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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 14.70 (20) 12.30 16.60
Op profit growth (5.20) (28) 2.44 9.91
EBIT growth (3.10) (25) 2.95 10
Net profit growth 16.40 (42) 1.26 8.23
Profitability ratios (%)        
OPM 18.80 22.80 25.30 27.70
EBIT margin 18.30 21.60 22.90 25
Net profit margin 7.21 7.11 9.75 10.80
RoCE 8.03 8.69 13.20 14.70
RoNW 1.54 1.38 2.52 2.65
RoA 0.79 0.71 1.40 1.59
Per share ratios ()        
EPS 16.70 14.10 23.40 22.60
Dividend per share 2.50 2 7 7
Cash EPS 10.10 7.99 16.90 16.90
Book value per share 275 262 248 234
Valuation ratios        
P/E 20.50 19.40 17.10 16.50
P/CEPS 34 34.20 23.70 22.10
P/B 1.25 1.04 1.61 1.60
EV/EBIDTA 11.40 9.87 9.20 8.10
Payout (%)        
Dividend payout -- -- 34.80 34.20
Tax payout (38) (46) (34) (37)
Liquidity ratios        
Debtor days 39.20 40 31.40 34.40
Inventory days 766 657 386 364
Creditor days (110) (98) (105) (115)
Leverage ratios        
Interest coverage (2.70) (2.60) (3) (3.10)
Net debt / equity 0.78 0.80 0.78 0.57
Net debt / op. profit 4.94 4.65 3.07 2.16
Cost breakup ()        
Material costs 24.50 24.20 4.58 16.70
Employee costs (8) (9.10) (8.10) (8.60)
Other costs (98) (92) (71) (80)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 2,229 1,943 2,441 2,173
yoy growth (%) 14.70 (20) 12.30 16.60
Raw materials 546 470 112 364
As % of sales 24.50 24.20 4.58 16.70
Employee costs (178) (176) (198) (186)
As % of sales 7.98 9.07 8.10 8.58
Other costs (2,177) (1,794) (1,737) (1,748)
As % of sales 97.70 92.30 71.20 80.40
Operating profit 420 443 617 603
OPM 18.80 22.80 25.30 27.70
Depreciation (64) (60) (72) (69)
Interest expense (150) (164) (188) (173)
Other income 51.50 37.30 14.90 10.30
Profit before tax 258 257 372 370
Taxes (97) (119) (128) (137)
Tax rate (38) (46) (34) (37)
Minorities and other -- -- (5.90) 1.36
Adj. profit 161 138 238 235
Exceptional items -- -- -- --
Net profit 161 138 238 235
yoy growth (%) 16.40 (42) 1.26 8.23
NPM 7.21 7.11 9.75 10.80
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 258 257 372 370
Depreciation (64) (60) (72) (69)
Tax paid (97) (119) (128) (137)
Working capital 1,566 1,378 1,023 --
Other operating items -- -- -- --
Operating cashflow 1,663 1,456 1,195 165
Capital expenditure 94 (83) 93.90 --
Free cash flow 1,757 1,374 1,289 165
Equity raised 4,138 4,230 4,203 4,220
Investments 194 229 (0.20) --
Debt financing/disposal 997 954 755 79.70
Dividends paid -- -- 68.70 68.70
Other items -- -- -- --
Net in cash 7,087 6,787 6,315 4,533
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 96.30 98.10 98.10 98.10
Preference capital -- -- -- --
Reserves 2,548 2,467 2,334 2,193
Net worth 2,644 2,565 2,432 2,291
Minority interest
Debt 2,222 2,180 2,059 1,404
Deferred tax liabilities (net) 277 260 170 108
Total liabilities 5,144 5,005 4,675 3,813
Fixed assets 397 418 368 376
Intangible assets
Investments 198 229 0.02 0.02
Deferred tax asset (net) 49 39 6.74 7.39
Net working capital 4,353 4,200 4,138 3,324
Inventories 5,096 4,265 2,728 2,427
Inventory Days 834 801 408 408
Sundry debtors 227 252 173 246
Debtor days 37.10 47.40 25.90 41.30
Other current assets 2,828 2,779 2,724 2,355
Sundry creditors (770) (320) (485) (567)
Creditor days 126 60.20 72.50 95.10
Other current liabilities (3,028) (2,776) (1,004) (1,137)
Cash 147 119 163 105
Total assets 5,144 5,005 4,675 3,813
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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