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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth (9.20) 1.41 (12) (36)
Op profit growth (1.10) 20.70 96.10 (62)
EBIT growth (15) 45.50 (23) (16)
Net profit growth (108) (90,752) (100) (282)
Profitability ratios (%)        
OPM 18.90 17.40 14.60 6.55
EBIT margin 9.86 10.60 7.38 8.42
Net profit margin (0.20) 1.76 -- 3.48
RoCE 3.40 3.62 2.14 2.75
RoNW -- 0.19 -- 0.34
RoA -- 0.15 -- 0.28
Per share ratios ()        
EPS -- 0.83 -- 2.01
Dividend per share -- -- -- --
Cash EPS (4.30) (3.50) (6) (3.70)
Book value per share 88 88 143 147
Valuation ratios        
P/E -- 48.40 -- 6.01
P/CEPS (6.70) (11) (3.30) (3.30)
P/B 0.33 0.46 0.14 0.08
EV/EBIDTA 8.27 6.29 4.51 2.80
Payout (%)        
Dividend payout -- -- -- --
Tax payout (106) (31) (144) 48.80
Liquidity ratios        
Debtor days 393 365 451 360
Inventory days 57.40 55.70 60.20 57.50
Creditor days (108) (47) (17) (15)
Leverage ratios        
Interest coverage (1.30) (1.30) (1.10) (1.40)
Net debt / equity 0.44 0.21 0.17 0.12
Net debt / op. profit 4.80 2.26 3.31 4.63
Cost breakup ()        
Material costs (52) (55) (56) (58)
Employee costs (16) (15) (17) (18)
Other costs (13) (12) (13) (18)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 215 237 234 266
yoy growth (%) (9.20) 1.41 (12) (36)
Raw materials (111) (130) (130) (153)
As % of sales 51.70 54.80 55.70 57.50
Employee costs (35) (37) (39) (47)
As % of sales 16.10 15.50 16.80 17.80
Other costs (29) (29) (30) (48)
As % of sales 13.30 12.40 12.90 18.10
Operating profit 40.70 41.20 34.10 17.40
OPM 18.90 17.40 14.60 6.55
Depreciation (21) (22) (28) (26)
Interest expense (16) (19) (16) (15)
Other income 1.94 5.68 10.80 31.30
Profit before tax 5.45 6.02 1.14 6.93
Taxes (5.80) (1.90) (1.60) 3.38
Tax rate (106) (31) (144) 48.80
Minorities and other (0.10) -- 0.31 --
Adj. profit (0.30) 4.17 (0.20) 10.30
Exceptional items -- -- 0.19 (1.10)
Net profit (0.40) 4.17 -- 9.25
yoy growth (%) (108) (90,752) (100) (282)
NPM (0.20) 1.76 -- 3.48
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 5.45 6.02 1.14 6.93
Depreciation (21) (22) (28) (26)
Tax paid (5.80) (1.90) (1.60) 3.38
Working capital (90) (169) 61.60 --
Other operating items -- -- -- --
Operating cashflow (112) (187) 33.40 (16)
Capital expenditure 146 27.30 (7.10) --
Free cash flow 34.20 (159) 26.30 (16)
Equity raised 1,078 1,079 1,299 1,300
Investments (35) (4.90) (0.20) --
Debt financing/disposal 122 29.30 48.60 13.60
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 1,198 944 1,374 1,298
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 25.10 25.10 24.60 23.10
Preference capital -- -- -- --
Reserves 417 417 638 655
Net worth 442 442 663 678
Minority interest
Debt 212 112 136 102
Deferred tax liabilities (net) 16.70 11.80 11.10 12.90
Total liabilities 677 572 815 798
Fixed assets 310 325 345 386
Intangible assets
Investments 7.37 8.23 5 5.02
Deferred tax asset (net) -- 1 1.28 0.22
Net working capital 343 219 441 385
Inventories 33.50 34.20 38.20 38.90
Inventory Days 56.80 52.60 59.60 53.50
Sundry debtors 302 162 312 265
Debtor days 513 249 487 364
Other current assets 116 90.10 112 109
Sundry creditors (61) (42) (8.20) (10)
Creditor days 103 64.90 12.90 14.20
Other current liabilities (48) (25) (14) (18)
Cash 16.40 19 23.20 21.20
Total assets 677 572 815 798
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 215 237 234 266 416
Excise Duty -- -- -- -- --
Net Sales 215 237 234 266 416
Other Operating Income -- -- 4.51 7.22 3.03
Other Income 1.94 5.68 6.93 24 3
Total Income 217 243 245 297 422
Total Expenditure ** 175 196 200 249 378
PBIDT 42.70 46.90 45.60 47.60 44.50
Interest 15.80 19.10 16.50 15.40 15.30
PBDT 26.90 27.80 29 32.20 29.20
Depreciation 21.40 21.80 27.70 26.30 25
Minority Interest Before NP -- -- -- -- --
Tax 2.21 2.07 1.64 (3.40) 6.09
Deferred Tax 3.54 (0.20) -- -- --
Reported Profit After Tax (0.30) 4.17 (0.30) 9.26 (1.90)
Minority Interest After NP -- -- (0.30) 0.01 3.22
Net Profit after Minority Interest (0.40) 4.17 -- 9.25 (5.10)
Extra-ordinary Items -- -- 0.19 (1) 3.05
Adjusted Profit After Extra-ordinary item (0.40) 4.17 (0.20) 10.30 (8.10)
EPS (Unit Curr.) (0.10) 0.83 -- 2 (1.10)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 25.10 25.10 23.10 23.10 23.10
Public Shareholding (Number) -- 25,879,010 25,998,409 25,998,408 25,998,408
Public Shareholding (%) -- 51.60 56.30 56.30 56.30
Pledged/Encumbered - No. of Shares -- 2,350,000 2,000,000 -- --
Pledged/Encumbered - % in Total Promoters Holding -- 9.66 10.60 -- --
Pledged/Encumbered - % in Total Equity -- 4.68 2.90 -- --
Non Encumbered - No. of Shares -- 24,326,518 20,188,318 20,188,318 20,188,318
Non Encumbered - % in Total Promoters Holding -- 100 100 100 100
Non Encumbered - % in Total Equity -- 48.50 43.70 43.70 43.70
PBIDTM(%) 19.80 19.80 19.50 17.90 10.70
PBDTM(%) 12.50 11.70 12.40 12.10 7.01
PATM(%) (0.10) 1.76 (0.10) 3.49 (0.40)