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Y/e 31 Mar Mar-2014 Mar-2013 Mar-2012 Mar-2011
Growth matrix (%)        
Revenue growth (14) (23) 3.16 --
Op profit growth (44) (40) (16) --
EBIT growth (70) (68) (26) --
Net profit growth (73) (64) (26) --
Profitability ratios (%)        
OPM 5.38 8.31 10.60 13
EBIT margin 0.87 2.50 6.01 8.43
Net profit margin 0.62 1.97 4.15 5.82
RoCE 1.14 3.84 12 --
RoNW 0.21 0.78 2.27 --
RoA 0.20 0.76 2.07 --
Per share ratios ()        
EPS 0.39 1.46 3.89 5.32
Dividend per share -- -- 0.75 0.75
Cash EPS (2.50) (2.90) (0.40) 1.15
Book value per share 47.70 47.30 45.80 42.70
Valuation ratios        
P/E 16.70 6.14 3.42 4.58
P/CEPS (2.60) (3.10) (34) 21.20
P/B 0.14 0.19 0.29 0.57
EV/EBIDTA 1.92 1.73 1.43 2.47
Payout (%)        
Dividend payout -- -- 21.90 16.10
Tax payout (20) (20) (20) (24)
Liquidity ratios        
Debtor days 135 111 77.60 --
Inventory days 4.18 4.80 4.61 --
Creditor days (2.70) (2) (1.40) --
Leverage ratios        
Interest coverage (8.90) (77) (7.30) (11)
Net debt / equity -- 0.04 0.03 0.14
Net debt / op. profit 0.03 0.28 0.13 0.48
Cost breakup ()        
Material costs (84) (83) (81) (79)
Employee costs (5) (4.30) (3.30) (3.80)
Other costs (5.60) (4.60) (5.40) (4.50)
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Y/e 31 Mar( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Revenue 42.80 49.80 64.90 62.90
yoy growth (%) (14) (23) 3.16 --
Raw materials (36) (41) (52) (49)
As % of sales 84 82.80 80.70 78.70
Employee costs (2.20) (2.10) (2.10) (2.40)
As % of sales 5.03 4.26 3.26 3.83
Other costs (2.40) (2.30) (3.50) (2.80)
As % of sales 5.58 4.65 5.45 4.49
Operating profit 2.30 4.14 6.86 8.19
OPM 5.38 8.31 10.60 13
Depreciation (1.90) (2.90) (3) (2.90)
Interest expense -- -- (0.50) (0.50)
Other income -- -- -- --
Profit before tax 0.33 1.23 3.37 4.83
Taxes (0.10) (0.20) (0.70) (1.20)
Tax rate (20) (20) (20) (24)
Minorities and other -- -- -- --
Adj. profit 0.26 0.98 2.70 3.66
Exceptional items -- -- -- --
Net profit 0.26 0.98 2.70 3.66
yoy growth (%) (73) (64) (26) --
NPM 0.62 1.97 4.15 5.82
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Profit before tax 0.33 1.23 3.37 4.83
Depreciation (1.90) (2.90) (3) (2.90)
Tax paid (0.10) (0.20) (0.70) (1.20)
Working capital 1.17 1.07 (1.10) --
Other operating items -- -- -- --
Operating cashflow (0.50) (0.80) (1.30) --
Capital expenditure 4.18 4.81 (4.80) --
Free cash flow 3.68 3.96 (6.10) --
Equity raised 47 48.10 46.90 --
Investments -- -- -- --
Debt financing/disposal (4.50) 2.22 0.04 --
Dividends paid -- -- 0.50 0.50
Other items -- -- -- --
Net in cash 46.10 54.30 41.30 --
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Equity capital 6.71 6.71 6.71 6.71
Preference capital -- -- -- --
Reserves 25.30 25.10 24.10 22
Net worth 32 31.80 30.80 28.70
Minority interest
Debt 0.13 1.24 0.98 4.67
Deferred tax liabilities (net) -- -- -- --
Total liabilities 32.20 33 31.80 33.30
Fixed assets 9.12 11.40 11.30 14.70
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) -- -- -- --
Net working capital 23 21.50 20.30 17.90
Inventories 0.45 0.53 0.78 0.86
Inventory Days 3.84 3.88 4.39 4.99
Sundry debtors 15.90 15.70 14.70 12.90
Debtor days 136 115 82.50 75.10
Other current assets 11.60 9.87 9.75 8.32
Sundry creditors (0.30) (0.30) (0.30) (0.20)
Creditor days 2.90 1.83 1.41 1.22
Other current liabilities (4.60) (4.40) (4.60) (4)
Cash 0.06 0.08 0.08 0.76
Total assets 32.20 33 31.70 33.30
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Particulars ( Rupees In Crores.) Mar-2014 Dec-2013 Sep-2013 Jun-2013 Mar-2013
Gross Sales 11 10.80 10.60 -- 12.90
Excise Duty -- -- -- -- --
Net Sales 11 10.80 10.60 -- 12.90
Other Operating Income -- -- -- 10.40 --
Other Income -- -- -- -- --
Total Income 11 10.80 10.60 10.40 12.90
Total Expenditure ** 11.10 10.20 9.84 9.46 11.90
PBIDT -- 0.68 0.71 0.92 0.99
Interest 0.01 0.01 0.01 0.01 0.01
PBDT -- 0.67 0.70 0.91 0.98
Depreciation 0.36 0.40 0.45 0.72 0.72
Minority Interest Before NP -- -- -- -- --
Tax (0.20) 0.08 0.08 0.06 0.05
Deferred Tax -- -- -- -- --
Reported Profit After Tax (0.20) 0.18 0.18 0.13 0.20
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (0.20) 0.18 0.18 0.13 0.20
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (0.20) 0.18 0.18 0.13 0.20
EPS (Unit Curr.) (0.30) 0.27 0.26 0.19 0.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 6.71 6.71 6.71 6.71 6.71
Public Shareholding (Number) 5,033,435 5,033,435 5,033,435 5,033,435 5,033,435
Public Shareholding (%) 75 75 75 75 75
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares 1,678,065 1,678,065 1,678,065 1,678,065 1,678,065
Non Encumbered - % in Total Promoters Holding 100 100 100 100 100
Non Encumbered - % in Total Equity 25 25 25 25 25
PBIDTM(%) (0.10) 6.28 6.73 -- 7.68
PBDTM(%) (0.20) 6.19 6.64 -- 7.60
PATM(%) (2.10) 1.66 1.71 -- 1.55