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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (36) 20 160 (22)
Op profit growth (2.60) 24.90 288 (62)
EBIT growth (3.60) 12.40 200 (49)
Net profit growth 6.61 11 217 (55)
Profitability ratios (%)        
OPM 31.30 20.70 19.90 13.30
EBIT margin 35.40 23.60 25.20 21.80
Net profit margin 22.30 13.50 14.50 11.90
RoCE 27.40 27.70 28 13.10
RoNW 4.46 4.95 5.28 1.95
RoA 4.31 3.95 4.04 1.80
Per share ratios ()        
EPS 129 118 99.30 30.90
Dividend per share 12.50 12.50 10 2
Cash EPS 122 113 101 29.60
Book value per share 753 629 538 449
Valuation ratios        
P/E 14.10 5.68 2.52 6.07
P/CEPS 14.90 5.92 2.47 6.33
P/B 2.41 1.06 0.46 0.42
EV/EBIDTA 8.10 2.14 0.49 0.45
Payout (%)        
Dividend payout -- 13 11.60 7.27
Tax payout (31) (36) (34) (35)
Liquidity ratios        
Debtor days 152 77.50 65 163
Inventory days 624 363 395 861
Creditor days (84) (43) (38) (112)
Leverage ratios        
Interest coverage (20) (13) (6.70) (5.10)
Net debt / equity (0.30) (0.40) (0.30) (0.40)
Net debt / op. profit (1.30) (1.30) (1.10) (4.30)
Cost breakup ()        
Material costs (54) (71) (13) 15.90
Employee costs (4.20) (2.40) (3.40) (7.90)
Other costs (10) (6) (63) (95)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 109 169 141 54.20
yoy growth (%) (36) 20 160 (22)
Raw materials (59) (120) (19) 8.61
As % of sales 54.10 70.90 13.20 15.90
Employee costs (4.60) (4.10) (4.80) (4.30)
As % of sales 4.18 2.45 3.39 7.86
Other costs (11) (10) (89) (51)
As % of sales 10.40 5.97 63.50 94.70
Operating profit 34.20 35.10 28.10 7.23
OPM 31.30 20.70 19.90 13.30
Depreciation (0.30) (0.50) (0.60) (0.70)
Interest expense (2) (3) (5.30) (2.30)
Other income 4.65 5.41 8.08 5.26
Profit before tax 36.60 36.90 30.20 9.53
Taxes (11) (13) (10) (3.40)
Tax rate (31) (36) (34) (35)
Minorities and other (1.10) (1) 0.57 0.32
Adj. profit 24.20 22.70 20.50 6.47
Exceptional items -- -- -- --
Net profit 24.20 22.70 20.50 6.47
yoy growth (%) 6.61 11 217 (55)
NPM 22.30 13.50 14.50 11.90
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 36.60 36.90 30.20 9.53
Depreciation (0.30) (0.50) (0.60) (0.70)
Tax paid (11) (13) (10) (3.40)
Working capital 83 65.80 83 10.20
Other operating items -- -- -- --
Operating cashflow 108 89 102 15.70
Capital expenditure 9.74 8.84 0.41 0.67
Free cash flow 118 97.80 103 16.40
Equity raised 173 157 147 156
Investments (0.70) (6.80) 0.60 (1.10)
Debt financing/disposal 5.21 5.13 48.40 (0.50)
Dividends paid -- 2.46 1.97 0.39
Other items -- -- -- --
Net in cash 296 255 301 171
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 1.97 1.97 1.97 1.97
Preference capital -- -- -- --
Reserves 146 122 104 86.30
Net worth 148 124 106 88.30
Minority interest
Debt 2.20 3.26 53.40 5.67
Deferred tax liabilities (net) 0.68 0.62 0.32 0.38
Total liabilities 153 129 160 94.30
Fixed assets 13 13.50 6 6.91
Intangible assets
Investments 0.13 0.23 1.75 2.81
Deferred tax asset (net) 0.86 -- (0.10) 0.05
Net working capital 93.60 66.10 67 47.70
Inventories 198 175 161 144
Inventory Days 662 378 417 969
Sundry debtors 45.50 45.10 26.60 23.60
Debtor days 152 97.40 69 159
Other current assets 90.50 115 111 60.60
Sundry creditors (13) (21) (10) (14)
Creditor days 43.90 46.40 26 91.10
Other current liabilities (227) (248) (222) (167)
Cash 45.40 48.70 85 36.90
Total assets 153 129 160 94.30
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 109 169 141 51.40 64.30
Excise Duty -- -- -- -- --
Net Sales 109 169 141 51.40 64.30
Other Operating Income -- -- -- 2.79 4.95
Other Income 4.65 5.41 8.08 5.26 4.63
Total Income 114 175 149 59.50 73.90
Total Expenditure ** 74.80 134 113 47 50.40
PBIDT 38.80 40.50 36.10 12.50 23.50
Interest 1.97 3.02 5.30 2.31 3.43
PBDT 36.80 37.40 30.80 10.20 20
Depreciation 0.27 0.51 0.60 0.65 0.41
Minority Interest Before NP -- -- -- -- --
Tax 12 13.10 10.10 3.38 6.77
Deferred Tax (0.80) 0.17 0.16 -- --
Reported Profit After Tax 25.40 23.70 19.90 6.15 12.90
Minority Interest After NP 1.10 0.97 -- -- --
Net Profit after Minority Interest 24.30 22.80 20.50 6.47 14.40
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 24.30 22.80 20.50 6.47 14.40
EPS (Unit Curr.) 129 121 104 32.90 73
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 125 125 100 20 20
Equity 1.97 1.97 1.97 1.97 1.97
Public Shareholding (Number) -- -- -- 813,100 813,100
Public Shareholding (%) -- -- -- 41.40 41.30
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 1,153,500 1,153,500
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 58.70 58.70
PBIDTM(%) 35.60 23.90 25.60 24.30 36.50
PBDTM(%) 33.80 22.10 21.90 19.80 31.10
PATM(%) 23.30 14 14.10 12 20