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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Sep-2015
Growth matrix (%)        
Revenue growth 19.20 11.50 (42) 118
Op profit growth 20.20 20.10 (44) 156
EBIT growth 25.30 4.74 (45) 167
Net profit growth 623 8.24 (95) (218)
Profitability ratios (%)        
OPM 75.10 74.60 69.20 71.90
EBIT margin 62.20 59.20 63.10 67.20
Net profit margin 6 0.99 1.02 11.80
RoCE 15.80 10.90 9.34 17.30
RoNW (2.20) (0.30) (0.30) (6)
RoA 0.38 0.05 0.04 0.76
Per share ratios ()        
EPS 9.57 -- 1.70 32
Dividend per share -- -- -- --
Cash EPS (10) (15) (5.30) 8.89
Book value per share (58) (84) (60) (61)
Valuation ratios        
P/E 39.90 -- 333 14.60
P/CEPS (37) (29) (107) 52.70
P/B (4.90) (5.30) (9.40) (7.70)
EV/EBIDTA 9.42 13 18.70 9.58
Payout (%)        
Dividend payout -- -- -- --
Tax payout (13) 25.30 73.10 0.16
Liquidity ratios        
Debtor days 5.30 5.69 2.31 1.31
Inventory days 156 187 208 130
Creditor days (90) (79) (56) (30)
Leverage ratios        
Interest coverage (1.20) (0.90) (1) (1.50)
Net debt / equity (6.80) (5.40) (8.10) (8.10)
Net debt / op. profit 4.98 6.74 8.88 4.94
Cost breakup ()        
Material costs -- 0.06 0.01 --
Employee costs (12) (12) (12) (7.40)
Other costs (13) (13) (19) (21)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Sep-2015
Revenue 401 336 301 519
yoy growth (%) 19.20 11.50 (42) 118
Raw materials (0.10) 0.20 0.02 --
As % of sales 0.03 0.06 0.01 --
Employee costs (47) (41) (35) (39)
As % of sales 11.80 12.20 11.70 7.43
Other costs (52) (45) (58) (107)
As % of sales 13.10 13.20 19.10 20.60
Operating profit 301 251 209 373
OPM 75.10 74.60 69.20 71.90
Depreciation (63) (60) (23) (28)
Interest expense (208) (222) (194) (231)
Other income 10.70 8.09 4.35 3.21
Profit before tax 41 (23) (4.10) 117
Taxes (5.30) (5.90) (3) 0.19
Tax rate (13) 25.30 73.10 0.16
Minorities and other (12) 32.60 (0.10) (59)
Adj. profit 23.70 3.35 (7.20) 58.20
Exceptional items 0.33 -- 10.20 3.31
Net profit 24 3.32 3.07 61.50
yoy growth (%) 623 8.24 (95) (218)
NPM 6 0.99 1.02 11.80
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Sep-2015
Profit before tax 41 (23) (4.10) 117
Depreciation (63) (60) (23) (28)
Tax paid (5.30) (5.90) (3) 0.19
Working capital 95.50 19.60 (63) 46.30
Other operating items -- -- -- --
Operating cashflow 68.60 (69) (93) 136
Capital expenditure 78.70 (16) 109 3.27
Free cash flow 147 (85) 16.60 139
Equity raised (413) (536) (497) (608)
Investments (394) (53) (8.50) (30)
Debt financing/disposal 449 528 346 311
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash (210) (146) (143) (187)
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 18.80 18.80 18.80 18.80
Preference capital 82.80 72.90 -- --
Reserves (283) (311) (334) (247)
Net worth (182) (219) (315) (228)
Minority interest
Debt 1,673 1,570 1,723 1,865
Deferred tax liabilities (net) 4.41 6.23 6.74 7.55
Total liabilities 1,701 1,550 1,604 2,036
Fixed assets 1,152 1,202 1,272 1,448
Intangible assets
Investments 143 8.76 23.40 28.50
Deferred tax asset (net) 6.63 6.34 4.49 3.25
Net working capital 315 265 272 544
Inventories 171 172 172 172
Inventory Days -- 156 186 208
Sundry debtors 2.03 2.13 9.51 0.97
Debtor days -- 1.94 10.30 1.17
Other current assets 446 389 365 578
Sundry creditors (56) (28) (21) (16)
Creditor days -- 25.20 23.10 19
Other current liabilities (248) (270) (253) (192)
Cash 83.90 68.60 32.10 12.40
Total assets 1,701 1,550 1,604 2,036
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Particulars ( Rupees In Crores.) Sep-2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018
Gross Sales 113 114 110 114 114
Excise Duty -- -- -- -- --
Net Sales 113 114 110 114 114
Other Operating Income -- -- -- -- --
Other Income 5.74 6.69 14.70 3 1.69
Total Income 118 121 125 117 116
Total Expenditure ** 32.70 26 55.30 29.60 25.40
PBIDT 85.70 95 69.40 87.30 90.40
Interest 54.50 52.90 59.80 47.70 45.80
PBDT 31.20 42.10 9.61 39.60 44.60
Depreciation 13.30 13.20 12.90 13.10 13.10
Minority Interest Before NP -- -- -- -- --
Tax 1.41 2.35 2.41 1.46 2.83
Deferred Tax (0.60) (0.30) (1.20) (0.40) (0.30)
Reported Profit After Tax 17.20 26.90 (4.50) 25.40 29
Minority Interest After NP 7.56 12.90 (2.80) 12.80 13.10
Net Profit after Minority Interest 9.61 14 (1.80) 12.70 15.90
Extra-ordinary Items -- -- (13) -- --
Adjusted Profit After Extra-ordinary item 9.61 14 11 12.70 15.90
EPS (Unit Curr.) 4.56 7.13 (1.20) 3.36 7.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 18.80 18.80 18.80 18.80 18.80
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(%) 76.10 83.10 63.10 76.70 79.20
PBDTM(%) 27.70 36.80 8.73 34.80 39.10
PATM(%) 15.20 23.50 (4.10) 22.30 25.40