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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 26.50 8.94 26 49.10
Op profit growth 48.60 (24) 43.90 32.70
EBIT growth 62.10 (32) 46.70 51.30
Net profit growth 116 (62) 1.08 16.90
Profitability ratios (%)        
OPM 12 10.20 14.70 12.90
EBIT margin 8.54 6.66 10.70 9.22
Net profit margin 3.37 1.98 5.71 7.11
RoCE 7.63 5.47 8.58 6.18
RoNW 1.10 0.52 1.47 1.62
RoA 0.75 0.41 1.14 1.19
Per share ratios ()        
EPS 1.28 0.59 1.24 1.29
Dividend per share 0.30 -- -- --
Cash EPS (0.20) (0.70) 0.31 0.54
Book value per share 29.70 28.40 28.30 27
Valuation ratios        
P/E 24.50 36.10 10.50 11.20
P/CEPS (188) (29) 42.60 26.90
P/B 1.05 0.75 0.46 0.53
EV/EBIDTA 9.90 8.96 4.62 7.12
Payout (%)        
Dividend payout -- -- -- 0.32
Tax payout (35) (47) (10) (2.90)
Liquidity ratios        
Debtor days 128 132 128 98.30
Inventory days 31.40 27.60 21.90 27.70
Creditor days (73) (74) (64) (36)
Leverage ratios        
Interest coverage (2.70) (2.20) (4.20) (4.10)
Net debt / equity 0.51 0.30 0.23 0.34
Net debt / op. profit 3.31 2.80 1.60 3.01
Cost breakup ()        
Material costs (65) (66) (59) (62)
Employee costs (6.40) (7) (6.50) (6.60)
Other costs (17) (17) (19) (19)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 618 489 449 356
yoy growth (%) 26.50 8.94 26 49.10
Raw materials (400) (323) (267) (220)
As % of sales 64.60 66 59.40 61.70
Employee costs (40) (34) (29) (23)
As % of sales 6.40 7 6.51 6.59
Other costs (105) (82) (87) (67)
As % of sales 17 16.80 19.40 18.80
Operating profit 74.20 49.90 65.90 45.80
OPM 12 10.20 14.70 12.90
Depreciation (24) (22) (21) (17)
Interest expense (19) (15) (12) (7.90)
Other income 2.19 4.35 2.87 4.22
Profit before tax 33.40 18 36.60 24.90
Taxes (12) (8.50) (3.70) (0.70)
Tax rate (35) (47) (10) (2.90)
Minorities and other -- -- -- --
Adj. profit 21.60 9.53 32.90 24.20
Exceptional items (0.80) 0.14 (7.30) 1.16
Net profit 20.80 9.66 25.60 25.30
yoy growth (%) 116 (62) 1.08 16.90
NPM 3.37 1.98 5.71 7.11
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 33.40 18 36.60 24.90
Depreciation (24) (22) (21) (17)
Tax paid (12) (8.50) (3.70) (0.70)
Working capital 186 109 160 49.90
Other operating items -- -- -- --
Operating cashflow 184 97.20 172 56.90
Capital expenditure 210 74.70 52.50 42.10
Free cash flow 394 172 225 99
Equity raised 602 613 625 566
Investments -- -- -- --
Debt financing/disposal 333 230 107 65.20
Dividends paid -- -- -- 0.07
Other items -- -- -- --
Net in cash 1,330 1,015 957 730
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 81.40 81.40 81.30 103
Preference capital -- -- -- --
Reserves 412 403 381 357
Net worth 493 484 462 460
Minority interest
Debt 310 270 150 109
Deferred tax liabilities (net) 11.70 9.66 7.64 2.83
Total liabilities 814 764 620 572
Fixed assets 484 413 289 259
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 11.60 12.50 16.50 0.49
Net working capital 302 313 304 309
Inventories 123 57.40 49 24.90
Inventory Days -- 33.90 36.60 20.20
Sundry debtors 192 246 189 166
Debtor days -- 145 141 135
Other current assets 187 197 212 221
Sundry creditors (118) (114) (104) (73)
Creditor days -- 67 77.60 59.30
Other current liabilities (82) (73) (42) (29)
Cash 17.10 24.60 10.10 3.28
Total assets 814 764 620 572
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 530 625 510 476 376
Excise Duty -- 6.34 20.90 26.90 25.60
Net Sales 530 618 489 449 350
Other Operating Income -- -- -- -- 5.87
Other Income 6.05 2.19 4.48 2.87 5.38
Total Income 536 621 493 452 361
Total Expenditure ** 446 545 439 390 310
PBIDT 89.60 75.60 54.40 61.50 51.20
Interest 32.10 19.40 14.60 11.60 7.94
PBDT 57.50 56.10 39.80 49.90 43.30
Depreciation 30.20 23.60 21.70 20.60 17.20
Minority Interest Before NP -- -- -- -- --
Tax 13.40 10.40 11 3.71 0.71
Deferred Tax 3.08 1.32 (2.50) -- --
Reported Profit After Tax 10.80 20.80 9.66 25.60 25.30
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 10.80 20.80 9.66 25.60 25.30
Extra-ordinary Items 1.43 (0.50) 0.06 (6.40) 1.13
Adjusted Profit After Extra-ordinary item 9.34 21.40 9.60 32 24.20
EPS (Unit Curr.) 0.66 1.28 0.59 1.63 1.68
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 6 -- -- --
Equity 81.40 81.40 81.30 103 97.90
Public Shareholding (Number) -- -- -- -- 100,161,092
Public Shareholding (%) -- -- -- -- 66.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 51,378,597
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 33.90
PBIDTM(%) 16.90 12.20 11.10 13.70 14.60
PBDTM(%) 10.80 9.07 8.15 11.10 12.40
PATM(%) 2.03 3.37 1.98 5.70 7.23