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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 0.60 (8.80) 3.63 12
Op profit growth (4.90) (31) 2.62 7.47
EBIT growth (12) (45) (2.20) 8.47
Net profit growth (27) (39) (8.80) 19
Profitability ratios (%)        
OPM 16.50 17.40 23 23.30
EBIT margin 10 11.40 18.90 20
Net profit margin 6.63 9.10 13.70 15.60
RoCE 8.12 9.71 19.40 22.50
RoNW 1.91 2.60 4.75 6.59
RoA 1.35 1.94 3.52 4.36
Per share ratios ()        
EPS 55 75.80 124 133
Dividend per share 20 20 20 20
Cash EPS (7.90) 16 69.90 92.50
Book value per share 758 740 737 578
Valuation ratios        
P/E 37.90 34.70 24.60 26.20
P/CEPS (265) 164 43.40 37.70
P/B 2.75 3.56 4.12 6.03
EV/EBIDTA 15.70 18.20 14.10 16.40
Payout (%)        
Dividend payout 35 25.70 19.30 17.60
Tax payout (32) (19) (26) (19)
Liquidity ratios        
Debtor days 100 102 96.40 90.20
Inventory days 73.60 69.60 60.10 60.60
Creditor days (45) (40) (35) (34)
Leverage ratios        
Interest coverage (18) (26) (36) (28)
Net debt / equity 0.38 0.37 0.23 0.25
Net debt / op. profit 2.04 1.83 0.80 0.70
Cost breakup ()        
Material costs (28) (26) (24) (25)
Employee costs (23) (22) (20) (20)
Other costs (33) (35) (33) (32)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 14,281 14,196 15,568 15,023
yoy growth (%) 0.60 (8.80) 3.63 12
Raw materials (4,040) (3,697) (3,759) (3,786)
As % of sales 28.30 26 24.10 25.20
Employee costs (3,215) (3,107) (3,117) (2,945)
As % of sales 22.50 21.90 20 19.60
Other costs (4,675) (4,921) (5,107) (4,799)
As % of sales 32.70 34.70 32.80 31.90
Operating profit 2,351 2,472 3,585 3,494
OPM 16.50 17.40 23 23.30
Depreciation (1,077) (1,027) (939) (760)
Interest expense (79) (63) (83) (108)
Other income 155 172 295 274
Profit before tax 1,350 1,554 2,859 2,900
Taxes (438) (297) (751) (563)
Tax rate (32) (19) (26) (19)
Minorities and other 34.40 34.90 22.90 --
Adj. profit 947 1,292 2,131 2,336
Exceptional items -- -- -- --
Net profit 947 1,292 2,131 2,336
yoy growth (%) (27) (39) (8.80) 19
NPM 6.63 9.10 13.70 15.60
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1,350 1,554 2,859 2,900
Depreciation (1,077) (1,027) (939) (760)
Tax paid (438) (297) (751) (563)
Working capital 1,894 418 (861) (35)
Other operating items -- -- -- --
Operating cashflow 1,729 648 308 1,542
Capital expenditure 9,461 7,090 4,930 656
Free cash flow 11,191 7,738 5,238 2,198
Equity raised 15,819 16,121 17,049 15,553
Investments 2,297 1,902 3,636 1,181
Debt financing/disposal 7,386 8,085 6,858 8,582
Dividends paid 332 331 411 341
Other items -- -- -- --
Net in cash 37,025 34,177 33,192 27,854
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 29.50 83 82.90 85.30
Preference capital -- -- -- --
Reserves 13,994 12,489 12,179 12,485
Net worth 14,024 12,572 12,262 12,570
Minority interest
Debt 3,838 5,071 4,919 3,352
Deferred tax liabilities (net) 47.30 195 162 53.70
Total liabilities 17,909 17,838 17,343 15,976
Fixed assets 10,125 10,439 10,255 7,335
Intangible assets
Investments 2,587 2,298 2,110 3,833
Deferred tax asset (net) 432 541 678 591
Net working capital 4,543 4,297 3,913 3,725
Inventories 3,358 2,909 2,853 2,558
Inventory Days -- 74.30 73.30 60
Sundry debtors 3,987 4,053 3,799 4,125
Debtor days -- 104 97.70 96.70
Other current assets 1,755 2,042 1,735 1,450
Sundry creditors (1,455) (1,607) (1,342) (1,230)
Creditor days -- 41.10 34.50 28.80
Other current liabilities (3,101) (3,100) (3,132) (3,179)
Cash 223 264 387 492
Total assets 17,909 17,838 17,343 15,976
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Particulars ( Rupees In Crores.) Mar-2020 Dec-2019 Sep-2019 Jun-2019 Mar-2019
Gross Sales 4,432 4,384 4,801 3,844 4,017
Excise Duty -- -- -- -- --
Net Sales 4,432 4,384 4,801 3,844 4,017
Other Operating Income 17.10 13.30 12 14.60 13
Other Income 84.10 84.90 65.70 446 99
Total Income 4,533 4,482 4,879 4,305 4,129
Total Expenditure ** 3,500 4,686 3,749 3,117 3,211
PBIDT 1,033 (204) 1,130 1,188 918
Interest 23 15.20 30.30 29.80 24.50
PBDT 1,010 (219) 1,099 1,158 893
Depreciation 274 287 313 289 287
Minority Interest Before NP -- -- -- -- --
Tax 41.70 174 211 236 141
Deferred Tax (87) (141) (532) (43) 9.50
Reported Profit After Tax 781 (538) 1,107 677 455
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 781 (538) 1,107 677 455
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 781 (538) 1,107 677 455
EPS (Unit Curr.) 47.10 (32) 66.80 40.80 27.50
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 83.10 83.10 83.10 83.10 83
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(%) 23.30 (4.60) 23.50 30.90 22.90
PBDTM(%) 22.80 (5) 22.90 30.10 22.20
PATM(%) 17.60 (12) 23.10 17.60 11.30