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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (4.10) 6.09 (3.60) 1.98
Op profit growth (10) 8.84 165 (64)
EBIT growth (4.80) 7.09 197 (68)
Net profit growth (83) 316 (122) (183)
Profitability ratios (%)        
OPM 10.50 11.20 11 3.98
EBIT margin 10.50 10.50 10.40 3.39
Net profit margin 0.37 2.12 0.54 (2.40)
RoCE 8.74 9.20 8.73 2.99
RoNW 0.23 1.43 0.36 (1.60)
RoA 0.08 0.46 0.11 (0.50)
Per share ratios ()        
EPS 0.76 11.80 1.82 --
Dividend per share -- -- -- --
Cash EPS (1.80) 6.72 (0.80) (15)
Book value per share 183 182 172 168
Valuation ratios        
P/E 134 11.70 59 --
P/CEPS (55) 20.60 (129) (8)
P/B 0.56 0.76 0.63 0.71
EV/EBIDTA 6.99 6.37 6.96 15
Payout (%)        
Dividend payout -- -- -- --
Tax payout (55) (35) (66) 39.30
Liquidity ratios        
Debtor days 286 254 284 280
Inventory days 5.84 4.63 4.35 6.05
Creditor days (173) (175) (192) (169)
Leverage ratios        
Interest coverage (1.20) (1.40) (1.10) (0.60)
Net debt / equity 1.40 1.12 1.41 1.05
Net debt / op. profit 5.34 3.80 4.91 9.45
Cost breakup ()        
Material costs (55) (49) (62) (67)
Employee costs (6.70) (5.80) (6.10) (5.40)
Other costs (27) (33) (21) (24)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 3,298 3,441 3,244 3,366
yoy growth (%) (4.10) 6.09 (3.60) 1.98
Raw materials (1,825) (1,703) (2,001) (2,247)
As % of sales 55.30 49.50 61.70 66.80
Employee costs (220) (200) (197) (181)
As % of sales 6.67 5.80 6.08 5.38
Other costs (906) (1,151) (689) (804)
As % of sales 27.50 33.50 21.30 23.90
Operating profit 347 387 356 134
OPM 10.50 11.20 11 3.98
Depreciation (25) (24) (24) (27)
Interest expense (287) (263) (301) (207)
Other income 23.70 0.24 6.75 7.11
Profit before tax 58.60 100 38.30 (93)
Taxes (32) (35) (25) (36)
Tax rate (55) (35) (66) 39.30
Minorities and other 10.90 (12) 4.38 49.20
Adj. profit 37.60 52.40 17.50 (80)
Exceptional items (26) 20.40 -- --
Net profit 12.10 72.90 17.50 (80)
yoy growth (%) (83) 316 (122) (183)
NPM 0.37 2.12 0.54 (2.40)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 58.60 100 38.30 (93)
Depreciation (25) (24) (24) (27)
Tax paid (32) (35) (25) (36)
Working capital (1,296) (737) -- 737
Other operating items -- -- -- --
Operating cashflow (1,294) (697) (10) 581
Capital expenditure 143 111 -- (111)
Free cash flow (1,151) (586) (10) 470
Equity raised 2,461 2,308 2,319 2,461
Investments 0.48 0.41 -- (0.40)
Debt financing/disposal 209 (116) -- 267
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 1,520 1,607 2,309 3,198
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 72.20 72.20 72.20 72.20
Preference capital -- -- -- --
Reserves 1,155 1,251 1,242 1,168
Net worth 1,228 1,323 1,314 1,240
Minority interest
Debt 2,259 2,228 2,001 2,303
Deferred tax liabilities (net) 531 464 459 455
Total liabilities 4,034 4,073 3,839 4,051
Fixed assets 493 493 488 495
Intangible assets
Investments 0.88 0.91 0.84 0.51
Deferred tax asset (net) 188 122 135 114
Net working capital 2,955 3,084 2,684 2,885
Inventories 37.20 44.40 61.10 26.20
Inventory Days -- 4.91 6.48 2.95
Sundry debtors 2,891 2,996 2,164 2,627
Debtor days -- 332 230 296
Other current assets 2,886 2,870 3,180 2,987
Sundry creditors (1,378) (1,389) (1,412) (1,516)
Creditor days -- 154 150 171
Other current liabilities (1,481) (1,437) (1,310) (1,238)
Cash 396 372 532 556
Total assets 4,034 4,073 3,839 4,051
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 3,273 3,299 3,451 3,253 3,355
Excise Duty -- 0.37 9.90 9.50 --
Net Sales 3,273 3,298 3,441 3,244 3,355
Other Operating Income -- -- -- -- 11.10
Other Income 2.76 22.60 20.70 6.75 7.11
Total Income 3,276 3,321 3,462 3,250 3,373
Total Expenditure ** 2,950 2,971 3,054 2,888 3,232
PBIDT 326 350 408 362 141
Interest 270 287 263 301 207
PBDT 55.90 62.80 145 61.80 (66)
Depreciation 28.10 25.40 24.40 23.50 27.10
Minority Interest Before NP -- -- -- -- --
Tax 12.70 31.90 35.50 25.10 36.40
Deferred Tax -- -- -- -- --
Reported Profit After Tax 15.10 5.47 85.20 13.20 (129)
Minority Interest After NP (4.20) (11) 12.30 (4.40) (49)
Net Profit after Minority Interest 19.30 16.40 72.90 17.50 (80)
Extra-ordinary Items -- (2.80) 14.40 -- --
Adjusted Profit After Extra-ordinary item 19.30 19.20 58.50 17.50 (80)
EPS (Unit Curr.) 2.67 2.27 10.10 3.83 (11)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 72.20 72.20 72.20 72.20 72.20
Public Shareholding (Number) -- -- -- -- 18,040,390
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 54,121,170
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 75
PBIDTM(%) 9.95 10.60 11.90 11.20 4.21
PBDTM(%) 1.71 1.90 4.22 1.91 (2)
PATM(%) 0.46 0.17 2.48 0.41 (3.80)