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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (3.20) 16.50 (8.20) (12)
Op profit growth (15) 13.60 10.60 (1)
EBIT growth (43) 37.30 427 (72)
Net profit growth (301) 4,098 (100) 3.89
Profitability ratios (%)        
OPM 20.80 23.60 24.20 20.10
EBIT margin 8.65 14.80 12.50 2.18
Net profit margin (1.60) 0.79 0.02 (7.40)
RoCE 3.61 6.38 4.72 0.89
RoNW (0.50) 0.25 0.01 (2.10)
RoA (0.20) 0.09 -- (0.80)
Per share ratios ()        
EPS -- 0.21 -- --
Dividend per share -- -- -- --
Cash EPS (1) (0.60) (0.80) (1.90)
Book value per share 5.71 5.79 5.70 6.11
Valuation ratios        
P/E -- 22.30 -- --
P/CEPS (4.30) (7.40) (5.30) (1.60)
P/B 0.77 0.81 0.75 0.49
EV/EBIDTA 7.95 7.11 7.36 6.80
Payout (%)        
Dividend payout -- -- -- --
Tax payout (61) 1.67 (105) (29)
Liquidity ratios        
Debtor days 170 176 180 141
Inventory days 90.60 87.40 102 99.90
Creditor days (46) (48) (52) (52)
Leverage ratios        
Interest coverage (0.80) (1.20) (1) (0.20)
Net debt / equity 1.33 1.36 1.30 1.21
Net debt / op. profit 5.19 4.58 4.90 5.13
Cost breakup ()        
Material costs 1.99 (1.80) 1.89 (3.80)
Employee costs (19) (15) (17) (16)
Other costs (62) (60) (61) (61)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 132 137 117 128
yoy growth (%) (3.20) 16.50 (8.20) (12)
Raw materials 2.64 (2.40) 2.22 (4.80)
As % of sales 1.99 1.75 1.89 3.77
Employee costs (26) (21) (20) (20)
As % of sales 19.40 15.10 17.10 15.50
Other costs (82) (81) (71) (77)
As % of sales 61.70 59.60 60.60 60.60
Operating profit 27.60 32.30 28.40 25.70
OPM 20.80 23.60 24.20 20.10
Depreciation (17) (13) (15) (24)
Interest expense (14) (16) (15) (16)
Other income 0.84 0.93 1.45 1.55
Profit before tax (2.40) 3.84 (0.50) (13)
Taxes 1.47 0.06 0.54 3.92
Tax rate (61) 1.67 (105) (29)
Minorities and other (1.20) (2.80) -- --
Adj. profit (2.20) 1.08 0.03 (9.50)
Exceptional items -- -- -- --
Net profit (2.20) 1.08 0.03 (9.50)
yoy growth (%) (301) 4,098 (100) 3.89
NPM (1.60) 0.79 0.02 (7.40)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (2.40) 3.84 (0.50) (13)
Depreciation (17) (13) (15) (24)
Tax paid 1.47 0.06 0.54 3.92
Working capital (43) (27) (3.40) 16.90
Other operating items -- -- -- --
Operating cashflow (61) (36) (19) (17)
Capital expenditure 96.40 61.40 18 0.83
Free cash flow 35.80 25.40 (0.50) (16)
Equity raised 216 193 123 165
Investments 146 121 105 (0.50)
Debt financing/disposal 132 151 87.50 63.10
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 529 491 315 212
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 39.60 38.80 37.60 37.60
Preference capital -- -- -- --
Reserves 115 68.70 71.20 69.50
Net worth 154 107 109 107
Minority interest
Debt 141 152 158 155
Deferred tax liabilities (net) -- -- -- --
Total liabilities 351 314 320 313
Fixed assets 55.80 64.40 78.90 91.50
Intangible assets
Investments 155 159 123 106
Deferred tax asset (net) 2.84 2.80 1.33 1.27
Net working capital 112 79.30 106 98
Inventories 34 34.20 31.50 33.90
Inventory Days -- 94.30 84.20 106
Sundry debtors 62.60 56.40 66.70 65.10
Debtor days -- 155 178 202
Other current assets 55.80 28 54.90 37
Sundry creditors (14) (16) (10) (17)
Creditor days -- 44 27.30 53.40
Other current liabilities (27) (23) (37) (21)
Cash 26.10 8.49 10 15.40
Total assets 351 314 320 313
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 145 132 137 117 128
Excise Duty -- -- -- -- --
Net Sales 145 132 137 117 128
Other Operating Income -- -- -- -- --
Other Income 2.03 0.84 0.93 1.58 1.68
Total Income 147 133 138 119 129
Total Expenditure ** 116 105 104 89 102
PBIDT 31.20 28.40 33.20 29.90 27.20
Interest 13.20 13.90 16.40 15.20 16.20
PBDT 18.10 14.60 16.80 14.60 11
Depreciation 13.10 17 13 15.20 24.40
Minority Interest Before NP -- -- -- -- --
Tax -- -- -- (0.50) (3.90)
Deferred Tax -- (1.50) (0.10) -- --
Reported Profit After Tax 4.99 (0.90) 3.90 0.03 (9.50)
Minority Interest After NP 1.58 -- 2.83 2.92 5.61
Net Profit after Minority Interest 3.41 (0.90) 1.07 (2.90) (15)
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 3.41 (0.90) 1.07 (2.90) (15)
EPS (Unit Curr.) 0.26 (0.10) 0.24 (0.20) (0.90)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 39.60 37.60 37.60 37.60 35.70
Public Shareholding (Number) -- -- -- -- 110,515,432
Public Shareholding (%) -- -- -- -- 61.80
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 68,202,658
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 38.20
PBIDTM(%) 21.60 21.50 24.30 25.50 21.30
PBDTM(%) 12.50 11 12.30 12.50 8.64
PATM(%) 3.45 (0.70) 2.85 0.03 (7.40)