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Y/e 31 Mar Mar-2019 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 26.50 17.20 7.15 (23)
Op profit growth (0.40) 10.40 6.25 32.30
EBIT growth (2.40) 4.59 5 44.40
Net profit growth (13) 3.30 15 57.80
Profitability ratios (%)        
OPM 5.07 6.44 6.83 6.89
EBIT margin 4.60 5.97 6.68 6.82
Net profit margin 2.62 3.82 4.33 4.04
RoCE 15.40 17.80 20.50 23.30
RoNW 5.18 6.68 7.44 7.53
RoA 2.19 2.85 3.32 3.45
Per share ratios ()        
EPS 43.40 49.80 65.70 119
Dividend per share 19 21 32.50 31
Cash EPS 22.30 31.10 45.70 76.20
Book value per share 197 186 213 384
Valuation ratios        
P/E 9.14 8.60 6.58 2.52
P/CEPS 17.80 13.70 9.46 3.94
P/B 2.01 2.30 2.03 0.78
EV/EBIDTA 7.59 7.62 8.21 5.67
Payout (%)        
Dividend payout 36.90 40 62.40 19.90
Tax payout (37) (34) (33) (33)
Liquidity ratios        
Debtor days 7.41 7.75 6.37 4.97
Inventory days 27.80 33.80 32.50 31.10
Creditor days (21) (22) (19) (22)
Leverage ratios        
Interest coverage (7.80) (12) (19) (19)
Net debt / equity 1.14 0.99 1.10 0.69
Net debt / op. profit 2.92 2.39 2.46 1.48
Cost breakup ()        
Material costs (88) (86) (85) (85)
Employee costs (1.30) (1.60) (1.80) (1.60)
Other costs (6) (6.30) (6.20) (6.80)
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Y/e 31 Mar( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Revenue 298,226 235,770 201,251 187,815
yoy growth (%) 26.50 17.20 7.15 (23)
Raw materials (261,142) (202,112) (171,411) (159,075)
As % of sales 87.60 85.70 85.20 84.70
Employee costs (3,985) (3,749) (3,670) (2,962)
As % of sales 1.34 1.59 1.82 1.58
Other costs (17,986) (14,737) (12,425) (12,841)
As % of sales 6.03 6.25 6.17 6.84
Operating profit 15,112 15,173 13,746 12,937
OPM 5.07 6.44 6.83 6.89
Depreciation (3,418) (2,885) (2,108) (2,072)
Interest expense (1,764) (1,186) (696) (680)
Other income 2,038 1,783 1,815 1,947
Profit before tax 11,968 12,885 12,756 12,132
Taxes (4,378) (4,382) (4,193) (4,043)
Tax rate (37) (34) (33) (33)
Minorities and other (726) (783) (786) (504)
Adj. profit 6,865 7,720 7,778 7,585
Exceptional items -- -- -- --
Net profit 7,802 9,009 8,721 7,585
yoy growth (%) (13) 3.30 15 57.80
NPM 2.62 3.82 4.33 4.04
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Profit before tax 11,968 12,885 12,756 12,132
Depreciation (3,418) (2,885) (2,108) (2,072)
Tax paid (4,378) (4,382) (4,193) (4,043)
Working capital (4,101) (11,764) (14,844) (12,375)
Other operating items -- -- -- --
Operating cashflow 71.60 (6,146) (8,388) (6,358)
Capital expenditure 24,580 9,804 (6,873) (22,645)
Free cash flow 24,651 3,658 (15,261) (29,003)
Equity raised 47,976 45,804 41,984 39,458
Investments 15,818 15,834 13,857 2,416
Debt financing/disposal 60,346 62,248 58,552 38,522
Dividends paid 2,386 3,037 4,555 1,256
Other items -- -- -- --
Net in cash 151,178 130,580 103,687 52,648
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 1,510 1,510 787 656
Preference capital -- -- -- --
Reserves 37,255 35,108 30,033 27,138
Net worth 38,765 36,619 30,820 27,793
Minority interest
Debt 44,839 37,659 35,725 23,388
Deferred tax liabilities (net) 8,547 7,565 5,542 4,366
Total liabilities 94,221 83,748 74,045 57,225
Fixed assets 62,969 55,414 50,518 42,817
Intangible assets
Investments 24,907 23,725 21,327 9,401
Deferred tax asset (net) 1,759 2,043 1,487 1,294
Net working capital 3,923 1,213 (1,171) (490)
Inventories 22,935 22,531 21,197 14,644
Inventory Days 28.10 34.90 38.40 28.50
Sundry debtors 6,906 5,209 4,804 2,217
Debtor days 8.45 8.06 8.71 4.31
Other current assets 18,546 12,123 9,356 13,140
Sundry creditors (17,385) (15,198) (11,382) (8,352)
Creditor days 21.30 23.50 20.60 16.20
Other current liabilities (27,080) (23,452) (25,146) (22,138)
Cash 663 1,354 1,885 4,202
Total assets 94,221 83,748 74,045 57,225
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 340,879 279,438 243,747 219,227 242,419
Excise Duty 42,654 43,543 42,497 31,412 --
Net Sales 298,226 235,895 201,251 187,815 242,419
Other Operating Income -- -- -- -- 180
Other Income 2,975 2,963 2,758 1,947 2,120
Total Income 301,200 238,858 204,009 189,761 244,719
Total Expenditure ** 283,113 220,614 187,505 174,878 232,821
PBIDT 18,087 18,244 16,504 14,884 11,898
Interest 1,764 1,186 696 680 1,180
PBDT 16,323 17,059 15,807 14,203 10,717
Depreciation 3,418 2,885 2,108 2,072 3,027
Minority Interest Before NP -- -- -- -- --
Tax 3,010 2,929 3,057 3,429 2,608
Deferred Tax 1,368 1,452 1,136 614 --
Reported Profit After Tax 8,528 9,792 9,507 8,089 5,082
Minority Interest After NP 726 783 -- 504 275
Net Profit after Minority Interest 7,802 9,009 9,507 7,585 4,807
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 7,802 9,009 9,507 7,585 4,807
EPS (Unit Curr.) 39.70 45.80 66.50 116 66.50
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 190 210 325 310 225
Equity 1,967 1,967 1,311 656 723
Public Shareholding (Number) -- -- -- -- 325,884,128
Public Shareholding (%) -- -- -- -- 45.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 397,200,120
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 54.90
PBIDTM(%) 6.06 7.73 8.20 7.92 4.91
PBDTM(%) 5.47 7.23 7.85 7.56 4.42
PATM(%) 2.86 4.15 4.72 4.31 2.10