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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 8.98 6.58 5.57 6.32
Op profit growth (2.20) 21.50 6.16 9.25
EBIT growth (2.70) 17.80 11 9.53
Net profit growth 3.53 13.60 1.16 13.90
Profitability ratios (%)        
OPM 17.30 19.20 16.90 16.80
EBIT margin 17.40 19.50 17.70 16.80
Net profit margin 13.10 13.80 12.90 13.50
RoCE 28.10 33.20 31.50 32.70
RoNW 5.46 6.08 6.01 7.12
RoA 5.28 5.86 5.78 6.57
Per share ratios ()        
EPS 25.70 24.80 20.10 75
Dividend per share 5.50 0.60 6.50 4.50
Cash EPS 22.80 21.80 20.30 74.10
Book value per share 129 106 96.10 305
Valuation ratios        
P/E 21.50 32.10 29.10 8.99
P/CEPS 24.20 36.60 28.90 9.10
P/B 4.29 7.50 6.09 2.21
EV/EBIDTA 14.90 20.90 19.20 24.60
Payout (%)        
Dividend payout 7.78 -- 36.50 25.50
Tax payout (24) (29) (26) (18)
Liquidity ratios        
Debtor days 74.30 76.40 83.60 84.70
Inventory days 89 90.30 80.20 93.70
Creditor days (33) (31) (33) (31)
Leverage ratios        
Interest coverage (192) (175) (133) (51)
Net debt / equity -- 0.01 0.01 0.03
Net debt / op. profit -- 0.02 0.04 0.09
Cost breakup ()        
Material costs (58) (56) (61) (63)
Employee costs (11) (11) (9.90) (8.20)
Other costs (13) (13) (12) (12)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 963 883 829 785
yoy growth (%) 8.98 6.58 5.57 6.32
Raw materials (562) (499) (506) (492)
As % of sales 58.40 56.50 61 62.70
Employee costs (106) (97) (82) (65)
As % of sales 11.10 11 9.95 8.25
Other costs (128) (118) (101) (97)
As % of sales 13.30 13.30 12.20 12.30
Operating profit 166 170 140 132
OPM 17.30 19.20 16.90 16.80
Depreciation (14) (15) (5.90) (5.90)
Interest expense (0.90) (1) (1.10) (2.60)
Other income 16 17.50 12.50 6.13
Profit before tax 167 172 145 129
Taxes (41) (50) (38) (23)
Tax rate (24) (29) (26) (18)
Minorities and other -- -- -- --
Adj. profit 126 122 107 106
Exceptional items -- -- -- --
Net profit 126 122 107 106
yoy growth (%) 3.53 13.60 1.16 13.90
NPM 13.10 13.80 12.90 13.50
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 167 172 145 129
Depreciation (14) (15) (5.90) (5.90)
Tax paid (41) (50) (38) (23)
Working capital 146 143 43 (18)
Other operating items -- -- -- --
Operating cashflow 258 250 144 82.70
Capital expenditure 97 85.90 82.40 8.08
Free cash flow 355 336 227 90.80
Equity raised 667 594 648 641
Investments 182 51.10 83.90 46
Debt financing/disposal (15) (19) (26) (23)
Dividends paid 9.82 -- 32.50 22.50
Other items -- -- -- --
Net in cash 1,199 962 966 777
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 9.52 9.82 9.82 10
Preference capital -- -- -- --
Reserves 633 624 512 470
Net worth 642 633 522 480
Minority interest
Debt 22.20 4.72 7.89 7.69
Deferred tax liabilities (net) 14.10 13.90 12.80 8.65
Total liabilities 679 652 542 497
Fixed assets 118 131 138 133
Intangible assets
Investments 120 182 66.40 92.10
Deferred tax asset (net) 1.86 0.54 0.21 0.35
Net working capital 437 327 333 269
Inventories 207 205 264 173
Inventory Days -- 77.70 109 76
Sundry debtors 219 208 184 186
Debtor days -- 78.90 76 81.80
Other current assets 170 85.30 57.50 70.60
Sundry creditors (78) (84) (58) (64)
Creditor days -- 31.90 23.90 28.20
Other current liabilities (80) (87) (115) (96)
Cash 1.35 11.40 4.35 2.18
Total assets 679 652 542 497
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,006 976 1,001 829 785
Excise Duty -- 13.60 117 -- --
Net Sales 1,006 963 883 829 785
Other Operating Income -- -- -- -- 5.13
Other Income 21.20 16 17.50 12.50 1
Total Income 1,027 979 901 841 791
Total Expenditure ** 860 797 713 689 653
PBIDT 167 182 187 152 138
Interest 0.89 0.87 0.99 1.10 2.60
PBDT 166 181 186 151 135
Depreciation 12.40 14.20 14.90 5.91 5.86
Minority Interest Before NP -- -- -- -- --
Tax 42.50 40.10 45.60 33.10 23.30
Deferred Tax (1.10) 0.74 4.11 4.88 --
Reported Profit After Tax 113 126 122 107 106
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 113 126 122 107 106
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 113 126 122 107 106
EPS (Unit Curr.) 23 25.70 24.40 41.90 25.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 30 275 30 325 225
Equity 9.52 9.82 9.82 10 2.71
Public Shareholding (Number) -- -- -- -- 12,510,325
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 37,509,175
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 75
PBIDTM(%) 16.60 18.90 21.20 18.40 17.60
PBDTM(%) 16.50 18.80 21.10 18.20 17.20
PATM(%) 11.20 13.10 13.80 12.90 13.50