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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 4.46 (9.20) 1.41 (12)
Op profit growth 15.10 (1.10) 20.70 96.10
EBIT growth 30.70 (15) 45.50 (23)
Net profit growth (2,949) (108) (90,752) (100)
Profitability ratios (%)        
OPM 20.80 18.90 17.40 14.60
EBIT margin 12.30 9.86 10.60 7.38
Net profit margin 4.43 (0.20) 1.76 --
RoCE 5.18 3.76 3.62 2.14
RoNW 0.58 -- 0.19 --
RoA 0.47 -- 0.15 --
Per share ratios ()        
EPS 1.99 -- 0.83 --
Dividend per share -- -- -- --
Cash EPS (2.60) (4.30) (3.50) (6)
Book value per share 84.40 88 88 143
Valuation ratios        
P/E 10 -- 48.40 --
P/CEPS (7.60) (6.70) (11) (3.30)
P/B 0.24 0.33 0.46 0.14
EV/EBIDTA 2.69 5.48 6.29 4.51
Payout (%)        
Dividend payout -- -- -- --
Tax payout (41) (106) (31) (144)
Liquidity ratios        
Debtor days 367 393 365 451
Inventory days 54.10 57.40 55.70 60.20
Creditor days (123) (108) (47) (17)
Leverage ratios        
Interest coverage (5.10) (1.30) (1.30) (1.10)
Net debt / equity 0.07 0.17 0.21 0.17
Net debt / op. profit 0.61 1.88 2.26 3.31
Cost breakup ()        
Material costs (49) (52) (55) (56)
Employee costs (16) (16) (15) (17)
Other costs (15) (13) (12) (13)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 225 215 237 234
yoy growth (%) 4.46 (9.20) 1.41 (12)
Raw materials (110) (111) (130) (130)
As % of sales 49 51.70 54.80 55.70
Employee costs (35) (35) (37) (39)
As % of sales 15.60 16.10 15.50 16.80
Other costs (33) (29) (29) (30)
As % of sales 14.60 13.30 12.40 12.90
Operating profit 46.90 40.70 41.20 34.10
OPM 20.80 18.90 17.40 14.60
Depreciation (23) (21) (22) (28)
Interest expense (5.50) (16) (19) (16)
Other income 4.04 1.94 5.68 10.80
Profit before tax 22.30 5.45 6.02 1.14
Taxes (9) (5.80) (1.90) (1.60)
Tax rate (41) (106) (31) (144)
Minorities and other -- (0.10) -- 0.31
Adj. profit 13.20 (0.30) 4.17 (0.20)
Exceptional items (3.20) -- -- 0.19
Net profit 9.97 (0.40) 4.17 --
yoy growth (%) (2,949) (108) (90,752) (100)
NPM 4.43 (0.20) 1.76 --
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 22.30 5.45 6.02 1.14
Depreciation (23) (21) (22) (28)
Tax paid (9) (5.80) (1.90) (1.60)
Working capital (218) (188) (160) 55
Other operating items -- -- -- --
Operating cashflow (228) (209) (177) 26.80
Capital expenditure 143 59.40 (9.20) 6.31
Free cash flow (84) (150) (187) 33.10
Equity raised 1,049 1,083 1,074 1,294
Investments (35) (5.80) 3.06 --
Debt financing/disposal (32) 10.20 24.50 47.90
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 897 938 915 1,375
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 32.30 32.30 25.10 24.60
Preference capital -- -- -- --
Reserves 391 410 417 638
Net worth 424 442 442 663
Minority interest
Debt 58 92.90 112 136
Deferred tax liabilities (net) 24.20 16.70 11.80 11.10
Total liabilities 514 558 572 815
Fixed assets 293 310 325 345
Intangible assets
Investments 7.48 7.37 8.23 5
Deferred tax asset (net) -- -- 1 1.28
Net working capital 184 224 219 441
Inventories 33.10 33.50 34.20 38.20
Inventory Days 53.70 56.80 52.60 59.60
Sundry debtors 150 302 162 312
Debtor days 244 513 249 487
Other current assets 107 116 90.10 112
Sundry creditors (59) (61) (42) (8.20)
Creditor days 95.20 103 64.90 12.90
Other current liabilities (47) (167) (25) (14)
Cash 29.20 16.40 19 23.20
Total assets 514 558 572 815
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 225 215 237 234 266
Excise Duty -- -- -- -- --
Net Sales 225 215 237 234 266
Other Operating Income -- -- -- 4.51 7.22
Other Income 4.04 1.94 5.68 6.93 24
Total Income 229 217 243 245 297
Total Expenditure ** 181 175 196 200 249
PBIDT 47.70 42.70 46.90 45.60 47.60
Interest 5.47 15.80 19.10 16.50 15.40
PBDT 42.20 26.90 27.80 29 32.20
Depreciation 23.20 21.40 21.80 27.70 26.30
Minority Interest Before NP -- -- -- -- --
Tax 3.94 2.21 2.07 1.64 (3.40)
Deferred Tax 5.09 3.54 (0.20) -- --
Reported Profit After Tax 10 (0.30) 4.17 (0.30) 9.26
Minority Interest After NP -- -- -- (0.30) 0.01
Net Profit after Minority Interest 9.98 (0.40) 4.17 -- 9.25
Extra-ordinary Items (1.70) -- -- 0.19 (1)
Adjusted Profit After Extra-ordinary item 11.70 (0.40) 4.17 (0.20) 10.30
EPS (Unit Curr.) 1.99 (0.10) 0.83 -- 2
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 25.10 25.10 25.10 23.10 23.10
Public Shareholding (Number) -- -- 25,879,010 25,998,409 25,998,408
Public Shareholding (%) -- -- 51.60 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
Non Encumbered - % in Total Promoters Holding -- -- 100 100 100
Non Encumbered - % in Total Equity -- -- 48.50 43.70 43.70
PBIDTM(%) 21.20 19.80 19.80 19.50 17.90
PBDTM(%) 18.80 12.50 11.70 12.40 12.10
PATM(%) 4.45 (0.10) 1.76 (0.10) 3.49