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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 9.70 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-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 1.97 1.97 1.97 1.97
Preference capital -- -- -- --
Reserves 178 146 122 104
Net worth 180 148 124 106
Minority interest
Debt 0.46 2.20 3.26 53.40
Deferred tax liabilities (net) 0.79 0.68 0.62 0.32
Total liabilities 185 153 129 160
Fixed assets 12.90 13 13.50 6
Intangible assets
Investments 0.13 0.13 0.23 1.75
Deferred tax asset (net) 1.99 0.86 -- (0.10)
Net working capital 84.20 93.60 66.10 67
Inventories 238 198 175 161
Inventory Days -- 662 378 417
Sundry debtors 34.40 45.50 45.10 26.60
Debtor days -- 152 97.40 69
Other current assets 66.20 90.50 115 111
Sundry creditors (33) (13) (21) (10)
Creditor days -- 43.90 46.40 26
Other current liabilities (221) (227) (248) (222)
Cash 85.80 45.40 48.70 85
Total assets 185 153 129 160
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Particulars ( Rupees In Crores.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 -
Gross Sales 112 98.70 99.50 128 --
Excise Duty -- -- -- -- --
Net Sales 112 98.70 99.50 128 --
Other Operating Income -- -- -- -- --
Other Income 3.42 2.85 4.11 7.66 --
Total Income 116 102 104 135 --
Total Expenditure ** 83 69.40 73.80 105 --
PBIDT 32.80 32.20 29.80 30.90 --
Interest 1.44 1.05 2.64 3.21 --
PBDT 31.40 31.10 27.20 27.70 --
Depreciation 0.19 0.28 0.55 0.48 --
Minority Interest Before NP -- -- -- -- --
Tax 9.09 10.20 9.39 9.13 --
Deferred Tax (0.60) 0.23 0.27 0.27 --
Reported Profit After Tax 22.70 20.40 17 17.80 --
Minority Interest After NP 0.92 7.86 -- -- --
Net Profit after Minority Interest 21.80 12.60 17 18.40 --
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 21.80 12.60 17 18.40 --
EPS (Unit Curr.) 115 104 85.80 93.40 --
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- 125 -- --
Equity 1.97 1.97 1.97 1.97 --
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(%) 29.20 32.60 30 24.20 --
PBDTM(%) 27.90 31.50 27.30 21.70 --
PATM(%) 20.20 20.70 17 13.90 --