenditure ** 2,204 1,669 1,096 1,072 806
PBIDT 84.30 103 89.30 15.40 43.90
Interest 30.20 21 19.80 19.70 4.25
PBDT 54.10 82.30 69.50 (4.40) 39.70
Depreciation 42.90 32.90 31.10 48.70 31.80
Minority Interest Before NP -- -- -- -- --
Tax 25.60 30.10 15.20 (2.80) 5.92
Deferred Tax -- -- -- -- --
Reported Profit After Tax (14) 19.40 23.20 (50) 1.89
Minority Interest After NP (33) (16) (0.10) (11) (1.10)
Net Profit after Minority Interest 18 35.50 23.30 (39) 3.04
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 18 35.50 23.30 (39) 3.04
EPS (Unit Curr.) -- 4.55 6.68 -- 0.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 41.20 41.10 34.90 34.90 34.80
Public Shareholding (Number) 26,460,040 13,053,927 10,979,579 11,628,925 11,795,084
Public Shareholding (%) 32.10 31.80 31.50 33.30 33.80
Pledged/Encumbered - No. of Shares 15,195,504 7,597,752 7,597,752 -- --
Pledged/Encumbered - % in Total Promoters Holding 27.10 27.10 31.80 -- --
Pledged/Encumbered - % in Total Equity 18.40 18.50 21.80 -- --
Non Encumbered - No. of Shares 40,834,168 20,417,084 16,293,218 -- --
Non Encumbered - % in Total Promoters Holding 72.90 72.90 68.20 -- --
Non Encumbered - % in Total Equity 49.50 49.70 46.70 -- --
PBIDTM(%) 3.75 5.93 7.69 1.44 5.17
PBDTM(%) 2.41 4.72 5.99 (0.40) 4.67
PATM(%) (0.60) 1.11 2 (4.70) 0.22