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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 0.43 3.34 2.94 (0.60)
Op profit growth 8.01 7.71 (6.70) (13)
EBIT growth 9.12 10.10 (11) (22)
Net profit growth 14.10 19.30 (37) (13)
Profitability ratios (%)        
OPM 8.13 7.56 7.26 8
EBIT margin 6.04 5.56 5.22 6.06
Net profit margin 3.89 3.42 2.97 4.86
RoCE 14 11.40 10.20 14
RoNW 2.44 2.15 1.78 3.10
RoA 2.26 1.75 1.45 2.80
Per share ratios ()        
EPS 13 11.40 9.52 14.70
Dividend per share 2.50 2 2 2
Cash EPS 5.59 4.58 2.95 9.10
Book value per share 139 126 138 129
Valuation ratios        
P/E 48.80 47.70 48.40 44.70
P/CEPS 113 118 156 72.50
P/B 4.54 4.31 3.33 5.12
EV/EBIDTA 22.60 21.70 21.30 26.70
Payout (%)        
Dividend payout -- -- -- 15.90
Tax payout (35) (42) (35) (18)
Liquidity ratios        
Debtor days 20.10 18.60 16 11.10
Inventory days 47.40 59.10 58.70 49.20
Creditor days (29) (23) (22) (23)
Leverage ratios        
Interest coverage (194) (10) (7.70) (37)
Net debt / equity (0.10) 0.04 0.26 0.05
Net debt / op. profit (0.50) 0.22 1.57 0.27
Cost breakup ()        
Material costs (66) (66) (66) (65)
Employee costs (6.60) (6.30) (6) (5.50)
Other costs (19) (20) (21) (22)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 812 808 782 760
yoy growth (%) 0.43 3.34 2.94 (0.60)
Raw materials (539) (533) (518) (493)
As % of sales 66.40 65.90 66.20 64.90
Employee costs (54) (51) (47) (42)
As % of sales 6.65 6.27 6.03 5.55
Other costs (153) (164) (161) (164)
As % of sales 18.80 20.20 20.50 21.60
Operating profit 66 61.10 56.80 60.80
OPM 8.13 7.56 7.26 8
Depreciation (18) (17) (16) (15)
Interest expense (0.30) (4.40) (5.30) (1.20)
Other income 0.94 0.31 0.05 0.02
Profit before tax 48.80 40.50 35.50 44.80
Taxes (17) (17) (12) (7.90)
Tax rate (35) (42) (35) (18)
Minorities and other -- -- -- --
Adj. profit 31.60 23.50 23.20 36.90
Exceptional items -- 4.21 -- --
Net profit 31.60 27.70 23.20 36.90
yoy growth (%) 14.10 19.30 (37) (13)
NPM 3.89 3.42 2.97 4.86
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 48.80 40.50 35.50 44.80
Depreciation (18) (17) (16) (15)
Tax paid (17) (17) (12) (7.90)
Working capital 24.20 8.22 82.40 9.55
Other operating items -- -- -- --
Operating cashflow 37.80 15.20 89.60 31.70
Capital expenditure 158 129 138 41.10
Free cash flow 196 144 228 72.80
Equity raised 437 439 511 516
Investments -- -- -- --
Debt financing/disposal -- 17.60 95.70 10.90
Dividends paid -- -- -- 4.87
Other items -- -- -- --
Net in cash 633 601 834 604
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 24.40 24.40 24.40 24.40
Preference capital -- -- -- --
Reserves 315 282 313 289
Net worth 340 306 337 314
Minority interest
Debt -- 17.60 95.70 25.90
Deferred tax liabilities (net) 17.80 18.20 15.40 12.60
Total liabilities 358 342 448 352
Fixed assets 208 213 222 199
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 4.99 7.33 4.70 4.55
Net working capital 113 117 215 139
Inventories 94.50 116 146 106
Inventory Days 42.50 52.40 68 50.80
Sundry debtors 50 39.40 43.10 25.50
Debtor days 22.50 17.80 20.10 12.20
Other current assets 51.60 36.40 90.40 84.80
Sundry creditors (65) (53) (42) (47)
Creditor days 29.10 24 19.60 22.70
Other current liabilities (18) (21) (22) (30)
Cash 30.80 4.36 6.67 9.64
Total assets 358 342 448 352
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 823 811 806 780 756
Excise Duty -- -- -- -- --
Net Sales 823 811 806 780 756
Other Operating Income 0.48 1.10 2.21 1.90 3.51
Other Income 3.80 0.94 4.52 0.05 0.02
Total Income 827 813 813 782 760
Total Expenditure ** 759 746 747 725 699
PBIDT 68.50 67 65.60 56.80 60.80
Interest 0.09 0.25 4.45 5.33 1.23
PBDT 68.40 66.70 61.20 51.50 59.60
Depreciation 17.30 18 16.50 16 14.80
Minority Interest Before NP -- -- -- -- --
Tax 18.30 17.30 15.40 9.56 5.31
Deferred Tax (1.40) (0.10) 1.58 2.71 2.60
Reported Profit After Tax 34.30 31.60 27.70 23.20 36.90
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 34.30 31.60 27.70 23.20 36.90
Extra-ordinary Items -- -- 2.66 -- --
Adjusted Profit After Extra-ordinary item 34.30 31.60 25 23.20 36.90
EPS (Unit Curr.) 14.60 13.60 11.90 9.52 15.20
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 25 25 20 20 20
Equity 24.40 24.40 24.40 24.40 24.40
Public Shareholding (Number) -- -- -- -- 11,752,645
Public Shareholding (%) -- -- -- -- 48.20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 12,616,619
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 51.80
PBIDTM(%) 8.32 8.26 8.14 7.28 8.04
PBDTM(%) 8.31 8.23 7.59 6.60 7.88
PATM(%) 4.16 3.89 3.43 2.97 4.88