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Y/e 31 Mar Mar-2015 Mar-2014 Mar-2013 Mar-2012
Growth matrix (%)        
Revenue growth (6.20) 13.80 0.92 (38)
Op profit growth (42) (1.90) 6.66 (35)
EBIT growth (60) 1.27 8.66 (43)
Net profit growth (3,140) (40) 93.30 (97)
Profitability ratios (%)        
OPM 5.47 8.80 10.20 9.66
EBIT margin 3.40 7.94 8.93 8.29
Net profit margin (6.80) 0.21 0.40 0.21
RoCE 108 306 30.40 200
RoNW (4.60) 0.14 0.23 0.12
RoA (1.40) 0.05 0.08 0.05
Per share ratios ()        
EPS -- 0.95 1.59 0.82
Dividend per share -- -- -- --
Cash EPS (45) (9.40) (8.40) (9.10)
Book value per share 145 166 174 172
Valuation ratios        
P/E 0.25 0.09 0.15 0.47
P/CEPS (0.80) (1.70) (3) (8.90)
P/B 0.25 0.09 0.15 0.47
EV/EBIDTA 12.20 6.99 6.93 6.82
Payout (%)        
Dividend payout -- -- -- --
Tax payout (3) (27) (36) (69)
Liquidity ratios        
Debtor days 624 546 544 494
Inventory days 437 354 355 309
Creditor days (248) (181) (161) (160)
Leverage ratios        
Interest coverage (0.30) (1) (1.10) (1.10)
Net debt / equity 2.31 1.84 1.65 1.20
Net debt / op. profit 14.50 7.75 7.14 5.49
Cost breakup ()        
Material costs (56) (46) (33) (36)
Employee costs (1.40) (1.50) (1.40) (1.90)
Other costs (37) (44) (55) (52)
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Y/e 31 Mar( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Revenue 531 566 497 493
yoy growth (%) (6.20) 13.80 0.92 (38)
Raw materials (297) (258) (164) (178)
As % of sales 56 45.60 33.10 36.20
Employee costs (7.60) (8.30) (7.20) (9.30)
As % of sales 1.44 1.48 1.44 1.89
Other costs (197) (250) (275) (257)
As % of sales 37 44.20 55.30 52.30
Operating profit 29 49.80 50.70 47.60
OPM 5.47 8.80 10.20 9.66
Depreciation (20) (13) (13) (12)
Interest expense (60) (43) (41) (38)
Other income 9.27 8.24 6.23 5.74
Profit before tax (42) 1.65 3.14 3.34
Taxes 1.26 (0.50) (1.10) (2.30)
Tax rate (3) (27) (36) (69)
Minorities and other -- -- -- --
Adj. profit (41) 1.19 2 1.03
Exceptional items 4.75 -- -- --
Net profit (36) 1.19 2 1.03
yoy growth (%) (3,140) (40) 93.30 (97)
NPM (6.80) 0.21 0.40 0.21
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Y/e 31 Mar ( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Profit before tax (42) 1.65 3.14 3.34
Depreciation (20) (13) (13) (12)
Tax paid 1.26 (0.50) (1.10) (2.30)
Working capital 253 119 -- (119)
Other operating items -- -- -- --
Operating cashflow 192 107 (11) (130)
Capital expenditure 46.80 33.10 -- (33)
Free cash flow 239 140 (11) (163)
Equity raised 408 400 412 400
Investments -- -- -- --
Debt financing/disposal 422 283 284 180
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 1,069 823 686 417
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Y/e 31 Mar ( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Equity capital 12.60 12.60 12.60 12.60
Preference capital -- -- -- --
Reserves 170 197 207 204
Net worth 182 210 220 217
Minority interest
Debt 471 433 416 347
Deferred tax liabilities (net) 8.77 10.60 10.10 8.95
Total liabilities 662 654 646 573
Fixed assets 185 206 179 156
Intangible assets
Investments 0.18 0.18 0.18 0.18
Deferred tax asset (net) -- -- -- --
Net working capital 428 400 414 331
Inventories 696 575 523 444
Inventory Days 479 371 384 329
Sundry debtors 904 911 782 700
Debtor days 622 587 574 518
Other current assets 79.20 92.70 72.70 51.50
Sundry creditors (382) (300) (211) (181)
Creditor days 263 194 155 134
Other current liabilities (869) (878) (751) (683)
Cash 49 47.10 53.50 85.60
Total assets 662 654 646 573
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Particulars ( Rupees In Crores.) Dec-2015 Dec-2014 Dec-2013 Dec-2012 Dec-2011
Gross Sales 289 427 299 324 354
Excise Duty -- -- -- -- --
Net Sales 289 427 299 324 354
Other Operating Income 0.24 1.07 1.16 1.18 0.36
Other Income 2.63 7.38 3.70 4.25 4.45
Total Income 291 435 304 330 359
Total Expenditure ** 279 399 263 289 321
PBIDT 12.10 36.50 40.40 41 38.10
Interest 51.60 40.80 30.70 30.40 26.90
PBDT (40) (4.30) 9.70 10.70 11.20
Depreciation 15.10 15.40 9.82 9.46 9.29
Minority Interest Before NP -- -- -- -- --
Tax (1.70) -- 0.56 0.74 1.53
Deferred Tax -- -- -- -- --
Reported Profit After Tax (53) (20) (0.70) 0.49 0.42
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (53) (20) (0.70) 0.49 0.42
Extra-ordinary Items (3) (3.10) (4.50) (2) (1.90)
Adjusted Profit After Extra-ordinary item (50) (17) 3.77 2.53 2.35
EPS (Unit Curr.) (42) (16) (0.60) 0.39 0.33
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 12.60 12.60 12.60 12.80 12.80
Public Shareholding (Number) -- 5,517,587 5,517,587 5,567,938 5,567,938
Public Shareholding (%) -- 43.80 43.80 44.20 44.20
Pledged/Encumbered - No. of Shares -- 2,124,839 -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- 30 -- -- --
Pledged/Encumbered - % in Total Equity -- 16.90 -- -- --
Non Encumbered - No. of Shares -- 4,957,952 7,082,791 7,032,440 7,032,440
Non Encumbered - % in Total Promoters Holding -- 70 100 100 100
Non Encumbered - % in Total Equity -- 39.40 56.20 55.80 55.80
PBIDTM(%) 4.18 8.57 13.50 12.70 10.80
PBDTM(%) (14) (1) 3.25 3.30 3.17
PATM(%) (18) (4.60) (0.20) 0.15 0.12