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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 11.20 12.90 17.30 32.40
Op profit growth 20.10 27.10 23.30 8.48
EBIT growth 22.50 35.40 20.50 (0.50)
Net profit growth 21 43.30 33 (3.80)
Profitability ratios (%)        
OPM 15 13.90 12.40 11.80
EBIT margin 12.80 11.60 9.69 9.44
Net profit margin 8.31 7.64 6.02 5.31
RoCE 22.40 21.20 18 20.20
RoNW 4.69 4.65 3.80 4.06
RoA 3.63 3.48 2.80 2.84
Per share ratios ()        
EPS 14.70 12.10 8.51 6.60
Dividend per share 0.60 0.60 0.40 0.38
Cash EPS 9.85 7.89 4.94 3.33
Book value per share 85 70.70 59.20 52.30
Valuation ratios        
P/E 48.80 36.30 39.40 53.70
P/CEPS 72.80 55.50 67.90 106
P/B 8.43 6.19 5.67 6.78
EV/EBIDTA 33.30 25 25.30 31.70
Payout (%)        
Dividend payout 4.10 4.97 4.75 6.88
Tax payout (29) (28) (22) (29)
Liquidity ratios        
Debtor days 55.90 54.50 50 48.20
Inventory days 54.50 52.90 59 58.80
Creditor days (57) (36) (29) (26)
Leverage ratios        
Interest coverage (12) (12) (5.40) (5.30)
Net debt / equity 0.14 0.25 0.21 0.31
Net debt / op. profit 0.46 0.80 0.71 1.14
Cost breakup ()        
Material costs (66) (69) (72) (73)
Employee costs (5.10) (4.70) (4.50) (3.40)
Other costs (14) (13) (12) (11)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,106 1,895 1,678 1,430
yoy growth (%) 11.20 12.90 17.30 32.40
Raw materials (1,383) (1,303) (1,201) (1,049)
As % of sales 65.70 68.80 71.60 73.40
Employee costs (106) (89) (75) (48)
As % of sales 5.06 4.68 4.47 3.36
Other costs (299) (239) (194) (164)
As % of sales 14.20 12.60 11.60 11.50
Operating profit 317 264 208 168
OPM 15 13.90 12.40 11.80
Depreciation (57) (50) (42) (36)
Interest expense (22) (18) (30) (25)
Other income 10 6.50 (3.20) 3.10
Profit before tax 248 202 132 110
Taxes (72) (56) (30) (31)
Tax rate (29) (28) (22) (29)
Minorities and other (0.60) 0.10 (1) (2.30)
Adj. profit 175 146 102 75.90
Exceptional items -- (1) (0.80) --
Net profit 175 145 101 75.90
yoy growth (%) 21 43.30 33 (3.80)
NPM 8.31 7.64 6.02 5.31
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 248 202 132 110
Depreciation (57) (50) (42) (36)
Tax paid (72) (56) (30) (31)
Working capital 254 232 145 97.70
Other operating items -- -- -- --
Operating cashflow 372 327 206 139
Capital expenditure 848 618 406 320
Free cash flow 1,220 945 612 459
Equity raised 976 871 831 840
Investments -- -- -- --
Debt financing/disposal 169 139 104 72.70
Dividends paid 7.19 7.19 4.79 4.35
Other items -- -- -- --
Net in cash 2,371 1,962 1,552 1,376
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 84.30 12 12 12
Preference capital -- -- -- --
Reserves 1,193 1,006 835 696
Net worth 1,278 1,018 847 708
Minority interest
Debt 275 189 229 197
Deferred tax liabilities (net) 74.60 55.40 48.90 25.20
Total liabilities 1,643 1,276 1,137 943
Fixed assets 1,186 916 766 660
Intangible assets
Investments 0.15 -- -- --
Deferred tax asset (net) 21.30 22.40 22.60 4.51
Net working capital 337 295 330 229
Inventories 396 357 272 277
Inventory Days -- 61.90 52.40 60.30
Sundry debtors 339 307 339 227
Debtor days -- 53.20 65.20 49.40
Other current assets 79.80 51.80 66.60 87.10
Sundry creditors (412) (366) (191) (132)
Creditor days -- 63.40 36.70 28.80
Other current liabilities (66) (55) (157) (230)
Cash 98.10 43.70 18.20 49.90
Total assets 1,643 1,276 1,137 943
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Dec-2017 Dec-2016 Dec-2015
Gross Sales 1,949 1,733 1,467 1,468 1,292
Excise Duty -- -- 32.90 163 133
Net Sales 1,949 1,733 1,434 1,305 1,159
Other Operating Income -- -- -- -- 0.43
Other Income 12 11.60 10.40 4.89 1.90
Total Income 1,961 1,744 1,445 1,310 1,161
Total Expenditure ** 1,620 1,467 1,237 1,132 1,017
PBIDT 341 277 207 177 144
Interest 21.30 26 12.50 18.10 25
PBDT 320 251 195 159 119
Depreciation 79 59.10 41.90 38 30.50
Minority Interest Before NP -- -- -- -- --
Tax 43 56.90 42.50 32.40 18.10
Deferred Tax -- -- -- -- --
Reported Profit After Tax 198 135 110 89.10 70.30
Minority Interest After NP 1.20 1.20 0.15 (0.30) 0.74
Net Profit after Minority Interest 197 134 110 89.40 66.10
Extra-ordinary Items -- -- -- -- (0.80)
Adjusted Profit After Extra-ordinary item 197 134 110 89.40 66.90
EPS (Unit Curr.) 13.10 11.20 9.19 7.46 5.63
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 100 30 25 20 15
Equity 15.10 12 12 12 12
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 17.50 16 14.50 13.60 12.40
PBDTM(%) 16.40 14.50 13.60 12.20 10.30
PATM(%) 10.20 7.79 7.69 6.83 6.07