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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 Sep-2018 Mar-2018 Sep-2017 Mar-2017
Gross Sales 23,666 16,712 19,146 16,778 20,818
Excise Duty -- -- -- -- --
Net Sales 23,666 16,712 19,146 16,778 20,818
Other Operating Income -- -- -- -- (17)
Other Income 866 335 456 186 332
Total Income 24,532 17,047 19,602 16,964 21,133
Total Expenditure ** 23,187 15,919 18,129 16,036 19,402
PBIDT 1,345 1,129 1,474 927 1,731
Interest 829 796 650 600 793
PBDT 516 332 824 327 938
Depreciation 74.10 316 339 325 448
Minority Interest Before NP -- -- -- -- --
Tax 147 20.40 90.40 22.70 60.80
Deferred Tax 39.30 (62) 13.50 (15) (84)
Reported Profit After Tax 256 58.70 380 (5.60) 513
Minority Interest After NP (211) -- (163) -- 21.30
Net Profit after Minority Interest 557 160 631 126 498
Extra-ordinary Items (160) 1.16 (273) -- 27
Adjusted Profit After Extra-ordinary item 717 159 904 126 472
EPS (Unit Curr.) 5.07 3.10 5.74 1.99 4.53
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 110 110 110 110 110
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 5.68 6.75 7.70 5.53 8.31
PBDTM(%) -- -- -- -- --
PATM(%) 1.08 0.35 1.99 -- 2.46