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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 2.09 7.42 (47) 17.30
Op profit growth 19.70 15.70 (87) 32.70
EBIT growth (6.80) (5.10) (75) 34.80
Net profit growth (23) (2.30) (48) (12)
Profitability ratios (%)        
OPM 6.19 5.28 4.90 19.30
EBIT margin 5.87 6.43 7.28 15.30
Net profit margin 2.03 2.70 2.97 3.02
RoCE 6.09 6.64 3.33 9.14
RoNW 1.30 1.80 1.29 1.97
RoA 0.53 0.70 0.34 0.45
Per share ratios ()        
EPS 3.41 7.34 8.89 20.50
Dividend per share 0.40 0.40 0.40 1.40
Cash EPS 0.29 6.11 6.33 (14)
Book value per share 137 129 122 234
Valuation ratios        
P/E 28.60 9.21 5.17 18.70
P/CEPS 332 11.10 7.26 (27)
P/B 0.71 0.53 0.38 1.64
EV/EBIDTA 11.30 11.70 9.23 11
Payout (%)        
Dividend payout -- -- -- 9.95
Tax payout (23) (25) (7) (13)
Liquidity ratios        
Debtor days 122 115 137 71.90
Inventory days 19.50 14.70 28.90 22.60
Creditor days (86) (74) (71) (48)
Leverage ratios        
Interest coverage (1.70) (1.90) (1.80) (1.40)
Net debt / equity 1.04 1.35 1.32 3.11
Net debt / op. profit 6.82 9.92 10.60 6.42
Cost breakup ()        
Material costs (83) (85) (84) (66)
Employee costs (1.60) (1.40) (1.60) (1.80)
Other costs (9.40) (8.50) (10) (13)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 37,298 36,533 34,008 64,582
yoy growth (%) 2.09 7.42 (47) 17.30
Raw materials (30,877) (30,982) (28,422) (42,811)
As % of sales 82.80 84.80 83.60 66.30
Employee costs (607) (511) (528) (1,150)
As % of sales 1.63 1.40 1.55 1.78
Other costs (3,504) (3,111) (3,392) (8,175)
As % of sales 9.39 8.52 9.97 12.70
Operating profit 2,310 1,929 1,667 12,445
OPM 6.19 5.28 4.90 19.30
Depreciation (725) (315) (314) (3,522)
Interest expense (1,306) (1,257) (1,357) (7,056)
Other income 603 734 1,122 938
Profit before tax 882 1,091 1,118 2,805
Taxes (207) (271) (78) (365)
Tax rate (23) (25) (7) (13)
Minorities and other 266 141 32.90 (350)
Adj. profit 941 961 1,073 2,090
Exceptional items (183) 27 (62) (142)
Net profit 757 988 1,011 1,948
yoy growth (%) (23) (2.30) (48) (12)
NPM 2.03 2.70 2.97 3.02
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 882 1,091 1,118 2,805
Depreciation (725) (315) (314) (3,522)
Tax paid (207) (271) (78) (365)
Working capital 5,034 (4,823) (854) 4,905
Other operating items -- -- -- --
Operating cashflow 4,983 (4,318) (129) 3,824
Capital expenditure (7,358) (26,252) (43,000) 17,579
Free cash flow (2,375) (30,570) (43,129) 21,402
Equity raised 31,840 32,401 33,543 47,471
Investments 1,127 500 482 456
Debt financing/disposal (6,959) (32,054) (41,743) 19,009
Dividends paid -- -- -- 154
Other items -- -- -- --
Net in cash 23,633 (29,723) (50,847) 88,492
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 110 110 110 110
Preference capital -- -- -- --
Reserves 14,646 14,979 14,026 13,268
Net worth 14,756 15,089 14,136 13,378
Minority interest
Debt 11,243 17,637 20,846 19,169
Deferred tax liabilities (net) 1,233 1,431 1,374 1,153
Total liabilities 27,620 34,935 36,918 33,785
Fixed assets 14,785 16,081 21,399 18,178
Intangible assets
Investments 1,511 1,461 1,042 805
Deferred tax asset (net) 1,582 1,659 1,784 1,482
Net working capital 8,032 13,850 10,978 11,781
Inventories 2,669 2,343 1,652 1,300
Inventory Days -- 22.90 16.50 14
Sundry debtors 14,178 12,099 12,742 10,187
Debtor days -- 118 127 109
Other current assets 7,205 22,310 8,652 9,341
Sundry creditors (10,470) (8,459) (8,030) (6,075)
Creditor days -- 82.80 80.20 65.20
Other current liabilities (5,550) (14,443) (4,038) (2,972)
Cash 1,709 1,884 1,715 1,540
Total assets 27,620 34,935 36,918 33,785
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 40,379 35,924 36,608 34,008 64,398
Excise Duty -- -- -- -- --
Net Sales 40,379 35,924 36,608 34,008 64,398
Other Operating Income -- -- -- -- 184
Other Income 1,201 642 822 1,122 938
Total Income 41,579 36,566 37,431 35,131 65,520
Total Expenditure ** 39,106 34,165 34,779 32,403 52,278
PBIDT 2,474 2,401 2,652 2,727 13,242
Interest 1,625 1,250 1,257 1,357 7,056
PBDT 848 1,151 1,394 1,370 6,185
Depreciation 390 664 315 314 3,522
Minority Interest Before NP -- -- -- -- --
Tax 168 113 183 158 365
Deferred Tax (23) (1) 88.10 (80) --
Reported Profit After Tax 314 375 808 978 2,298
Minority Interest After NP (211) (163) (62) -- 350
Net Profit after Minority Interest 717 757 988 1,000 1,948
Extra-ordinary Items (86) (203) 20.40 (53) (122)
Adjusted Profit After Extra-ordinary item 803 960 967 1,052 2,071
EPS (Unit Curr.) 6.52 6.89 8.98 9.09 17.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 40 40 40 40 140
Equity 110 110 110 110 110
Public Shareholding (Number) -- -- -- -- 274,952,524
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- 129,620,749
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 15.70
Pledged/Encumbered - % in Total Equity -- -- -- -- 11.80
Non Encumbered - No. of Shares -- -- -- -- 695,236,810
Non Encumbered - % in Total Promoters Holding -- -- -- -- 84.30
Non Encumbered - % in Total Equity -- -- -- -- 63.20
PBIDTM(%) 6.13 6.68 7.24 8.02 20.60
PBDTM(%) 2.10 3.20 3.81 4.03 9.60
PATM(%) 0.78 1.04 2.21 2.88 3.57