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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 11.80 5.80 2.51 (0.90)
Op profit growth 33.20 (1.20) (4.90) 4.88
EBIT growth 37.50 3.48 (6.90) (0.20)
Net profit growth 65 (11) (9.30) 5.12
Profitability ratios (%)        
OPM 4.39 3.68 3.94 4.25
EBIT margin 4.15 3.38 3.45 3.80
Net profit margin 2.79 1.89 2.25 2.54
RoCE 8.66 6.17 6.49 7.82
RoNW 2.99 2.04 2.63 3.48
RoA 1.46 0.86 1.06 1.31
Per share ratios ()        
EPS 68.20 41.30 46.10 50.90
Dividend per share 1.50 1.50 1.50 1.50
Cash EPS 57.30 30.20 36.20 41.10
Book value per share 615 525 489 393
Valuation ratios        
P/E 15.60 16.20 14.70 24.60
P/CEPS 18.50 22.10 18.80 30.50
P/B 1.73 1.27 1.39 3.19
EV/EBIDTA 11.90 12.90 13.40 19.40
Payout (%)        
Dividend payout -- -- 3.90 3.54
Tax payout (13) (26) (18) (20)
Liquidity ratios        
Debtor days 83.50 90.30 96.50 92.20
Inventory days 55.60 56.30 58 59.70
Creditor days (28) (35) (34) (25)
Leverage ratios        
Interest coverage (5.30) (4.30) (5.20) (4.60)
Net debt / equity 0.45 0.81 0.84 1.08
Net debt / op. profit 2.56 5.31 5.05 4.97
Cost breakup ()        
Material costs (86) (87) (88) (86)
Employee costs (1.90) (1.90) (1.60) (1.40)
Other costs (7.90) (7.10) (6.40) (8.10)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 3,905 3,494 3,302 3,221
yoy growth (%) 11.80 5.80 2.51 (0.90)
Raw materials (3,354) (3,053) (2,908) (2,778)
As % of sales 85.90 87.40 88.10 86.20
Employee costs (73) (65) (52) (45)
As % of sales 1.87 1.87 1.57 1.41
Other costs (307) (247) (212) (261)
As % of sales 7.86 7.06 6.42 8.09
Operating profit 171 129 130 137
OPM 4.39 3.68 3.94 4.25
Depreciation (17) (18) (16) (16)
Interest expense (31) (28) (22) (27)
Other income 8.23 7.17 0.22 1.65
Profit before tax 132 90.40 92.10 95.60
Taxes (17) (24) (17) (19)
Tax rate (13) (26) (18) (20)
Minorities and other (0.10) 0.08 -- --
Adj. profit 114 66.60 75.20 76.30
Exceptional items (5) (0.40) (0.80) 5.69
Net profit 109 66.10 74.30 82
yoy growth (%) 65 (11) (9.30) 5.12
NPM 2.79 1.89 2.25 2.54
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 132 90.40 92.10 95.60
Depreciation (17) (18) (16) (16)
Tax paid (17) (24) (17) (19)
Working capital 619 570 509 (19)
Other operating items -- -- -- --
Operating cashflow 715 619 567 41.40
Capital expenditure 217 218 148 9.57
Free cash flow 933 837 715 51
Equity raised 1,238 1,179 1,151 1,067
Investments 63.90 31.20 (3) --
Debt financing/disposal 299 465 393 205
Dividends paid -- -- 2.40 2.40
Other items -- -- -- --
Net in cash 2,533 2,512 2,259 1,325
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 16 16 16 16
Preference capital -- -- -- --
Reserves 1,058 968 824 767
Net worth 1,074 984 840 783
Minority interest
Debt 690 844 978 1,123
Deferred tax liabilities (net) 50.80 48.90 52.50 52.80
Total liabilities 1,815 1,877 1,870 1,958
Fixed assets 279 291 310 296
Intangible assets
Investments 71.80 64.90 32.10 0.89
Deferred tax asset (net) 2.12 1.73 1.72 1.73
Net working capital 1,150 1,114 1,231 1,195
Inventories 566 559 630 447
Inventory Days -- 52.30 65.80 49.40
Sundry debtors 765 925 862 866
Debtor days -- 86.40 90 95.80
Other current assets 64.60 71.50 107 298
Sundry creditors (201) (229) (337) (308)
Creditor days -- 21.40 35.20 34
Other current liabilities (45) (213) (30) (108)
Cash 312 405 295 465
Total assets 1,815 1,877 1,870 1,958
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 3,642 3,905 3,494 3,302 3,221
Excise Duty -- -- -- -- --
Net Sales 3,642 3,905 3,494 3,302 3,221
Other Operating Income -- -- -- -- --
Other Income 4.55 8.23 7.17 0.22 7.34
Total Income 3,647 3,913 3,501 3,302 3,229
Total Expenditure ** 3,466 3,739 3,366 3,173 3,084
PBIDT 180 175 135 130 144
Interest 26.40 30.60 27.60 22 26.90
PBDT 154 144 108 108 117
Depreciation 17.20 17.40 17.90 16.40 16.10
Minority Interest Before NP -- -- -- -- --
Tax 19.60 21.10 24.20 16.90 19.40
Deferred Tax 1.50 (3.60) (0.20) -- --
Reported Profit After Tax 116 109 66.10 74.40 82
Minority Interest After NP 0.90 0.05 (0.10) 0.03 --
Net Profit after Minority Interest 115 109 66.10 74.30 82
Extra-ordinary Items (2.90) (4.20) (0.30) (0.70) 4.60
Adjusted Profit After Extra-ordinary item 118 113 66.50 75 77.40
EPS (Unit Curr.) 71.80 68.20 41.30 46.40 51.20
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 15 15 15 15
Equity 16 16 16 16 16
Public Shareholding (Number) -- -- -- 4,056,800 4,056,800
Public Shareholding (%) -- -- -- 25.30 25.30
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 11,950,000 11,950,000
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 74.70 74.70
PBIDTM(%) 4.96 4.47 3.88 3.92 4.48
PBDTM(%) 4.23 3.69 3.09 3.26 3.65
PATM(%) 3.18 2.80 1.89 2.25 2.54