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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 7.08 15.40 (39) (25)
Op profit growth (155) (509) (73) (123)
EBIT growth 11.50 (18) (47) (57,266)
Net profit growth (27) 85.10 (32) 43.20
Profitability ratios (%)        
OPM (0.80) 1.54 (0.40) (1)
EBIT margin (4) (3.80) (5.40) (6.30)
Net profit margin (14) (20) (12) (11)
RoCE (4.20) (3.70) (4.20) (6.50)
RoNW (19) (18) (6.80) (6.40)
RoA (3.50) (4.80) (2.40) (2.90)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (36) (59) (48) (69)
Book value per share 31.60 46.20 95.30 130
Valuation ratios        
P/E -- -- -- --
P/CEPS (1.70) (0.90) (0.80) (0.90)
P/B 1.95 1.22 0.39 0.46
EV/EBIDTA 54.50 32.10 31.80 (59)
Payout (%)        
Dividend payout -- -- -- --
Tax payout 0.23 (25) 0.29 1.57
Liquidity ratios        
Debtor days 46.90 42.90 33.90 44.30
Inventory days 159 164 184 125
Creditor days (54) (81) (88) (53)
Leverage ratios        
Interest coverage 0.42 0.38 0.62 0.99
Net debt / equity 3.68 2.98 1.53 1.11
Net debt / op. profit (80) 39.70 (143) (35)
Cost breakup ()        
Material costs (71) (70) (70) (72)
Employee costs (9.30) (9.80) (11) (12)
Other costs (20) (19) (19) (17)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 385 359 311 507
yoy growth (%) 7.08 15.40 (39) (25)
Raw materials (274) (250) (219) (365)
As % of sales 71.20 69.60 70.40 72
Employee costs (36) (35) (34) (62)
As % of sales 9.32 9.81 10.80 12.10
Other costs (78) (68) (60) (85)
As % of sales 20.20 19.10 19.20 16.90
Operating profit (3) 5.55 (1.40) (5)
OPM (0.80) 1.54 (0.40) (1)
Depreciation (22) (23) (25) (28)
Interest expense (37) (37) (27) (32)
Other income 9.90 4.12 8.99 0.74
Profit before tax (52) (51) (44) (64)
Taxes (0.10) 12.60 (0.10) (1)
Tax rate 0.23 (25) 0.29 1.57
Minorities and other -- -- 0.19 0.14
Adj. profit (52) (38) (44) (65)
Exceptional items -- (34) 5.45 8.25
Net profit (52) (72) (39) (57)
yoy growth (%) (27) 85.10 (32) 43.20
NPM (14) (20) (12) (11)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (52) (51) (44) (64)
Depreciation (22) (23) (25) (28)
Tax paid (0.10) 12.60 (0.10) (1)
Working capital (8.60) (93) (61) (118)
Other operating items -- -- -- --
Operating cashflow (83) (154) (130) (211)
Capital expenditure 54.20 61.80 (2.50) (25)
Free cash flow (29) (93) (132) (236)
Equity raised 343 389 419 474
Investments (25) (65) (35) (0.10)
Debt financing/disposal 88.80 29.90 26.10 (38)
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 378 261 279 200
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 29.30 22.50 16 13.20
Preference capital -- -- -- --
Reserves 78.10 43.90 58 113
Net worth 107 66.40 74 126
Minority interest
Debt 220 250 224 198
Deferred tax liabilities (net) -- -- -- 12.80
Total liabilities 390 382 358 397
Fixed assets 206 224 240 224
Intangible assets
Investments 0.10 0.10 0.10 31.70
Deferred tax asset (net) 13.40 13.50 13.60 0.42
Net working capital 165 138 101 136
Inventories 172 173 163 159
Inventory Days -- 164 165 187
Sundry debtors 44.10 45.30 53.60 30.90
Debtor days -- 43 54.50 36.20
Other current assets 86 35.80 33.40 49
Sundry creditors (38) (36) (79) (77)
Creditor days -- 34.30 80.80 90
Other current liabilities (99) (79) (70) (26)
Cash 4.34 5.82 3.96 4.38
Total assets 390 382 358 397
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 452 395 390 311 507
Excise Duty -- 10.40 30.50 -- --
Net Sales 452 385 359 311 507
Other Operating Income -- -- -- -- --
Other Income 46.40 9.90 4.12 16 8.98
Total Income 499 394 363 327 516
Total Expenditure ** 445 388 388 314 512
PBIDT 53.90 6.86 (24) 13.10 3.94
Interest 37.50 36.90 36.80 27.40 32.40
PBDT 16.40 (30) (61) (14) (28)
Depreciation 21.20 22.30 23.50 24.50 27.60
Minority Interest Before NP -- -- -- -- --
Tax -- -- 0.01 0.13 1.01
Deferred Tax 0.07 0.12 (13) -- --
Reported Profit After Tax (5) (52) (72) (39) (57)
Minority Interest After NP (0.30) -- (0.70) (0.20) (0.10)
Net Profit after Minority Interest (4.60) (52) (71) (39) (57)
Extra-ordinary Items 43.90 -- (34) 5.43 8.12
Adjusted Profit After Extra-ordinary item (49) (52) (37) (44) (65)
EPS (Unit Curr.) (2.30) (29) (50) (31) (45)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 27 21 16 13.20 12.30
Public Shareholding (Number) -- -- -- -- 9,090,487
Public Shareholding (%) -- -- -- -- 73.70
Pledged/Encumbered - No. of Shares -- -- -- -- 1,234,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 38
Pledged/Encumbered - % in Total Equity -- -- -- -- 9.99
Non Encumbered - No. of Shares -- -- -- -- 2,016,567
Non Encumbered - % in Total Promoters Holding -- -- -- -- 62
Non Encumbered - % in Total Equity -- -- -- -- 16.30
PBIDTM(%) 11.90 1.78 (6.80) 4.20 0.78
PBDTM(%) 3.62 (7.80) (17) (4.60) (5.60)
PATM(%) (1.10) (14) (20) (13) (11)