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Y/e 31 Mar Mar-2014 Mar-2013 Mar-2012 Mar-2011
Growth matrix (%)        
Revenue growth -- 40.50 77.20 --
Op profit growth -- (12) 67.50 --
EBIT growth -- (13) 64 --
Net profit growth -- (7.40) 53.60 --
Profitability ratios (%)        
OPM 10.60 10.60 17 18
EBIT margin 8.24 8.24 13.30 14.40
Net profit margin 3.47 3.47 5.26 6.07
RoCE 13.10 14.20 19.60 --
RoNW 4.96 4.32 5.59 --
RoA 1.38 1.50 1.94 --
Per share ratios ()        
EPS -- 6.07 6.80 4.21
Dividend per share -- -- 1 1
Cash EPS 1.79 1.79 1.89 1.66
Book value per share 23.60 39.10 32.80 27.30
Valuation ratios        
P/E -- 2.34 4.52 8.19
P/CEPS 4.92 7.93 16.30 20.80
P/B 0.37 0.36 0.94 1.26
EV/EBIDTA 4.47 4.57 3.30 7.01
Payout (%)        
Dividend payout -- -- 17.30 26.60
Tax payout (8.10) (8.10) (11) --
Liquidity ratios        
Debtor days 178 159 134 --
Inventory days 61.20 46.90 59.50 --
Creditor days (111) (109) (112) --
Leverage ratios        
Interest coverage (1.80) (1.80) (1.90) (1.70)
Net debt / equity 3.27 1.88 1.26 2.10
Net debt / op. profit 4.05 3.86 1.90 4.41
Cost breakup ()        
Material costs (82) (82) (72) (62)
Employee costs (3) (3) (4.50) (6.40)
Other costs (4.50) (4.50) (6.70) (14)
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Y/e 31 Mar( In .Cr) Mar-2015 Mar-2014 Mar-2013 Mar-2012
Revenue 103 404 404 287
yoy growth (%) (74) -- 40.50 77.20
Raw materials (92) (330) (330) (206)
As % of sales 89.50 81.90 81.90 71.70
Employee costs (9) (12) (12) (13)
As % of sales 8.75 3.03 3.03 4.54
Other costs (2.70) (18) (18) (19)
As % of sales 2.64 4.48 4.48 6.69
Operating profit (0.90) 42.90 42.90 48.90
OPM (0.90) 10.60 10.60 17
Depreciation (9.60) (10) (10) (11)
Interest expense (24) (18) (18) (21)
Other income 0.25 0.37 0.37 0.23
Profit before tax (34) 14.90 14.90 17.70
Taxes (0.50) (1.20) (1.20) (2)
Tax rate 1.59 (8.10) (8.10) (11)
Minorities and other -- 0.33 0.33 (0.60)
Adj. profit (35) 14 14 15.10
Exceptional items -- -- -- --
Net profit (35) 14 14 15.10
yoy growth (%) (349) -- (7.40) 53.60
NPM (34) 3.47 3.47 5.26
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Profit before tax 14.90 14.90 17.70 9.84
Depreciation (10) (10) (11) (6.10)
Tax paid (1.20) (1.20) (2) --
Working capital 57.70 79.80 (80) --
Other operating items -- -- -- --
Operating cashflow 61.40 83.50 (75) --
Capital expenditure 23.60 17.40 (17) --
Free cash flow 85 101 (92) --
Equity raised 55.50 103 104 --
Investments -- -- -- --
Debt financing/disposal 80.10 96.30 13.30 --
Dividends paid -- -- 2.25 2.25
Other items -- -- -- --
Net in cash 221 300 27.20 --
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Equity capital 22.50 22.50 22.50 22.50
Preference capital -- -- -- --
Reserves 30.60 65.40 51.40 38.90
Net worth 53.10 87.90 73.90 61.40
Minority interest
Debt 179 182 118 131
Deferred tax liabilities (net) 2.99 2.45 1.93 1.41
Total liabilities 235 272 196 194
Fixed assets 106 111 114 110
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) -- -- -- --
Net working capital 124 145 56.80 81.60
Inventories 76 59.30 44.40 49.30
Inventory Days 68.70 53.60 56.40 111
Sundry debtors 190 205 147 63.40
Debtor days 171 185 187 143
Other current assets 18.50 20.50 15.40 24.70
Sundry creditors (118) (100) (115) (32)
Creditor days 107 90.80 146 71.30
Other current liabilities (42) (39) (35) (24)
Cash 5.64 16.50 25.10 2.50
Total assets 235 272 196 194
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Particulars ( Rupees In Crores.) Mar-2014 Mar-2013 Mar-2012 Mar-2011 -
Gross Sales 103 404 287 162 --
Excise Duty -- -- -- -- --
Net Sales 103 404 287 162 --
Other Operating Income -- -- -- -- --
Other Income 0.25 0.37 0.23 0.25 --
Total Income 103 404 287 162 --
Total Expenditure ** 104 361 239 133 --
PBIDT (0.70) 43.30 48.30 29.40 --
Interest 24 18.40 20.60 13.50 --
PBDT (25) 24.90 27.80 16 --
Depreciation 9.62 9.97 10.90 6.12 --
Minority Interest Before NP -- -- 1.23 -- --
Tax 0.54 1.21 -- -- --
Deferred Tax -- -- -- -- --
Reported Profit After Tax (35) 13.70 15.70 9.84 --
Minority Interest After NP -- -- 0.56 -- --
Net Profit after Minority Interest (35) 13.70 15.10 9.84 --
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (35) 13.70 15.10 9.84 --
EPS (Unit Curr.) (15) 6.07 6.72 4.37 --
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 22.50 22.50 22.50 22.50 --
Public Shareholding (Number) 8,190,900 8,190,900 8,190,900 8,190,900 --
Public Shareholding (%) 36.40 36.40 36.40 36.40 --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares 14,309,100 14,309,100 14,309,100 14,309,100 --
Non Encumbered - % in Total Promoters Holding 100 100 100 100 --
Non Encumbered - % in Total Equity 63.60 63.60 63.60 63.60 --
PBIDTM(%) (0.60) 10.70 16.80 18.20 --
PBDTM(%) (24) 6.16 9.66 9.84 --
PATM(%) (34) 3.39 5.45 6.07 --