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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (7.50) 35.70 (13) 8.94
Op profit growth (14) 50.90 (19) (2.50)
EBIT growth (7.60) 52.70 (18) (0.40)
Net profit growth (7.80) 54.60 (6.30) 204
Profitability ratios (%)        
OPM 17 18.30 16.50 17.60
EBIT margin 16.80 16.80 14.90 15.90
Net profit margin 10.70 10.80 9.45 8.78
RoCE 26.60 44.70 34.10 38.10
RoNW 5.78 11.10 10.30 16.90
RoA 4.25 7.16 5.38 5.25
Per share ratios ()        
EPS 10.20 12.20 7.76 8.41
Dividend per share 0.80 0.80 0.60 --
Cash EPS 9.04 9.53 5.52 6.37
Book value per share 57 33.20 21.50 16.60
Valuation ratios        
P/E 11.90 13.20 9.44 4.01
P/CEPS 13.50 16.80 13.30 5.30
P/B 2.13 4.82 3.41 2.35
EV/EBIDTA 8.15 7.96 5.80 3.04
Payout (%)        
Dividend payout -- 2.46 9.16 --
Tax payout (33) (36) (36) (34)
Liquidity ratios        
Debtor days 75.40 52.50 73 73.90
Inventory days 39 32.60 33.60 34.90
Creditor days (63) (49) (53) (49)
Leverage ratios        
Interest coverage (36) (24) (11) (6.10)
Net debt / equity 0.25 0.37 0.59 1.13
Net debt / op. profit 0.90 0.59 0.93 1.12
Cost breakup ()        
Material costs (62) (65) (63) (63)
Employee costs (4.10) (3.40) (4) (5.60)
Other costs (17) (14) (17) (14)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,142 1,234 910 1,045
yoy growth (%) (7.50) 35.70 (13) 8.94
Raw materials (706) (797) (571) (658)
As % of sales 61.80 64.60 62.70 62.90
Employee costs (47) (42) (37) (59)
As % of sales 4.13 3.39 4.04 5.64
Other costs (195) (169) (153) (144)
As % of sales 17.10 13.70 16.80 13.80
Operating profit 194 226 150 184
OPM 17 18.30 16.50 17.60
Depreciation (12) (29) (26) (22)
Interest expense (5.30) (8.70) (12) (27)
Other income 9.49 10.50 12 4.65
Profit before tax 186 199 124 139
Taxes (62) (71) (45) (47)
Tax rate (33) (36) (36) (34)
Minorities and other (2) -- -- --
Adj. profit 123 128 79.20 91.80
Exceptional items -- 4.85 6.76 --
Net profit 123 133 86 91.80
yoy growth (%) (7.80) 54.60 (6.30) 204
NPM 10.70 10.80 9.45 8.78
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 186 199 124 139
Depreciation (12) (29) (26) (22)
Tax paid (62) (71) (45) (47)
Working capital 296 116 75.20 (75)
Other operating items -- -- -- --
Operating cashflow 409 215 129 (5.20)
Capital expenditure 142 (106) 72.20 43.60
Free cash flow 551 108 201 38.40
Equity raised 613 247 131 85.90
Investments 16.30 17.20 0.90 1.12
Debt financing/disposal (40) (154) (195) (104)
Dividends paid -- 3.27 6.55 --
Other items -- -- -- --
Net in cash 1,141 222 144 21
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 24.40 24.40 21.80 21.80
Preference capital 0.61 -- -- --
Reserves 805 673 341 213
Net worth 830 697 363 235
Minority interest
Debt 172 181 151 143
Deferred tax liabilities (net) 51.70 30.20 18.30 17.50
Total liabilities 1,054 909 534 395
Fixed assets 634 455 231 192
Intangible assets
Investments 6.17 16.90 17.40 1.63
Deferred tax asset (net) 16 5.78 0.15 2.14
Net working capital 388 425 269 195
Inventories 208 113 131 89.80
Inventory Days -- 36.20 38.70 36
Sundry debtors 260 284 188 167
Debtor days -- 90.60 55.70 66.90
Other current assets 173 197 123 55.70
Sundry creditors (235) (163) (161) (107)
Creditor days -- 52.20 47.70 42.90
Other current liabilities (17) (4.70) (12) (10)
Cash 9.80 5.88 16.70 3.86
Total assets 1,054 909 534 395
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,424 1,166 1,339 976 1,036
Excise Duty -- 23.90 105 79 --
Net Sales 1,424 1,142 1,234 897 1,036
Other Operating Income -- -- -- 12.90 9.51
Other Income 13.40 9.49 15.40 18.70 4.65
Total Income 1,437 1,152 1,250 929 1,050
Total Expenditure ** 1,187 948 1,008 760 861
PBIDT 249 204 241 169 189
Interest 9.08 5.31 8.70 12.20 27.30
PBDT 240 199 233 156 161
Depreciation 21.30 12.10 28.90 25.80 22.30
Minority Interest Before NP -- -- -- -- --
Tax 61.90 55.30 67.60 41.40 35.10
Deferred Tax 15.10 6.57 3.28 3.11 12.40
Reported Profit After Tax 142 125 133 86 91.80
Minority Interest After NP (1.90) (0.60) -- -- --
Net Profit after Minority Interest 143 123 133 86 91.80
Extra-ordinary Items -- -- 3.16 4.45 --
Adjusted Profit After Extra-ordinary item 143 123 130 81.50 91.80
EPS (Unit Curr.) 11.50 10.60 12.20 7.88 8.41
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 40 40 40 30 --
Equity 24.40 24.40 21.80 21.80 21.80
Public Shareholding (Number) -- -- -- -- 32,868,215
Public Shareholding (%) -- -- -- -- 30.10
Pledged/Encumbered - No. of Shares -- -- -- -- 56,909,370
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 74.70
Pledged/Encumbered - % in Total Equity -- -- -- -- 52.20
Non Encumbered - No. of Shares -- -- -- -- 19,329,785
Non Encumbered - % in Total Promoters Holding -- -- -- -- 25.40
Non Encumbered - % in Total Equity -- -- -- -- 17.70
PBIDTM(%) 17.50 17.80 19.60 18.80 18.20
PBDTM(%) 16.90 17.40 18.90 17.40 15.60
PATM(%) 9.99 10.90 10.80 9.59 8.86