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Y/e 31 Mar Mar-2016 Mar-2015 Mar-2014 Mar-2013
Growth matrix (%)        
Revenue growth (24) 12.30 16.60 32.40
Op profit growth (18) 2.44 9.91 17.50
EBIT growth (19) 2.95 10 13.90
Net profit growth (36) 1.26 8.23 5.45
Profitability ratios (%)        
OPM 27 25.30 27.70 29.40
EBIT margin 24.30 22.90 25 26.50
Net profit margin 8.22 9.75 10.80 11.60
RoCE 56.50 32.50 126 88.40
RoNW 1.53 2.52 2.65 2.63
RoA 0.79 1.40 1.59 1.57
Per share ratios ()        
EPS 15.30 23.40 22.60 20.90
Dividend per share 2 7 7 7
Cash EPS 9.17 16.90 16.90 16.10
Book value per share 261 248 234 218
Valuation ratios        
P/E 17.80 17.10 16.50 16.70
P/CEPS 29.80 23.70 22.10 21.70
P/B 1.05 1.61 1.60 1.60
EV/EBIDTA 9.25 9.20 8.10 8.55
Payout (%)        
Dividend payout 15.40 34.80 34.20 37
Tax payout (45) (34) (37) (33)
Liquidity ratios        
Debtor days 41.40 31.40 34.40 27.10
Inventory days 540 386 364 350
Creditor days (121) (105) (115) (109)
Leverage ratios        
Interest coverage (2.60) (3) (3.10) (2.90)
Net debt / equity 0.82 0.78 0.57 0.61
Net debt / op. profit 4.18 3.07 2.16 2.39
Cost breakup ()        
Material costs 4.48 4.58 16.70 6.19
Employee costs (9.50) (8.10) (8.60) (8.80)
Other costs (68) (71) (80) (68)
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Y/e 31 Mar( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Revenue 1,865 2,441 2,173 1,865
yoy growth (%) (24) 12.30 16.60 32.40
Raw materials 83.60 112 364 115
As % of sales 4.48 4.58 16.70 6.19
Employee costs (176) (198) (186) (164)
As % of sales 9.46 8.10 8.58 8.77
Other costs (1,269) (1,737) (1,748) (1,268)
As % of sales 68 71.20 80.40 68
Operating profit 503 617 603 548
OPM 27 25.30 27.70 29.40
Depreciation (63) (72) (69) (59)
Interest expense (172) (188) (173) (170)
Other income 13.40 14.90 10.30 5.52
Profit before tax 281 372 370 324
Taxes (127) (128) (137) (107)
Tax rate (45) (34) (37) (33)
Minorities and other (0.90) (5.90) 1.36 0.12
Adj. profit 153 238 235 217
Exceptional items -- -- -- --
Net profit 153 238 235 217
yoy growth (%) (36) 1.26 8.23 5.45
NPM 8.22 9.75 10.80 11.60
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Profit before tax 281 372 370 324
Depreciation (63) (72) (69) (59)
Tax paid (127) (128) (137) (107)
Working capital 1,508 1,376 161 (161)
Other operating items -- -- -- --
Operating cashflow 1,599 1,547 325 (3.10)
Capital expenditure 625 142 40.20 (40)
Free cash flow 2,224 1,689 366 (43)
Equity raised 4,082 4,066 4,065 4,083
Investments (3.70) -- (0.20) 0.19
Debt financing/disposal 1,011 832 101 54
Dividends paid 19.60 68.70 68.70 68.70
Other items -- -- -- --
Net in cash 7,334 6,656 4,601 4,163
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Equity capital 98.10 98.10 98.10 98.10
Preference capital -- -- -- --
Reserves 2,463 2,334 2,193 2,039
Net worth 2,561 2,432 2,291 2,137
Minority interest
Debt 2,236 2,059 1,404 1,379
Deferred tax liabilities (net) 263 170 108 71
Total liabilities 5,076 4,675 3,813 3,596
Fixed assets 610 368 376 330
Intangible assets
Investments 0.02 0.02 0.02 0.21
Deferred tax asset (net) 8.94 6.74 7.39 7.14
Net working capital 4,324 4,138 3,324 3,192
Inventories 2,791 2,728 2,427 1,902
Inventory Days 546 408 408 372
Sundry debtors 250 173 246 164
Debtor days 48.90 25.90 41.30 32.10
Other current assets 2,845 2,724 2,355 2,397
Sundry creditors (421) (485) (567) (420)
Creditor days 82.40 72.50 95.10 82.30
Other current liabilities (1,141) (1,004) (1,137) (850)
Cash 133 163 105 67
Total assets 5,076 4,675 3,813 3,596
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Particulars ( Rupees In Crores.) Dec-2016 Dec-2015 Dec-2014 Dec-2013 Dec-2012
Gross Sales 1,651 1,393 1,928 1,544 1,275
Excise Duty -- -- -- -- --
Net Sales 1,651 1,393 1,928 1,544 1,275
Other Operating Income 6.50 8.70 6.30 2.80 3
Other Income 26.10 23.50 11.90 6.30 4.50
Total Income 1,683 1,425 1,946 1,553 1,282
Total Expenditure ** 1,358 1,076 1,459 1,115 892
PBIDT 326 349 487 438 390
Interest 110 128 157 128 126
PBDT 216 221 331 310 264
Depreciation 46.50 40.80 54.50 50.90 43.40
Minority Interest Before NP -- -- -- -- --
Tax 67.30 67 94.30 94.10 73.20
Deferred Tax -- -- -- -- --
Reported Profit After Tax 102 114 182 165 148
Minority Interest After NP -- -- 5.40 0.20 --
Net Profit after Minority Interest 114 111 177 165 148
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 114 111 177 165 148
EPS (Unit Curr.) 11.70 11.30 18 16.80 15.10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 96.30 98.10 98.10 98.10 98.10
Public Shareholding (Number) -- -- 38,654,568 38,654,568 38,654,568
Public Shareholding (%) -- -- 39.40 39.40 39.40
Pledged/Encumbered - No. of Shares -- -- 10,700,000 10,700,000 10,700,000
Pledged/Encumbered - % in Total Promoters Holding -- -- 18 18 18
Pledged/Encumbered - % in Total Equity -- -- 10.90 10.90 10.90
Non Encumbered - No. of Shares -- -- 48,709,300 48,709,300 48,709,300
Non Encumbered - % in Total Promoters Holding -- -- 82 82 82
Non Encumbered - % in Total Equity -- -- 49.70 49.70 49.70
PBIDTM(%) 19.70 25.10 25.30 28.30 30.60
PBDTM(%) 13.10 15.90 17.20 20.10 20.70
PATM(%) 6.17 8.16 9.44 10.70 11.60
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