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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth (1.10) 0.45 11.90 --
Op profit growth 3.96 1.14 21 --
EBIT growth (3.90) 22 15.70 --
Net profit growth (37) 31.50 66.70 --
Profitability ratios (%)        
OPM 37 35.20 35 32.40
EBIT margin 19.50 20 16.50 15.90
Net profit margin 3.98 6.30 4.81 3.23
RoCE 10.10 12.40 11.50 --
RoNW 1.42 2.85 2.32 --
RoA 0.52 0.97 0.84 --
Per share ratios ()        
EPS 10.60 17.20 11.30 7.25
Dividend per share 1 1.36 3.85 1.80
Cash EPS (40) (28) (38) (32)
Book value per share 169 167 99.50 149
Valuation ratios        
P/E 33 20.40 34.80 44
P/CEPS (8.80) (12) (10) (9.90)
P/B 2.07 2.10 3.96 2.13
EV/EBIDTA 6.42 6.41 6.69 6.76
Payout (%)        
Dividend payout 17.20 17.60 44.60 30.40
Tax payout (39) (55) (48) (62)
Liquidity ratios        
Debtor days 20 20.30 21.70 --
Inventory days 0.42 0.57 0.52 --
Creditor days (159) (122) (130) --
Leverage ratios        
Interest coverage (1.90) (2.30) (3.60) (2.30)
Net debt / equity 1.58 1.43 2.04 1.19
Net debt / op. profit 3.01 2.81 2.42 2.55
Cost breakup ()        
Material costs -- -- (0.30) (0.60)
Employee costs (4.50) (5.10) (5.10) (5.40)
Other costs (58) (60) (60) (62)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 95,468 96,532 96,101 85,864
yoy growth (%) (1.10) 0.45 11.90 --
Raw materials -- -- (280) (473)
As % of sales -- -- 0.29 0.55
Employee costs (4,303) (4,911) (4,857) (4,623)
As % of sales 4.51 5.09 5.05 5.38
Other costs (55,835) (57,637) (57,362) (52,991)
As % of sales 58.50 59.70 59.70 61.70
Operating profit 35,330 33,984 33,602 27,777
OPM 37 35.20 35 32.40
Depreciation (19,773) (17,450) (19,858) (15,650)
Interest expense (9,547) (8,546) (4,447) (5,879)
Other income 3,015 2,786 2,096 1,562
Profit before tax 9,025 10,775 11,393 7,810
Taxes (3,482) (5,953) (5,487) (4,845)
Tax rate (39) (55) (48) (62)
Minorities and other (442) (816) (432) (247)
Adj. profit 5,101 4,005 5,474 2,719
Exceptional items (1,302) 2,072 (853) 53.80
Net profit 3,800 6,077 4,621 2,773
yoy growth (%) (37) 31.50 66.70 --
NPM 3.98 6.30 4.81 3.23
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 9,025 10,775 11,393 7,810
Depreciation (19,773) (17,450) (19,858) (15,650)
Tax paid (3,482) (5,953) (5,487) (4,845)
Working capital (6,556) 3,654 (3,654) --
Other operating items -- -- -- --
Operating cashflow (20,786) (8,975) (17,606) --
Capital expenditure 61,586 51,590 (51,590) --
Free cash flow 40,801 42,615 (69,196) --
Equity raised 120,069 97,540 99,467 --
Investments (719) 1,225 (1,225) --
Debt financing/disposal 160,656 163,071 175,266 --
Dividends paid 654 1,068 1,539 720
Other items -- -- -- --
Net in cash 321,462 305,520 205,852 --
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 1,962 1,946 1,999 1,999
Preference capital -- -- -- --
Reserves 65,494 64,823 37,778 57,757
Net worth 67,456 66,769 39,777 59,756
Minority interest
Debt 107,934 100,647 83,415 75,896
Deferred tax liabilities (net) 7,885 5,368 4,424 1,685
Total liabilities 190,151 178,282 134,507 141,547
Fixed assets 189,074 177,995 141,693 140,615
Intangible assets
Investments 14,812 11,977 10,752 15,531
Deferred tax asset (net) 9,568 8,791 2,360 6,263
Net working capital (24,921) (25,579) (22,382) (25,842)
Inventories 48.80 169 134 142
Inventory Days 0.19 0.64 0.51 0.60
Sundry debtors 4,984 5,504 5,207 6,244
Debtor days 19.10 20.80 19.80 26.50
Other current assets 19,588 20,306 22,069 9,402
Sundry creditors (26,854) (25,581) (16,077) (28,398)
Creditor days 103 96.70 61.10 121
Other current liabilities (22,688) (25,978) (33,715) (13,232)
Cash 1,618 5,099 2,083 4,981
Total assets 190,151 178,282 134,507 141,547
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Particulars ( Rupees In Crores.) Sep-2017 Mar-2017 Sep-2016 Mar-2016 Sep-2015
Gross Sales 43,735 45,270 50,198 49,026 47,507
Excise Duty -- -- -- -- --
Net Sales 43,735 45,270 50,198 49,026 47,507
Other Operating Income -- (46) -- (26) 26.10
Other Income 761 1,166 571 513 2,815
Total Income 44,496 46,389 50,769 49,513 50,347
Total Expenditure ** 28,284 29,870 31,705 31,602 31,048
PBIDT 16,212 16,519 19,064 17,911 19,299
Interest 4,154 3,716 3,846 3,023 3,890
PBDT 12,058 12,803 15,218 14,887 15,409
Depreciation 9,507 9,777 9,996 9,170 8,279
Minority Interest Before NP -- -- -- -- --
Tax 1,419 1.50 2,366 947 3,522
Deferred Tax (71) 1,358 (244) 1,484 --
Reported Profit After Tax 1,204 1,667 3,099 3,286 3,607
Minority Interest After NP -- (177) -- (461) 461
Net Profit after Minority Interest 1,204 1,319 3,099 3,244 3,649
Extra-ordinary Items (102) (810) (197) (640) 1,424
Adjusted Profit After Extra-ordinary item 1,305 2,128 3,296 3,884 2,225
EPS (Unit Curr.) 1.78 3.30 7.31 8.11 9.13
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 1,999 1,999 1,999 1,999 1,999
Public Shareholding (Number) -- -- -- -- 1,381,113,301
Public Shareholding (%) -- -- -- -- 34.60
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 2,616,286,801
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 65.50
PBIDTM(%) 37.10 36.50 38 36.50 40.60
PBDTM(%) -- -- -- -- --
PATM(%) 2.75 3.68 6.17 6.70 7.59