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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (79) (48) 60.70 15.20
Op profit growth 211 (168) 21 24.80
EBIT growth 172 (199) 15.70 19.70
Net profit growth 110 (614) 0.82 6.85
Profitability ratios (%)        
OPM (162) (11) 8.27 11
EBIT margin (172) (13) 6.85 9.52
Net profit margin (177) (18) 1.77 2.81
RoCE (53) (17) 20.80 20.50
RoNW 157 (21) 3.01 3.42
RoA (14) (5.80) 1.34 1.51
Per share ratios ()        
EPS -- -- 1.72 1.71
Dividend per share -- -- -- --
Cash EPS (20) (10) 0.13 0.62
Book value per share (12) 6.37 15.20 13.40
Valuation ratios        
P/E -- -- 7.68 15.10
P/CEPS -- (0.20) 101 41.90
P/B (0.10) 0.28 0.87 1.93
EV/EBIDTA (2.30) (6.80) 3.54 5.71
Payout (%)        
Dividend payout -- -- -- --
Tax payout (0.10) (1.70) (31) (34)
Liquidity ratios        
Debtor days 1,037 284 138 165
Inventory days 54.90 26.10 19.20 27
Creditor days (96) (111) (98) (119)
Leverage ratios        
Interest coverage 32.20 2.83 (1.60) (1.80)
Net debt / equity (3.10) 5.42 1.06 1.01
Net debt / op. profit (2.20) (6.30) 1.99 2.02
Cost breakup ()        
Material costs (97) (92) (83) (76)
Employee costs (2.10) (0.70) (0.40) (0.90)
Other costs (163) (19) (8.70) (12)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 463 2,219 4,294 2,673
yoy growth (%) (79) (48) 60.70 15.20
Raw materials (451) (2,033) (3,547) (2,043)
As % of sales 97.40 91.60 82.60 76.40
Employee costs (9.90) (16) (18) (23)
As % of sales 2.14 0.72 0.42 0.85
Other costs (753) (411) (375) (314)
As % of sales 163 18.50 8.72 11.70
Operating profit (751) (241) 355 293
OPM (162) (11) 8.27 11
Depreciation (47) (57) (70) (48)
Interest expense (25) (103) (185) (141)
Other income 2.42 5.72 9.42 9.15
Profit before tax (821) (396) 110 113
Taxes 0.81 6.54 (34) (38)
Tax rate (0.10) (1.70) (31) (34)
Minorities and other -- -- -- --
Adj. profit (820) (390) 75.80 75.20
Exceptional items -- -- -- --
Net profit (820) (390) 75.80 75.20
yoy growth (%) 110 (614) 0.82 6.85
NPM (177) (18) 1.77 2.81
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (821) (396) 110 113
Depreciation (47) (57) (70) (48)
Tax paid 0.81 6.54 (34) (38)
Working capital 462 1,034 267 --
Other operating items -- -- -- --
Operating cashflow (405) 587 273 27.10
Capital expenditure 475 366 307 --
Free cash flow 69.80 953 580 27.10
Equity raised 556 1,006 1,017 1,015
Investments -- (7) (0.60) --
Debt financing/disposal 1,498 1,334 431 242
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 2,123 3,287 2,027 1,285
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 44.20 44.20 44.10 44
Preference capital -- -- -- --
Reserves (587) 237 625 545
Net worth (542) 281 669 589
Minority interest
Debt 1,677 1,566 843 688
Deferred tax liabilities (net) 6.94 14.10 14 22
Total liabilities 1,142 1,862 1,526 1,299
Fixed assets 313 360 414 474
Intangible assets
Investments 0.55 0.55 -- --
Deferred tax asset (net) 4.30 7.74 0.65 0.65
Net working capital 810 1,454 974 730
Inventories 42.60 96.40 221 230
Inventory Days 33.60 15.90 18.80 31.50
Sundry debtors 980 1,647 1,805 1,448
Debtor days 773 271 153 198
Other current assets 234 232 272 263
Sundry creditors (243) (398) (1,095) (1,029)
Creditor days 192 65.50 93 141
Other current liabilities (204) (124) (229) (183)
Cash 14.10 40.10 137 94.40
Total assets 1,142 1,862 1,526 1,299
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 463 2,219 4,311 2,673 2,321
Excise Duty 2.65 13.60 16.80 -- --
Net Sales 460 2,206 4,294 2,673 2,321
Other Operating Income -- -- -- -- --
Other Income 2.42 5.72 9.42 9.15 6.41
Total Income 462 2,211 4,304 2,682 2,327
Total Expenditure ** 1,211 2,447 3,939 2,380 2,086
PBIDT (749) (236) 365 303 241
Interest 24.70 103 185 141 107
PBDT (774) (339) 180 161 134
Depreciation 47.10 57.20 70 48.10 28.90
Minority Interest Before NP -- -- -- -- --
Tax (0.80) (6.50) 33.90 33 32
Deferred Tax -- -- -- 5.03 2.73
Reported Profit After Tax (820) (390) 76 75.20 70.40
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (820) (390) 76 75.20 70.40
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (820) (390) 76 75.20 70.40
EPS (Unit Curr.) (19) (8.80) 1.72 1.71 1.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- 10
Equity 44.20 44.20 44.10 44 43.90
Public Shareholding (Number) -- -- -- 141,496,220 135,688,240
Public Shareholding (%) -- -- -- 32.20 30.90
Pledged/Encumbered - No. of Shares -- -- -- 197,179,800 143,579,808
Pledged/Encumbered - % in Total Promoters Holding -- -- -- 66.10 47.30
Pledged/Encumbered - % in Total Equity -- -- -- 44.80 32.70
Non Encumbered - No. of Shares -- -- -- 101,149,680 159,749,680
Non Encumbered - % in Total Promoters Holding -- -- -- 33.90 52.70
Non Encumbered - % in Total Equity -- -- -- 23 36.40
PBIDTM(%) (163) (11) 8.49 11.30 10.40
PBDTM(%) (168) (15) 4.19 6.03 5.77
PATM(%) (178) (18) 1.77 2.81 3.03