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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 22.10 40.10 15.70 14.10
Op profit growth 72.20 19 7.56 (13)
EBIT growth 163 45.70 150 (68)
Net profit growth 436 370 (105) (1,157)
Profitability ratios (%)        
OPM 11.70 8.30 9.77 10.50
EBIT margin 8.19 3.80 3.65 1.69
Net profit margin 4.42 1.01 0.30 (7.50)
RoCE 14.50 6.10 4.33 1.63
RoNW 3.08 0.63 0.12 (2.50)
RoA 1.95 0.40 0.09 (1.80)
Per share ratios ()        
EPS 1.03 0.19 0.04 --
Dividend per share 0.05 -- -- --
Cash EPS 0.09 (0.70) (0.90) (2)
Book value per share 9.77 7.02 8.27 8.24
Valuation ratios        
P/E 28.90 40.50 121 --
P/CEPS 333 (10) (5.70) (1)
P/B 3.05 1.10 0.59 0.23
EV/EBIDTA 11.30 7.01 4.69 2.81
Payout (%)        
Dividend payout 5.78 -- -- --
Tax payout (29) (30) (44) 9.07
Liquidity ratios        
Debtor days 37.20 42.90 60.30 75.20
Inventory days 34.70 40 57.80 70.20
Creditor days (20) (24) (38) (50)
Leverage ratios        
Interest coverage (4.10) (1.60) (1.20) (0.40)
Net debt / equity 0.25 0.56 0.20 0.21
Net debt / op. profit 0.90 2.48 1.26 1.41
Cost breakup ()        
Material costs (73) (72) (71) (72)
Employee costs (3.60) (3.90) (3.50) (3.40)
Other costs (11) (15) (15) (14)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 607 497 355 306
yoy growth (%) 22.10 40.10 15.70 14.10
Raw materials (444) (360) (253) (221)
As % of sales 73.20 72.40 71.30 72
Employee costs (22) (19) (13) (10)
As % of sales 3.63 3.86 3.54 3.41
Other costs (70) (77) (55) (43)
As % of sales 11.50 15.50 15.40 14.10
Operating profit 71 41.20 34.60 32.20
OPM 11.70 8.30 9.77 10.50
Depreciation (25) (24) (23) (29)
Interest expense (12) (12) (11) (12)
Other income 3.16 1.79 1.47 1.72
Profit before tax 37.60 6.90 1.91 (6.50)
Taxes (11) (2.10) (0.80) (0.60)
Tax rate (29) (30) (44) 9.07
Minorities and other 0.25 0.17 -- 0.01
Adj. profit 26.80 5 1.07 (7.10)
Exceptional items -- -- -- (16)
Net profit 26.80 5 1.07 (23)
yoy growth (%) 436 370 (105) (1,157)
NPM 4.42 1.01 0.30 (7.50)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 37.60 6.90 1.91 (6.50)
Depreciation (25) (24) (23) (29)
Tax paid (11) (2.10) (0.80) (0.60)
Working capital 3.27 9.64 1.41 7.12
Other operating items -- -- -- --
Operating cashflow 5.33 (9.70) (21) (29)
Capital expenditure 143 63.30 (7) (32)
Free cash flow 149 53.60 (28) (61)
Equity raised 407 361 399 425
Investments 5.74 2.43 0.63 0.73
Debt financing/disposal 93.50 125 51.60 38.30
Dividends paid 1.29 -- -- --
Other items -- -- -- --
Net in cash 656 542 424 403
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 27.40 25.90 25.90 25.90
Preference capital -- -- -- --
Reserves 365 227 156 188
Net worth 392 253 182 214
Minority interest
Debt 76.50 81.50 112 57.80
Deferred tax liabilities (net) 16.70 11.60 9.61 8.65
Total liabilities 506 365 320 298
Fixed assets 375 266 228 195
Intangible assets
Investments 29.30 12.80 9.83 8.03
Deferred tax asset (net) -- 0.22 -- --
Net working capital 79.80 68.10 73 80.70
Inventories 76.80 61.40 54.10 54.70
Inventory Days -- 36.90 39.80 56.30
Sundry debtors 57.70 62.20 61.40 55.40
Debtor days -- 37.40 45.10 57.10
Other current assets 58.90 55.30 44.30 36
Sundry creditors (22) (29) (29) (30)
Creditor days -- 17.20 21.10 30.80
Other current liabilities (92) (82) (58) (35)
Cash 21.90 17.90 9.90 14
Total assets 506 365 320 298
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Dec-2017 Dec-2016 Dec-2015
Gross Sales 813 718 422 339 262
Excise Duty -- -- -- -- --
Net Sales 813 718 422 339 262
Other Operating Income -- -- -- -- --
Other Income 3.21 2.36 1.46 1.06 1.45
Total Income 816 721 424 340 263
Total Expenditure ** 708 626 371 307 241
PBIDT 108 95 52 33.30 22
Interest 8.27 8.16 8.88 8.55 7.97
PBDT 100 86.80 43.10 24.80 14.10
Depreciation 37.10 19.70 18.40 17.70 12.60
Minority Interest Before NP -- -- -- -- --
Tax 12.70 17.30 5.69 1.74 0.18
Deferred Tax 3.04 2.45 1.69 0.21 --
Reported Profit After Tax 47.20 47.40 17.40 5.09 1.30
Minority Interest After NP 0.04 0.05 -- 0.10 0.06
Net Profit after Minority Interest 47.90 48 17.50 5.04 1.23
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 47.90 48 17.50 5.04 1.23
EPS (Unit Curr.) 1.75 1.85 0.67 0.20 0.05
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 10 -- -- --
Equity 27.40 27.40 25.90 25.90 25.90
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(%) 13.30 13.20 12.30 9.81 8.41
PBDTM(%) 12.30 12.10 10.20 7.29 5.37
PATM(%) 5.80 6.60 4.11 1.50 0.50