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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (0.20) (16) (7.50) 9.28
Op profit growth 2.62 2.66 3.03 8.89
EBIT growth 8.28 8 22.50 25.40
Net profit growth 37.70 63.90 (25) 20.70
Profitability ratios (%)        
OPM 10.60 10.30 8.39 7.54
EBIT margin 11.80 10.90 8.47 6.39
Net profit margin 6.62 4.79 2.45 3.03
RoCE 11.40 11.50 10.70 8.82
RoNW 5 4.54 2.68 3.42
RoA 1.60 1.27 0.78 1.04
Per share ratios ()        
EPS 11.90 8.62 3.54 6.36
Dividend per share 1.90 1.90 1.90 1.90
Cash EPS 9.93 6.49 2.64 1.89
Book value per share 68.80 51 44.90 54.40
Valuation ratios        
P/E 13.70 10 15.50 10.60
P/CEPS 16.40 13.30 20.80 35.80
P/B 2.70 1.70 1.22 1.24
EV/EBIDTA 12.70 8.83 8.63 7.98
Payout (%)        
Dividend payout -- -- -- 32.30
Tax payout (33) (33) (32) (39)
Liquidity ratios        
Debtor days 135 167 142 126
Inventory days 39.80 41.50 32.60 26.70
Creditor days (25) (24) (18) (14)
Leverage ratios        
Interest coverage (5.70) (3.20) (2.90) (3.80)
Net debt / equity 1.97 2.11 2.82 1.73
Net debt / op. profit 7.08 5.78 6.96 5.29
Cost breakup ()        
Material costs (61) (63) (65) (58)
Employee costs (2) (1.90) (1.90) (3.50)
Other costs (26) (25) (25) (31)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 7,541 7,553 9,008 9,738
yoy growth (%) (0.20) (16) (7.50) 9.28
Raw materials (4,632) (4,760) (5,811) (5,653)
As % of sales 61.40 63 64.50 58.10
Employee costs (149) (142) (167) (338)
As % of sales 1.98 1.88 1.85 3.47
Other costs (1,963) (1,876) (2,274) (3,013)
As % of sales 26 24.80 25.20 30.90
Operating profit 797 776 756 734
OPM 10.60 10.30 8.39 7.54
Depreciation (85) (92) (111) (216)
Interest expense (155) (254) (266) (163)
Other income 181 140 118 105
Profit before tax 737 570 497 459
Taxes (245) (186) (160) (180)
Tax rate (33) (33) (32) (39)
Minorities and other 7.11 (18) (47) 15.10
Adj. profit 499 366 290 295
Exceptional items -- (4.10) (69) --
Net profit 499 362 221 295
yoy growth (%) 37.70 63.90 (25) 20.70
NPM 6.62 4.79 2.45 3.03
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 737 570 497 459
Depreciation (85) (92) (111) (216)
Tax paid (245) (186) (160) (180)
Working capital 1,806 958 113 (342)
Other operating items -- -- -- --
Operating cashflow 2,213 1,250 338 (279)
Capital expenditure (4,126) (4,576) (3,995) 102
Free cash flow (1,913) (3,326) (3,656) (177)
Equity raised 3,110 2,630 2,666 3,264
Investments 207 173 211 30
Debt financing/disposal 5,281 5,122 6,266 2,101
Dividends paid -- -- -- 79.10
Other items -- -- -- --
Net in cash 6,686 4,600 5,487 5,297
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 405 402 399 416
Preference capital 382 360 -- --
Reserves 2,478 2,104 1,725 1,451
Net worth 3,265 2,865 2,124 1,867
Minority interest
Debt 8,664 5,720 4,619 5,317
Deferred tax liabilities (net) 191 213 249 258
Total liabilities 12,021 8,711 6,909 7,365
Fixed assets 7,027 5,369 2,874 2,432
Intangible assets
Investments 300 207 174 211
Deferred tax asset (net) 1.15 1.29 66.50 11.90
Net working capital 4,612 3,056 3,663 4,656
Inventories 1,323 795 849 868
Inventory Days -- 38.50 41 35.20
Sundry debtors 4,827 2,535 3,036 3,861
Debtor days -- 123 147 156
Other current assets 367 479 991 696
Sundry creditors (1,590) (520) (419) (454)
Creditor days -- 25.20 20.20 18.40
Other current liabilities (316) (232) (795) (316)
Cash 81.10 77.70 132 54.30
Total assets 12,021 8,711 6,909 7,365
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Particulars ( Rupees In Crores.) Jun-2019 Mar-2019 Jun-2018 - -
Gross Sales 2,871 2,629 2,211 -- --
Excise Duty -- -- -- -- --
Net Sales 2,871 2,629 2,211 -- --
Other Operating Income -- -- -- -- --
Other Income 30.70 91.10 57.30 -- --
Total Income 2,902 2,720 2,269 -- --
Total Expenditure ** 2,423 2,408 1,977 -- --
PBIDT 479 312 292 -- --
Interest 134 121 42.10 -- --
PBDT 345 191 249 -- --
Depreciation 73.60 77.40 21.40 -- --
Minority Interest Before NP -- -- -- -- --
Tax 73.40 11 65.60 -- --
Deferred Tax 33.30 13.70 7.50 -- --
Reported Profit After Tax 164 89.20 155 -- --
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 164 89.20 155 -- --
Extra-ordinary Items -- (173) -- -- --
Adjusted Profit After Extra-ordinary item 164 262 155 -- --
EPS (Unit Curr.) 3.98 2.21 3.74 -- --
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 416 416 416 -- --
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 16.70 11.90 13.20 -- --
PBDTM(%) 12 7.28 11.30 -- --
PATM(%) 5.73 3.39 7.01 -- --