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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.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 27,142 26,157 25,119 25,783 48,329
Excise Duty -- -- -- -- --
Net Sales 27,142 26,157 25,119 25,783 48,329
Other Operating Income -- -- -- 74.40 112
Other Income 429 303 809 921 571
Total Income 27,571 26,460 25,928 26,779 49,012
Total Expenditure ** 25,880 24,777 23,605 24,631 39,294
PBIDT 1,691 1,683 2,323 2,147 9,718
Interest 1,288 908 1,121 1,012 5,174
PBDT 403 774 1,202 1,136 4,545
Depreciation 281 517 407 226 3,121
Minority Interest Before NP -- -- -- -- --
Tax 61.60 63.40 149 73.30 259
Deferred Tax (44) (22) 49.10 -- --
Reported Profit After Tax 104 217 597 836 1,164
Minority Interest After NP (194) (156) (60) 0.36 (47)
Net Profit after Minority Interest 434 569 767 872 1,211
Extra-ordinary Items (2.60) -- 174 13.10 (103)
Adjusted Profit After Extra-ordinary item 436 569 593 859 1,314
EPS (Unit Curr.) 3.94 5.17 6.97 7.93 11
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 110 110 110 110 110
Public Shareholding (Number) -- -- -- -- 274,952,524
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- 146,804,339
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 17.80
Pledged/Encumbered - % in Total Equity -- -- -- -- 13.40
Non Encumbered - No. of Shares -- -- -- -- 678,053,220
Non Encumbered - % in Total Promoters Holding -- -- -- -- 82.20
Non Encumbered - % in Total Equity -- -- -- -- 61.70
PBIDTM(%) 6.23 6.43 9.25 8.33 20.10
PBDTM(%) 1.49 2.96 4.79 4.40 9.40
PATM(%) 0.38 0.83 2.38 3.24 2.41