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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 19.20 0.14 2.51 (8.80)
Op profit growth 34.20 52.70 26.60 (22)
EBIT growth 35 57.30 31.60 (19)
Net profit growth 21.40 82.80 43.10 (13)
Profitability ratios (%)        
OPM 15 13.30 8.74 7.07
EBIT margin 13.80 12.20 7.74 6.03
Net profit margin 9.70 9.53 5.22 3.74
RoCE 23.60 19.40 14.40 11.50
RoNW 6.01 5.97 3.82 2.97
RoA 4.16 3.80 2.43 1.78
Per share ratios ()        
EPS 41 33.80 17.80 12.50
Dividend per share 8.20 5.80 3.20 2.20
Cash EPS 31 26.80 12.50 6.16
Book value per share 178 155 128 114
Valuation ratios        
P/E 10.30 8.71 7.79 8.54
P/CEPS 13.70 11 11.10 17.40
P/B 2.38 1.90 1.09 0.94
EV/EBIDTA 6.87 6.91 6.02 5.34
Payout (%)        
Dividend payout 19.90 17.60 18.10 19.90
Tax payout (23) (13) (17) (7.70)
Liquidity ratios        
Debtor days 50.50 72.20 74.40 68.40
Inventory days 86.40 92.60 77.40 73.90
Creditor days (70) (84) (79) (85)
Leverage ratios        
Interest coverage (11) (9.90) (5.20) (3)
Net debt / equity 0.20 0.34 0.49 0.36
Net debt / op. profit 0.59 1.12 2.03 1.67
Cost breakup ()        
Material costs (54) (53) (59) (61)
Employee costs (8.70) (9.20) (8.40) (7.90)
Other costs (23) (25) (24) (24)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 6,900 5,788 5,780 5,639
yoy growth (%) 19.20 0.14 2.51 (8.80)
Raw materials (3,694) (3,043) (3,409) (3,430)
As % of sales 53.50 52.60 59 60.80
Employee costs (599) (533) (488) (447)
As % of sales 8.68 9.20 8.44 7.93
Other costs (1,572) (1,442) (1,379) (1,364)
As % of sales 22.80 24.90 23.80 24.20
Operating profit 1,035 771 505 399
OPM 15 13.30 8.74 7.07
Depreciation (141) (114) (98) (110)
Interest expense (83) (71) (85) (112)
Other income 56.10 46.80 40.70 51.60
Profit before tax 867 633 362 228
Taxes (199) (80) (62) (18)
Tax rate (23) (13) (17) (7.70)
Minorities and other 0.90 (0.70) 1.32 --
Adj. profit 670 552 302 211
Exceptional items -- -- -- --
Net profit 670 552 302 211
yoy growth (%) 21.40 82.80 43.10 (13)
NPM 9.70 9.53 5.22 3.74
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 867 633 362 228
Depreciation (141) (114) (98) (110)
Tax paid (199) (80) (62) (18)
Working capital 355 12.80 (265) (24)
Other operating items -- -- -- --
Operating cashflow 883 451 (63) 76.90
Capital expenditure (608) (944) (1,282) 19.70
Free cash flow 275 (492) (1,344) 96.60
Equity raised 3,743 3,321 3,263 3,305
Investments 17.20 20.30 28.10 (197)
Debt financing/disposal 220 (144) 1.11 (173)
Dividends paid 133 96.80 45.50 35.70
Other items -- -- -- --
Net in cash 4,389 2,802 1,994 3,067
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 23.90 24.70 24.70 24.40
Preference capital -- -- -- --
Reserves 3,502 3,015 2,503 2,067
Net worth 3,526 3,040 2,528 2,091
Minority interest
Debt 1,610 756 1,074 1,064
Deferred tax liabilities (net) 424 368 278 219
Total liabilities 5,560 4,164 3,882 3,376
Fixed assets 3,022 2,327 2,086 1,785
Intangible assets
Investments 30.80 29.80 30.90 35.30
Deferred tax asset (net) 491 435 359 234
Net working capital 1,600 1,223 1,195 1,282
Inventories 1,925 1,652 1,616 1,320
Inventory Days -- 87.40 102 83.30
Sundry debtors 1,039 904 1,004 1,287
Debtor days -- 47.80 63.30 81.30
Other current assets 636 523 545 525
Sundry creditors (1,144) (1,118) (1,146) (1,149)
Creditor days -- 59.10 72.30 72.60
Other current liabilities (856) (737) (824) (701)
Cash 416 149 212 39.80
Total assets 5,560 4,164 3,882 3,376
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 7,743 6,964 6,086 5,984 5,850
Excise Duty -- 106 329 250 244
Net Sales 7,743 6,858 5,758 5,734 5,606
Other Operating Income 27.80 42.40 30.80 46.30 32.90
Other Income 87.60 56.10 46.80 40.70 51.60
Total Income 7,859 6,957 5,835 5,821 5,691
Total Expenditure ** 6,402 5,866 5,017 5,276 5,240
PBIDT 1,456 1,091 818 546 450
Interest 119 83 71.40 85.40 112
PBDT 1,337 1,008 746 460 339
Depreciation 157 141 114 98 110
Minority Interest Before NP -- -- -- -- --
Tax 251 141 29.10 64.60 17.60
Deferred Tax 26.90 57.60 51.30 (2.70) --
Reported Profit After Tax 903 669 552 300 211
Minority Interest After NP (1.10) (0.90) 0.68 (0.60) --
Net Profit after Minority Interest 906 670 552 302 211
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 906 670 552 302 211
EPS (Unit Curr.) 57.10 41.20 34 18.60 13
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 490 410 290 160 110
Equity 31.40 32.60 32.60 32.60 32.60
Public Shareholding (Number) -- -- -- -- 58,672,343
Public Shareholding (%) -- -- -- -- 36.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 103,743,794
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 63.90
PBIDTM(%) 18.80 15.90 14.20 9.52 8.03
PBDTM(%) 17.30 14.70 13 8.03 6.04
PATM(%) 11.70 9.75 9.59 5.24 3.76