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Y/e 31 Mar Mar-2013 Mar-2012 Mar-2011 -
Growth matrix (%)        
Revenue growth (1) 60.40 -- --
Op profit growth (16) 71.80 -- --
EBIT growth (24) 89.20 -- --
Net profit growth (75) 2,300 -- --
Profitability ratios (%)        
OPM 18 21.30 19.90 --
EBIT margin 13.10 17.10 14.50 --
Net profit margin 1.33 5.21 0.35 --
RoCE 11.40 15.30 -- --
RoNW 1.31 5.84 -- --
RoA 0.29 1.17 -- --
Per share ratios ()        
EPS 2.08 9.14 0.26 --
Dividend per share -- 1.20 0.80 --
Cash EPS (6.70) 0.26 (8.10) --
Book value per share 46.20 43.90 35.90 --
Valuation ratios        
P/E 8.75 3.33 94.80 --
P/CEPS (2.70) 116 (3.10) --
P/B 0.39 0.69 0.69 --
EV/EBIDTA 4.83 4.63 6.89 --
Payout (%)        
Dividend payout -- 14.90 239 --
Tax payout (32) (13) (54) --
Liquidity ratios        
Debtor days 36.10 30.50 -- --
Inventory days 46.60 43.10 -- --
Creditor days (31) (24) -- --
Leverage ratios        
Interest coverage (1.20) (1.50) (1.10) --
Net debt / equity 2.94 3.39 3.93 --
Net debt / op. profit 4.26 3.91 6.38 --
Cost breakup ()        
Material costs (17) (20) (19) --
Employee costs (4.70) (4.10) (5.30) --
Other costs (60) (55) (56) --
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Y/e 31 Mar( In .Cr) Mar-2013 Mar-2012 Mar-2011 -
Revenue 326 329 205 --
yoy growth (%) (1) 60.40 -- --
Raw materials (57) (65) (39) --
As % of sales 17.40 19.80 19 --
Employee costs (15) (14) (11) --
As % of sales 4.68 4.12 5.28 --
Other costs (196) (180) (115) --
As % of sales 60 54.80 55.80 --
Operating profit 58.60 70.10 40.80 --
OPM 18 21.30 19.90 --
Depreciation (17) (17) (16) --
Interest expense (37) (36) (28) --
Other income 0.94 2.78 4.42 --
Profit before tax 5.63 19.80 1.54 --
Taxes (1.80) (2.60) (0.80) --
Tax rate (32) (13) (54) --
Minorities and other 0.52 -- -- --
Adj. profit 4.33 17.20 0.72 --
Exceptional items -- -- -- --
Net profit 4.33 17.20 0.72 --
yoy growth (%) (75) 2,300 -- --
NPM 1.33 5.21 0.35 --
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Y/e 31 Mar ( In .Cr) Mar-2013 Mar-2012 Mar-2011 -
Profit before tax 5.63 19.80 1.54 --
Depreciation (17) (17) (16) --
Tax paid (1.80) (2.60) (0.80) --
Working capital 26.80 -- -- --
Other operating items -- -- -- --
Operating cashflow 13.90 0.48 -- --
Capital expenditure 20.50 -- -- --
Free cash flow 34.40 0.48 -- --
Equity raised 110 110 -- --
Investments 4.42 -- -- --
Debt financing/disposal 168 192 -- --
Dividends paid -- 2.20 1.47 --
Other items -- -- -- --
Net in cash 317 304 -- --
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Y/e 31 Mar ( In .Cr) Mar-2013 Mar-2012 Mar-2011 Mar-2010
Equity capital 18.40 18.40 18.40 18.40
Preference capital -- -- -- --
Reserves 66.70 62.30 47.70 48.70
Net worth 85 80.70 66.10 67.10
Minority interest
Debt 254 280 263 213
Deferred tax liabilities (net) 26.20 23.60 21.30 15.30
Total liabilities 366 384 350 295
Fixed assets 249 279 258 243
Intangible assets
Investments 7.37 -- 2.95 --
Deferred tax asset (net) 11.70 10.40 10.20 4.60
Net working capital 92.70 88.50 76.70 44.40
Inventories 47.40 35.80 42 16.70
Inventory Days 53 39.70 74.60 --
Sundry debtors 33.20 31.40 23.70 21.30
Debtor days 37.20 34.80 42.20 --
Other current assets 71.30 72.20 47 30.40
Sundry creditors (25) (21) (13) (21)
Creditor days 27.80 23.30 23.50 --
Other current liabilities (34) (30) (23) (3.10)
Cash 4.44 6.17 2.98 2.82
Total assets 366 384 350 295
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Particulars ( Rupees In Crores.) Mar-2013 Mar-2012 Mar-2011 Mar-2010 Mar-2009
Gross Sales 321 324 255 178 190
Excise Duty -- -- 50.20 29.80 38
Net Sales 321 324 204 148 152
Other Operating Income 5.28 5.68 -- -- --
Other Income 0.94 2.78 5.04 3.62 0.27
Total Income 327 332 210 152 152
Total Expenditure ** 268 259 164 117 112
PBIDT 59.50 72.80 45.30 34.50 40.10
Interest 37.20 36.40 28.30 6.61 7.45
PBDT 22.30 36.50 17 27.90 32.70
Depreciation 16.70 16.70 15.50 6.33 5.90
Minority Interest Before NP -- -- -- -- --
Tax 1.81 0.42 0.22 3.21 9.82
Deferred Tax -- 2.18 5.70 6.13 0.09
Reported Profit After Tax 3.81 17.20 (4.50) 12.20 16.90
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 4.33 17.20 (4.50) 12.20 16.90
Extra-ordinary Items -- -- -- -- (2.50)
Adjusted Profit After Extra-ordinary item 4.33 17.20 (4.50) 12.20 19.40
EPS (Unit Curr.) 2.36 9.33 -- 6.64 9.18
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- 15
Equity 18.40 18.40 18.40 18.40 18.40
Public Shareholding (Number) 7,035,467 7,035,467 7,091,467 7,091,467 7,091,467
Public Shareholding (%) 38.30 38.30 38.60 38.60 38.60
Pledged/Encumbered - No. of Shares 6,618,100 6,618,100 6,618,100 6,618,100 6,618,100
Pledged/Encumbered - % in Total Promoters Holding 58.30 58.30 58.60 58.60 58.60
Pledged/Encumbered - % in Total Equity 36 36 36 36 36
Non Encumbered - No. of Shares 4,736,030 4,736,030 4,680,030 4,680,030 4,680,030
Non Encumbered - % in Total Promoters Holding 41.70 41.70 41.40 41.40 41.40
Non Encumbered - % in Total Equity 25.80 25.80 25.50 25.50 25.50
PBIDTM(%) 18.50 22.50 22.10 23.30 26.40
PBDTM(%) 6.95 11.30 8.29 18.80 21.50
PATM(%) 1.19 5.30 (2.20) 8.25 11.10