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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 5.53 1.16 (3.30) (12)
Op profit growth (16) (8.80) 11.20 (24)
EBIT growth (549) (32) 82.60 (65)
Net profit growth 138 (0.40) (61) 90.60
Profitability ratios (%)        
OPM 5.66 7.15 7.93 6.89
EBIT margin (8.10) 1.90 2.81 1.49
Net profit margin (7.20) (3.20) (3.30) (8)
RoCE (7.90) 1.64 2.15 1.10
RoNW (9.90) (3.20) (2.30) (4.50)
RoA (1.80) (0.70) (0.60) (1.50)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (262) (111) (106) (173)
Book value per share 170 261 303 466
Valuation ratios        
P/E -- -- -- --
P/CEPS (0.20) (0.50) (0.40) (0.30)
P/B 0.31 0.20 0.14 0.10
EV/EBIDTA 11 8.87 8.91 9.78
Payout (%)        
Dividend payout (0.10) -- -- --
Tax payout (1.70) 18.80 (145) (8.10)
Liquidity ratios        
Debtor days 32.70 31.70 82.10 122
Inventory days 46.20 50.50 56.80 59.90
Creditor days (52) (48) (45) (37)
Leverage ratios        
Interest coverage 0.90 (0.30) (0.50) (0.20)
Net debt / equity 4.98 3.08 2.82 1.97
Net debt / op. profit 12.60 10 9.74 11.60
Cost breakup ()        
Material costs (55) (54) (52) (53)
Employee costs (20) (20) (20) (20)
Other costs (20) (19) (21) (19)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,778 2,633 2,603 2,692
yoy growth (%) 5.53 1.16 (3.30) (12)
Raw materials (1,516) (1,429) (1,349) (1,434)
As % of sales 54.60 54.30 51.80 53.30
Employee costs (559) (524) (510) (548)
As % of sales 20.10 19.90 19.60 20.30
Other costs (547) (491) (537) (525)
As % of sales 19.70 18.60 20.60 19.50
Operating profit 157 188 206 186
OPM 5.66 7.15 7.93 6.89
Depreciation (416) (177) (164) (191)
Interest expense (249) (176) (151) (236)
Other income 34.20 38.60 30.30 45.60
Profit before tax (474) (126) (78) (196)
Taxes 8.10 (24) 112 15.90
Tax rate (1.70) 18.80 (145) (8.10)
Minorities and other (2) (4.70) (2.70) 0.03
Adj. profit (468) (155) 32 (180)
Exceptional items 267 70.20 (117) (36)
Net profit (201) (85) (85) (216)
yoy growth (%) 138 (0.40) (61) 90.60
NPM (7.20) (3.20) (3.30) (8)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (474) (126) (78) (196)
Depreciation (416) (177) (164) (191)
Tax paid 8.10 (24) 112 15.90
Working capital (738) (1,147) (979) (15)
Other operating items -- -- -- --
Operating cashflow (1,620) (1,474) (1,108) (385)
Capital expenditure 1,995 1,106 1,113 (223)
Free cash flow 375 (368) 5.33 (608)
Equity raised 1,620 1,986 2,076 2,589
Investments 0.78 0.37 1.31 0.19
Debt financing/disposal 1,090 685 687 805
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 3,086 2,303 2,769 2,785
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 23.60 23.60 23.60 23.60
Preference capital -- -- -- --
Reserves 376 590 689 1,073
Net worth 400 614 713 1,096
Minority interest
Debt 2,089 2,014 2,122 2,311
Deferred tax liabilities (net) 212 224 304 152
Total liabilities 2,765 2,914 3,198 3,609
Fixed assets 2,350 2,552 2,592 2,144
Intangible assets
Investments 1.01 0.46 1.40 0.34
Deferred tax asset (net) 189 170 249 106
Net working capital 126 68 245 1,202
Inventories 373 331 398 412
Inventory Days 49 45.90 55.80 55.80
Sundry debtors 290 208 249 921
Debtor days 38.10 28.90 35 125
Other current assets 297 241 269 706
Sundry creditors (430) (318) (318) (270)
Creditor days 56.40 44.10 44.60 36.50
Other current liabilities (404) (394) (353) (567)
Cash 99.50 124 110 156
Total assets 2,765 2,914 3,198 3,609
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 2,997 2,790 2,680 2,648 2,692
Excise Duty -- 11.80 46.80 45.40 --
Net Sales 2,997 2,778 2,633 2,603 2,692
Other Operating Income -- -- -- -- 45.60
Other Income 60.20 301 109 35.30 0.09
Total Income 3,057 3,079 2,742 2,638 2,738
Total Expenditure ** 2,829 2,621 2,445 2,506 2,543
PBIDT 229 458 297 132 195
Interest 283 249 176 151 236
PBDT (54) 209 121 (19) (41)
Depreciation 378 416 177 175 191
Minority Interest Before NP -- -- -- -- --
Tax 20.80 (8.10) 23.70 (113) (16)
Deferred Tax -- -- -- -- --
Reported Profit After Tax (453) (199) (80) (80) (216)
Minority Interest After NP -- -- 4.73 3.22 --
Net Profit after Minority Interest (453) (199) (85) (83) (216)
Extra-ordinary Items -- 267 46.50 (117) (36)
Adjusted Profit After Extra-ordinary item (453) (466) (131) 33.80 (180)
EPS (Unit Curr.) (193) (86) (36) (35) (92)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 23.60 23.60 23.60 23.60 23.60
Public Shareholding (Number) -- -- -- -- 16,483,620
Public Shareholding (%) -- -- -- -- 70
Pledged/Encumbered - No. of Shares -- -- -- -- 98,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 1.39
Pledged/Encumbered - % in Total Equity -- -- -- -- 0.42
Non Encumbered - No. of Shares -- -- -- -- 6,963,611
Non Encumbered - % in Total Promoters Holding -- -- -- -- 98.60
Non Encumbered - % in Total Equity -- -- -- -- 29.60
PBIDTM(%) 7.63 16.50 11.30 5.07 7.24
PBDTM(%) (1.80) 7.52 4.59 (0.70) (1.50)
PATM(%) (15) (7.20) (3) (3.10) (8)