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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 0.23 (16) (6.10) 10.30
Op profit growth 124 (39) (24) 33.20
EBIT growth 84.60 (13) (33) 53.40
Net profit growth 39.10 (22) (209) (151)
Profitability ratios (%)        
OPM 14.50 6.48 8.99 11
EBIT margin 10.10 5.49 5.30 7.46
Net profit margin (3.60) (2.60) (2.80) 2.42
RoCE 8.74 5 5.92 9.26
RoNW (2.80) (2.10) (2.70) 2.40
RoA (0.80) (0.60) (0.80) 0.75
Per share ratios ()        
EPS -- -- -- 36.90
Dividend per share 10 8 8 10
Cash EPS (102) (84) (102) (23)
Book value per share 366 427 323 417
Valuation ratios        
P/E -- -- -- 10.70
P/CEPS (4.70) (3.80) (3.10) (17)
P/B 1.32 0.75 0.98 0.94
EV/EBIDTA 7.12 9.28 7.71 6.57
Payout (%)        
Dividend payout -- -- (24) 29.30
Tax payout (41) (65) (101) (45)
Liquidity ratios        
Debtor days 36.80 39.50 38.40 36.80
Inventory days 69.70 70.40 68.10 62.60
Creditor days (67) (68) (71) (69)
Leverage ratios        
Interest coverage (2.30) (1.60) (1.50) (2.60)
Net debt / equity 2.20 1.83 2.30 1.80
Net debt / op. profit 4.59 9.99 5.74 4.45
Cost breakup ()        
Material costs (33) (38) (40) (42)
Employee costs (15) (17) (15) (14)
Other costs (37) (38) (36) (33)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 117,420 117,152 139,504 148,614
yoy growth (%) 0.23 (16) (6.10) 10.30
Raw materials (39,305) (44,816) (55,667) (62,737)
As % of sales 33.50 38.30 39.90 42.20
Employee costs (17,252) (19,967) (21,408) (20,303)
As % of sales 14.70 17 15.30 13.70
Other costs (43,855) (44,783) (49,893) (49,163)
As % of sales 37.30 38.20 35.80 33.10
Operating profit 17,008 7,586 12,536 16,411
OPM 14.50 6.48 8.99 11
Depreciation (5,673) (5,082) (5,944) (5,841)
Interest expense (5,072) (4,129) (4,848) (4,337)
Other income 535 3,926 796 517
Profit before tax 6,798 2,301 2,541 6,750
Taxes (2,778) (1,505) (2,567) (3,058)
Tax rate (41) (65) (101) (45)
Minorities and other (3,936) 130 30 (69)
Adj. profit 83.40 926 3.15 3,623
Exceptional items (4,324) (3,975) (3,929) (28)
Net profit (4,241) (3,049) (3,926) 3,595
yoy growth (%) 39.10 (22) (209) (151)
NPM (3.60) (2.60) (2.80) 2.42
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 6,798 2,301 2,541 6,750
Depreciation (5,673) (5,082) (5,944) (5,841)
Tax paid (2,778) (1,505) (2,567) (3,058)
Working capital (10,108) (12,297) (1,409) --
Other operating items -- -- -- --
Operating cashflow (11,761) (16,583) (7,379) (2,150)
Capital expenditure 17,902 (16,383) 16,779 --
Free cash flow 6,142 (32,966) 9,399 (2,150)
Equity raised 73,449 85,175 68,260 76,498
Investments 4,610 6,692 197 --
Debt financing/disposal 93,860 91,468 99,805 106,576
Dividends paid -- -- 777 971
Other items -- -- -- --
Net in cash 178,061 150,370 178,439 181,895
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 970 970 971 971
Preference capital -- -- -- 20
Reserves 34,574 40,487 30,378 39,561
Net worth 35,544 41,458 31,349 40,552
Minority interest
Debt 83,014 81,987 80,701 81,609
Deferred tax liabilities (net) 13,892 13,240 6,053 5,694
Total liabilities 134,052 137,465 119,808 129,593
Fixed assets 107,791 108,196 96,778 101,729
Intangible assets
Investments 12,457 10,714 3,455 5,093
Deferred tax asset (net) 4,748 4,446 3,191 3,139
Net working capital 4,136 7,923 7,633 11,026
Inventories 24,804 20,013 25,150 26,880
Inventory Days 77.10 62.40 65.80 66
Sundry debtors 11,587 12,066 13,310 16,006
Debtor days 36 37.60 34.80 39.30
Other current assets 10,888 19,709 11,666 13,291
Sundry creditors (18,574) (18,557) (22,375) (26,686)
Creditor days 57.70 57.80 58.50 65.50
Other current liabilities (24,568) (25,308) (20,118) (18,464)
Cash 4,921 6,186 8,750 8,605
Total assets 134,052 137,465 119,808 129,593
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Particulars ( Rupees In Crores.) Dec-2016 Dec-2015 Dec-2014 Dec-2013 Dec-2012
Gross Sales 83,003 80,763 104,982 105,330 99,237
Excise Duty 3,712 3,259 -- -- --
Net Sales 79,292 77,504 104,982 105,330 99,237
Other Operating Income 265 485 855 856 825
Other Income 380 7,668 3,116 423 570
Total Income 79,937 85,658 108,954 106,609 100,631
Total Expenditure ** 73,237 75,671 96,421 94,786 92,109
PBIDT 6,700 9,987 12,532 11,823 8,522
Interest 3,809 3,235 3,653 3,167 2,973
PBDT 2,891 6,752 8,880 8,656 5,549
Depreciation 4,089 3,942 4,431 4,369 4,106
Minority Interest Before NP -- -- -- -- --
Tax 1,074 967 2,463 2,423 1,318
Deferred Tax 728 (702) 239 (729) 810
Reported Profit After Tax (3,001) 2,545 1,747 2,593 (685)
Minority Interest After NP -- -- 2.11 31.80 (75)
Net Profit after Minority Interest (3,001) 2,545 1,749 2,559 (529)
Extra-ordinary Items (23) 5,093 347 7.91 (11)
Adjusted Profit After Extra-ordinary item (2,978) (2,548) 1,402 2,551 (518)
EPS (Unit Curr.) 0.60 39.80 16.60 25 (6.80)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 970 970 971 971 971
Public Shareholding (Number) -- -- 649,953,363 637,820,032 646,640,768
Public Shareholding (%) -- -- 68.10 67.70 68
Pledged/Encumbered - No. of Shares -- -- 2,740,000 20,000 20,000,000
Pledged/Encumbered - % in Total Promoters Holding -- -- 9 6.57 6.57
Pledged/Encumbered - % in Total Equity -- -- 2.82 2.06 2.06
Non Encumbered - No. of Shares -- -- 277,114,362 284,514,368 284,514,368
Non Encumbered - % in Total Promoters Holding -- -- 91 93.40 93.40
Non Encumbered - % in Total Equity -- -- 28.50 29.30 29.30
PBIDTM(%) 8.45 12.90 11.90 11.20 8.59
PBDTM(%) 3.65 8.71 8.46 8.22 5.59
PATM(%) (3.80) 3.28 1.66 2.46 (0.70)