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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 5.28 8.22 (8.40) 9.23
Op profit growth 10.20 4.49 3.33 10.30
EBIT growth 1.97 2.42 10.50 11.60
Net profit growth (9.80) 11.90 21 30.40
Profitability ratios (%)        
OPM 19.20 18.30 19 16.80
EBIT margin 13.30 13.80 14.50 12.10
Net profit margin 7.08 8.27 8 6.05
RoCE 16.40 17.50 17.60 15.70
RoNW 3.75 4.75 4.87 4.72
RoA 2.18 2.63 2.42 1.97
Per share ratios ()        
EPS 11.10 12.50 11 8.48
Dividend per share 2.40 2.40 2.20 1.60
Cash EPS 0.29 3.11 2.99 0.56
Book value per share 79.50 66.10 61.40 49.80
Valuation ratios        
P/E 10.90 9.52 7.31 7.35
P/CEPS 417 38.10 27 111
P/B 1.51 1.79 1.31 1.25
EV/EBIDTA 8.86 9.65 7.30 6.81
Payout (%)        
Dividend payout -- -- -- 26.30
Tax payout (33) (30) (31) (30)
Liquidity ratios        
Debtor days 62.90 56.10 60.60 58.40
Inventory days 40.10 35.20 36.90 35.90
Creditor days (28) (23) (27) (29)
Leverage ratios        
Interest coverage (5.90) (5.50) (5.10) (3.50)
Net debt / equity 0.45 0.67 0.65 1.08
Net debt / op. profit 1.21 1.65 1.55 2.16
Cost breakup ()        
Material costs (43) (44) (43) (49)
Employee costs (18) (18) (18) (16)
Other costs (20) (20) (20) (19)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,424 2,302 2,128 2,323
yoy growth (%) 5.28 8.22 (8.40) 9.23
Raw materials (1,037) (1,008) (924) (1,136)
As % of sales 42.80 43.80 43.40 48.90
Employee costs (434) (405) (374) (363)
As % of sales 17.90 17.60 17.60 15.60
Other costs (489) (467) (426) (433)
As % of sales 20.20 20.30 20 18.60
Operating profit 465 422 404 391
OPM 19.20 18.30 19 16.80
Depreciation (167) (141) (123) (132)
Interest expense (55) (58) (61) (79)
Other income 25.30 36.40 28.70 21
Profit before tax 268 259 248 201
Taxes (89) (79) (78) (61)
Tax rate (33) (30) (31) (30)
Minorities and other (2.60) (5.30) (3) (4.40)
Adj. profit 177 175 168 135
Exceptional items (5) 15.70 2.32 5.52
Net profit 172 190 170 141
yoy growth (%) (9.80) 11.90 21 30.40
NPM 7.08 8.27 8 6.05
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 268 259 248 201
Depreciation (167) (141) (123) (132)
Tax paid (89) (79) (78) (61)
Working capital 177 (41) (71) --
Other operating items -- -- -- --
Operating cashflow 189 (2.10) (24) 7.72
Capital expenditure (568) (932) (1,391) --
Free cash flow (379) (934) (1,415) 7.72
Equity raised 1,900 1,731 1,438 1,388
Investments (32) (31) (15) --
Debt financing/disposal 510 252 (56) 168
Dividends paid -- -- -- 25.10
Other items -- -- -- --
Net in cash 1,999 1,017 (48) 1,588
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 63.10 31.50 31.40 31.40
Preference capital -- -- -- --
Reserves 1,325 1,219 1,008 933
Net worth 1,388 1,251 1,039 965
Minority interest
Debt 633 734 798 709
Deferred tax liabilities (net) 64.70 46.50 51.70 43.70
Total liabilities 2,090 2,035 1,895 1,726
Fixed assets 1,349 1,226 1,199 981
Intangible assets
Investments 16.80 13.10 15.30 30.40
Deferred tax asset (net) 21.20 16.20 20 24.10
Net working capital 569 607 558 606
Inventories 323 286 246 199
Inventory Days -- 43.10 39 34.10
Sundry debtors 493 459 377 331
Debtor days -- 69.10 59.70 56.80
Other current assets 196 279 310 382
Sundry creditors (193) (170) (128) (108)
Creditor days -- 25.50 20.30 18.50
Other current liabilities (250) (248) (247) (198)
Cash 134 173 103 84.40
Total assets 2,090 2,035 1,895 1,726
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Particulars ( Rupees In Crores.) Sep-2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018
Gross Sales 731 630 694 694 683
Excise Duty -- -- -- -- --
Net Sales 731 630 694 694 683
Other Operating Income -- -- -- -- --
Other Income 1.85 17.50 12.30 3.85 10.50
Total Income 732 647 706 698 694
Total Expenditure ** 599 522 562 563 559
PBIDT 133 126 144 135 135
Interest 15.60 13.70 15.60 16.10 16
PBDT 118 112 128 119 119
Depreciation 57.60 56.80 49.60 47 45
Minority Interest Before NP -- -- -- -- --
Tax 4.91 15.40 22.40 19.10 20.60
Deferred Tax (5) (0.10) 2.87 6.49 (0.10)
Reported Profit After Tax 60.40 40 53.30 46.40 53.80
Minority Interest After NP 1.11 0.79 0.88 0.92 0.41
Net Profit after Minority Interest 59.30 39.20 52.40 45.50 53.40
Extra-ordinary Items (19) 7.88 2.07 -- --
Adjusted Profit After Extra-ordinary item 77.90 31.40 50.30 45.50 53.40
EPS (Unit Curr.) 1.88 1.24 1.66 2.89 1.69
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 63.10 63.10 63.10 31.40 62.90
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(%) 18.30 20 20.70 19.50 19.80
PBDTM(%) 16.10 17.80 18.50 17.10 17.40
PATM(%) 8.27 6.36 7.68 6.68 7.87