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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 15.90 13.10 24 17.80
Op profit growth 15.20 3.31 (2.30) 19.80
EBIT growth 9.21 (1.10) 27.10 12.10
Net profit growth 5.62 (7.80) 32.80 15.10
Profitability ratios (%)        
OPM 13.30 13.40 14.70 18.60
EBIT margin 13.60 14.40 16.50 16.10
Net profit margin 9.59 10.50 12.90 12.10
RoCE 21.60 21.70 25 24.30
RoNW 4.35 4.43 5.14 4.57
RoA 3.81 3.96 4.89 4.54
Per share ratios ()        
EPS 29 27.10 28.40 22.20
Dividend per share 10.50 7 8 5
Cash EPS 22.10 21 25.10 17.30
Book value per share 188 163 164 142
Valuation ratios        
P/E 16.10 15.70 17.80 14.80
P/CEPS 21.20 20.20 20.10 18.90
P/B 2.49 2.61 3.07 2.30
EV/EBIDTA 7.91 8.04 9.92 6.97
Payout (%)        
Dividend payout 21.70 29.10 30.30 22
Tax payout (22) (24) (25) (29)
Liquidity ratios        
Debtor days 64.30 67.70 67.60 72.30
Inventory days 9.74 9.35 4.04 --
Creditor days (42) (40) (36) (33)
Leverage ratios        
Interest coverage (28) (27) (78) (260)
Net debt / equity (0.30) (0.30) (0.30) (0.40)
Net debt / op. profit (1.40) (1.20) (1.20) (1.70)
Cost breakup ()        
Material costs (7.60) (6.10) (1.70) --
Employee costs (57) (59) (61) (62)
Other costs (22) (22) (22) (19)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 3,586 3,094 2,736 2,206
yoy growth (%) 15.90 13.10 24 17.80
Raw materials (274) (189) (46) --
As % of sales 7.65 6.10 1.68 --
Employee costs (2,049) (1,813) (1,676) (1,368)
As % of sales 57.10 58.60 61.20 62
Other costs (785) (679) (614) (428)
As % of sales 21.90 21.90 22.40 19.40
Operating profit 477 414 401 410
OPM 13.30 13.40 14.70 18.60
Depreciation (95) (89) (71) (72)
Interest expense (17) (16) (5.80) (1.40)
Other income 106 121 122 16.90
Profit before tax 470 430 446 354
Taxes (105) (101) (110) (103)
Tax rate (22) (24) (25) (29)
Minorities and other 4.20 5.40 17.30 15.20
Adj. profit 370 334 353 266
Exceptional items (26) (8.70) -- --
Net profit 344 326 353 266
yoy growth (%) 5.62 (7.80) 32.80 15.10
NPM 9.59 10.50 12.90 12.10
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 470 430 446 354
Depreciation (95) (89) (71) (72)
Tax paid (105) (101) (110) (103)
Working capital 735 455 231 --
Other operating items -- -- -- --
Operating cashflow 1,006 695 495 179
Capital expenditure 813 646 625 --
Free cash flow 1,819 1,341 1,121 179
Equity raised 2,753 2,630 2,792 2,855
Investments 104 113 2.87 --
Debt financing/disposal 211 217 148 --
Dividends paid 61.90 78.70 89.80 55.90
Other items -- -- -- --
Net in cash 4,949 4,380 4,153 3,090
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 56.30 56.30 56.20 56.10
Preference capital -- -- -- --
Reserves 2,061 1,774 1,788 1,532
Net worth 2,117 1,831 1,844 1,588
Minority interest
Debt 211 214 147 5.82
Deferred tax liabilities (net) 79.60 48.60 5.05 5.18
Total liabilities 2,411 2,100 2,009 1,599
Fixed assets 778 667 798 344
Intangible assets
Investments 196 160 101 92.50
Deferred tax asset (net) 59.50 48.30 6.52 7.35
Net working capital 500 530 480 465
Inventories 93.50 97.90 60.60 --
Inventory Days 9.52 11.50 8.09 --
Sundry debtors 650 615 534 480
Debtor days 66.10 72.50 71.20 79.40
Other current assets 532 479 456 341
Sundry creditors (408) (314) (279) (181)
Creditor days 41.50 37.10 37.20 29.90
Other current liabilities (367) (347) (291) (175)
Cash 878 695 623 691
Total assets 2,411 2,100 2,009 1,599
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Particulars ( Rupees In Crores.) Dec-2017 Dec-2016 Dec-2015 Dec-2014 Dec-2013
Gross Sales 2,856 2,666 2,283 2,006 1,612
Excise Duty 3.60 13.70 -- -- --
Net Sales 2,852 2,652 2,283 2,006 1,612
Other Operating Income -- -- -- -- --
Other Income 108 71.10 82.70 84 19.90
Total Income 2,960 2,723 2,365 2,090 1,631
Total Expenditure ** 2,480 2,294 1,969 1,695 1,310
PBIDT 481 429 396 395 322
Interest 14.70 13.90 13 2.91 0.78
PBDT 466 415 383 392 321
Depreciation 79.50 69.80 59.50 52.70 54.60
Minority Interest Before NP -- -- -- -- --
Tax 119 73.70 81.50 92.40 81.60
Deferred Tax (15) 8.80 -- -- --
Reported Profit After Tax 282 263 242 246 185
Minority Interest After NP -- -- (4) (0.90) --
Net Profit after Minority Interest 282 263 258 260 196
Extra-ordinary Items (3.50) -- -- -- --
Adjusted Profit After Extra-ordinary item 285 263 258 260 196
EPS (Unit Curr.) 25.50 23.60 22.90 23.10 17.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 180 110 60 60 40
Equity 56.30 56.30 56.20 56.10 56
Public Shareholding (Number) -- -- -- 87,309,108 86,932,208
Public Shareholding (%) -- -- -- 77.80 77.70
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 24,962,226 24,977,026
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 22.20 22.30
PBIDTM(%) 16.90 16.20 17.40 19.70 20
PBDTM(%) 16.30 15.60 16.80 19.50 19.90
PATM(%) 9.88 9.90 10.60 12.30 11.50