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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 33.20 (12) 92 110
Op profit growth 29.30 29 83.60 98.40
EBIT growth 27.90 33.30 78.10 88
Net profit growth 26.20 53.70 65.20 (21)
Profitability ratios (%)        
OPM 37.40 38.60 26.20 27.40
EBIT margin 41.30 43.10 28.40 30.60
Net profit margin 22.30 23.50 13.40 15.60
RoCE 14 12.60 10.80 6.48
RoNW 3.85 3.42 2.45 1.58
RoA 1.88 1.72 1.28 0.83
Per share ratios ()        
EPS 23.80 18.60 12.80 7.37
Dividend per share 3.30 3 2.50 1.70
Cash EPS 22.40 17.80 11.30 6.58
Book value per share 159 142 127 117
Valuation ratios        
P/E 10.10 10.90 10.70 16
P/CEPS 10.70 11.40 12.20 18
P/B 1.52 1.43 1.09 1.01
EV/EBIDTA 8.68 9.43 8.74 12.90
Payout (%)        
Dividend payout 3.61 -- 20.90 23.50
Tax payout (21) (21) (22) (20)
Liquidity ratios        
Debtor days 152 116 37.80 43.60
Inventory days 737 936 788 1,521
Creditor days (74) (66) (81) (175)
Leverage ratios        
Interest coverage (3.30) (3.30) (2.90) (2.90)
Net debt / equity 0.88 0.84 0.70 0.63
Net debt / op. profit 3.58 3.95 3.80 5.77
Cost breakup ()        
Material costs (5.40) (5.30) 1.34 7.86
Employee costs (7.70) (6.70) -- --
Other costs (50) (49) (75) (80)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 370 277 316 165
yoy growth (%) 33.20 (12) 92 110
Raw materials (20) (15) 4.22 12.90
As % of sales 5.36 5.34 1.34 7.86
Employee costs (28) (19) -- --
As % of sales 7.69 6.69 -- --
Other costs (183) (137) (237) (132)
As % of sales 49.50 49.40 75.10 80.40
Operating profit 138 107 82.90 45.20
OPM 37.40 38.60 26.20 27.40
Depreciation (2.70) (2) (2.40) (2.30)
Interest expense (46) (36) (31) (17)
Other income 17.20 14.50 9.12 7.48
Profit before tax 106 83.20 58.60 32.90
Taxes (22) (17) (13) (6.70)
Tax rate (21) (21) (22) (20)
Minorities and other (2.20) (0.90) (3.20) (0.50)
Adj. profit 82.30 65.20 42.40 25.70
Exceptional items -- -- -- --
Net profit 82.30 65.20 42.40 25.70
yoy growth (%) 26.20 53.70 65.20 (21)
NPM 22.30 23.50 13.40 15.60
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 106 83.20 58.60 32.90
Depreciation (2.70) (2) (2.40) (2.30)
Tax paid (22) (17) (13) (6.70)
Working capital 777 528 147 (119)
Other operating items -- -- -- --
Operating cashflow 858 593 190 (95)
Capital expenditure (103) (165) (54) (57)
Free cash flow 755 428 136 (152)
Equity raised 765 770 731 721
Investments 24.20 21.10 35.90 30
Debt financing/disposal 637 549 241 601
Dividends paid -- -- 8.87 6.03
Other items -- -- -- --
Net in cash 2,181 1,768 1,153 1,206
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 35.50 35.50 35.50 35.50
Preference capital -- -- -- --
Reserves 576 527 469 414
Net worth 611 563 505 449
Minority interest
Debt 863 515 445 334
Deferred tax liabilities (net) -- -- -- --
Total liabilities 1,570 1,161 1,022 872
Fixed assets 70.90 68.70 69.50 71.90
Intangible assets
Investments 40.70 24.50 22.10 39.30
Deferred tax asset (net) -- -- -- --
Net working capital 1,430 1,049 908 743
Inventories 969 759 734 690
Inventory Days -- 750 965 797
Sundry debtors 192 178 130 46.70
Debtor days -- 176 171 54
Other current assets 579 486 439 395
Sundry creditors (51) (59) (34) (27)
Creditor days -- 58.30 45 31.60
Other current liabilities (259) (316) (360) (361)
Cash 27.70 19.60 22.30 18.60
Total assets 1,570 1,161 1,022 872
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 382 370 277 326 201
Excise Duty -- -- -- -- --
Net Sales 382 370 277 326 201
Other Operating Income 11.20 10 10.80 3.09 2.48
Other Income 8.31 7.21 3.74 -- 5.30
Total Income 401 387 292 329 209
Total Expenditure ** 254 231 171 237 146
PBIDT 147 156 121 92.10 63.10
Interest 50.30 46.30 36.30 31 23.40
PBDT 96.40 109 85.20 61.10 39.80
Depreciation 2.41 2.75 1.95 2.43 6.82
Minority Interest Before NP -- -- -- -- --
Tax 17.70 22 17.10 13.10 6.76
Deferred Tax -- -- -- -- --
Reported Profit After Tax 76.20 84.50 66.10 45.60 26.20
Minority Interest After NP 1.02 2.17 0.92 3.16 0.47
Net Profit after Minority Interest 75.20 82.30 65.20 42.40 25.70
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 75.20 82.30 65.20 42.40 25.70
EPS (Unit Curr.) 21.10 23.30 18.40 12 7.24
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 33 33 30 25 17
Equity 35.50 35.50 35.50 35.50 35.50
Public Shareholding (Number) -- -- -- 13,499,812 13,183,029
Public Shareholding (%) -- -- -- 38 37.20
Pledged/Encumbered - No. of Shares -- -- -- 3,750,000 1,750,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- 17.10 7.85
Pledged/Encumbered - % in Total Equity -- -- -- 10.60 4.93
Non Encumbered - No. of Shares -- -- -- 18,235,063 20,551,846
Non Encumbered - % in Total Promoters Holding -- -- -- 82.90 92.20
Non Encumbered - % in Total Equity -- -- -- 51.40 57.90
PBIDTM(%) 38.40 42.10 43.80 28.20 31.40
PBDTM(%) 25.30 29.60 30.70 18.70 19.80
PATM(%) 20 22.80 23.80 14 13