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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (1.40) 2.99 2.36 13
Op profit growth (0.60) (4.70) 20.80 2.81
EBIT growth 17.30 1.83 31.60 (8.50)
Net profit growth 18.60 8.13 93.70 (16)
Profitability ratios (%)        
OPM 6.77 6.72 7.26 6.15
EBIT margin 6.60 5.55 5.61 4.37
Net profit margin 3.38 2.81 2.68 1.42
RoCE 17.50 15.70 16.50 12.10
RoNW 3.46 3.26 3.33 1.88
RoA 2.24 1.99 1.97 0.98
Per share ratios ()        
EPS 11.70 9.87 8.82 4.47
Dividend per share 1.50 1.20 1.50 1.20
Cash EPS 4.50 2.76 2.38 (2.50)
Book value per share 89.70 79.40 72.10 64.80
Valuation ratios        
P/E 11.70 9.07 8.62 9.84
P/CEPS 30.60 32.50 31.90 (18)
P/B 1.53 1.13 1.05 0.68
EV/EBIDTA 5.59 5.14 4.36 4.16
Payout (%)        
Dividend payout -- -- 3.29 30.40
Tax payout (33) (23) (33) (35)
Liquidity ratios        
Debtor days 66.30 65.90 63.60 65.20
Inventory days 43.50 39.80 37.10 40.40
Creditor days (37) (37) (36) (38)
Leverage ratios        
Interest coverage (4.30) (2.90) (3.50) (2)
Net debt / equity 0.34 0.59 0.51 0.72
Net debt / op. profit 1.29 2 1.48 2.27
Cost breakup ()        
Material costs (73) (75) (75) (78)
Employee costs (7.50) (6.70) (6.30) (5.10)
Other costs (13) (12) (12) (11)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 104 105 102 99.80
yoy growth (%) (1.40) 2.99 2.36 13
Raw materials (75) (79) (76) (78)
As % of sales 72.80 74.80 74.60 78.10
Employee costs (7.80) (7.10) (6.40) (5.10)
As % of sales 7.52 6.71 6.30 5.13
Other costs (13) (12) (12) (11)
As % of sales 13 11.80 11.80 10.70
Operating profit 7.02 7.06 7.41 6.14
OPM 6.77 6.72 7.26 6.15
Depreciation (2.20) (2.10) (2) (2.20)
Interest expense (1.60) (2) (1.60) (2.20)
Other income 1.99 0.91 0.34 0.38
Profit before tax 5.25 3.84 4.08 2.19
Taxes (1.70) (0.90) (1.30) (0.80)
Tax rate (33) (23) (33) (35)
Minorities and other -- -- -- --
Adj. profit 3.51 2.96 2.74 1.41
Exceptional items -- -- -- --
Net profit 3.51 2.96 2.74 1.41
yoy growth (%) 18.60 8.13 93.70 (16)
NPM 3.38 2.81 2.68 1.42
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 5.25 3.84 4.08 2.19
Depreciation (2.20) (2.10) (2) (2.20)
Tax paid (1.70) (0.90) (1.30) (0.80)
Working capital 10.80 5.55 2.72 (0.20)
Other operating items -- -- -- --
Operating cashflow 12.10 6.38 3.43 (0.90)
Capital expenditure (6.90) (14) 2.59 (0.50)
Free cash flow 5.19 (7.60) 6.02 (1.50)
Equity raised 32.40 31 29.80 30.60
Investments (0.40) -- -- --
Debt financing/disposal 6.32 4.01 7.37 5.05
Dividends paid -- -- -- 0.36
Other items -- -- -- --
Net in cash 43.60 27.40 43.20 34.50
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 3 3 3 3
Preference capital -- -- -- --
Reserves 26.10 23.90 20.80 18.60
Net worth 29.10 26.90 23.80 21.60
Minority interest
Debt 9.13 10.50 14.70 11.50
Deferred tax liabilities (net) 0.52 0.97 1.31 1.23
Total liabilities 38.70 38.40 39.80 34.40
Fixed assets 14.90 14.90 16 13.80
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) -- -- 0.49 0.42
Net working capital 23.20 22.10 22.70 19.60
Inventories 12.20 12.40 12.40 10.60
Inventory Days -- 43.60 42.90 37.80
Sundry debtors 16.90 17.30 20.40 17.60
Debtor days -- 61 70.70 62.80
Other current assets 3.69 3.06 2.54 2.23
Sundry creditors (7.70) (8.80) (11) (9.40)
Creditor days -- 30.90 36.70 33.60
Other current liabilities (2) (1.90) (2) (1.40)
Cash 0.65 1.39 0.61 0.54
Total assets 38.70 38.40 39.80 34.40
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 102 107 118 102 99.80
Excise Duty -- 3.54 12.30 -- --
Net Sales 102 104 105 102 99.80
Other Operating Income -- -- -- -- 0.38
Other Income 0.79 1.99 0.91 0.34 --
Total Income 102 106 106 102 100
Total Expenditure ** 94.90 96.70 98.10 94.70 93.60
PBIDT 7.44 9.01 7.97 7.76 6.52
Interest 1.57 1.59 2 1.65 2.17
PBDT 5.87 7.41 5.97 6.11 4.35
Depreciation 2.30 2.16 2.13 2.02 2.16
Minority Interest Before NP -- -- -- -- --
Tax 1.08 1.68 0.89 1.48 0.77
Deferred Tax (0.40) 0.07 -- (0.10) --
Reported Profit After Tax 2.89 3.51 2.96 2.74 1.41
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 2.89 3.51 2.96 2.74 1.41
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 2.89 3.51 2.96 2.74 1.41
EPS (Unit Curr.) 9.64 11.70 9.87 9.12 4.71
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 15 12 15 12
Equity 3 3 3 3 3
Public Shareholding (Number) -- -- -- -- 1,203,499
Public Shareholding (%) -- -- -- -- 40.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 1,796,501
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 59.90
PBIDTM(%) 7.33 8.69 7.58 7.60 6.53
PBDTM(%) 5.78 7.14 5.68 5.98 4.36
PATM(%) 2.85 3.38 2.81 2.68 1.41