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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 6.04 1.97 11.80 5.14
Op profit growth (6.90) 6.44 15.20 (4.10)
EBIT growth (6.60) 10.90 13.70 (7.20)
Net profit growth (8) 11.80 13.90 9.48
Profitability ratios (%)        
OPM 21.10 24 23 22.30
EBIT margin 22.50 25.60 23.50 23.10
Net profit margin 16.10 18.60 17 16.70
RoCE 18.60 21.50 22.50 22.20
RoNW 3.41 4.01 4.18 4.16
RoA 3.34 3.92 4.07 4.01
Per share ratios ()        
EPS 9.90 10.60 9.44 7.84
Dividend per share -- 2.25 2.25 2.25
Cash EPS 7.79 8.50 7.46 6.04
Book value per share 71.90 70.20 59.80 51.70
Valuation ratios        
P/E 25.40 19.30 19.60 19.30
P/CEPS 32.30 24 24.80 25.10
P/B 3.50 2.91 3.10 2.93
EV/EBIDTA 16 12.30 12.30 11
Payout (%)        
Dividend payout -- -- 57.10 32.50
Tax payout (28) (25) (27) (27)
Liquidity ratios        
Debtor days 26.80 24.80 22.60 24.70
Inventory days 50.50 48.30 46.60 46.40
Creditor days (37) (37) (40) (44)
Leverage ratios        
Interest coverage (172) (184) (167) (113)
Net debt / equity -- -- -- --
Net debt / op. profit (0.10) (0.10) (0.10) (0.10)
Cost breakup ()        
Material costs (33) (33) (36) (38)
Employee costs (20) (19) (18) (15)
Other costs (26) (24) (23) (24)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,075 1,014 994 889
yoy growth (%) 6.04 1.97 11.80 5.14
Raw materials (352) (338) (358) (340)
As % of sales 32.70 33.30 36 38.20
Employee costs (217) (191) (176) (138)
As % of sales 20.20 18.80 17.70 15.50
Other costs (280) (242) (232) (213)
As % of sales 26 23.80 23.30 24
Operating profit 227 243 229 199
OPM 21.10 24 23 22.30
Depreciation (35) (35) (34) (39)
Interest expense (1.40) (1.40) (1.40) (1.80)
Other income 50.50 50.30 38.50 45.70
Profit before tax 241 258 232 204
Taxes (67) (63) (63) (56)
Tax rate (28) (25) (27) (27)
Minorities and other -- -- -- --
Adj. profit 174 194 169 148
Exceptional items -- (5.90) -- --
Net profit 174 189 169 148
yoy growth (%) (8) 11.80 13.90 9.48
NPM 16.10 18.60 17 16.70
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 241 258 232 204
Depreciation (35) (35) (34) (39)
Tax paid (67) (63) (63) (56)
Working capital 37.40 27.40 (13) 14.90
Other operating items -- -- -- --
Operating cashflow 176 187 122 124
Capital expenditure 380 316 256 159
Free cash flow 556 503 378 283
Equity raised 1,682 1,740 1,758 1,638
Investments 208 151 (91) 72.40
Debt financing/disposal 2.97 2.91 2.93 4.70
Dividends paid -- -- 96.30 40
Other items -- -- -- --
Net in cash 2,449 2,397 2,144 2,038
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 17.50 17.50 17.90 17.90
Preference capital -- -- -- --
Reserves 1,428 1,259 1,252 1,065
Net worth 1,445 1,276 1,270 1,082
Minority interest
Debt 0.60 0.69 0.79 0.90
Deferred tax liabilities (net) 23.30 23.60 25.30 25.50
Total liabilities 1,469 1,300 1,296 1,109
Fixed assets 695 686 684 695
Intangible assets
Investments 585 471 491 325
Deferred tax asset (net) 10 8.46 7.91 6.88
Net working capital 158 105 84.50 64.10
Inventories 174 160 137 131
Inventory Days -- 54.50 49.40 48.10
Sundry debtors 87.50 81.70 76.10 61.90
Debtor days -- 27.70 27.40 22.70
Other current assets 77.70 76 50.90 35
Sundry creditors (78) (97) (75) (83)
Creditor days -- 33 27 30.30
Other current liabilities (103) (116) (104) (81)
Cash 21.30 29.30 28.50 18
Total assets 1,469 1,300 1,296 1,109
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,091 1,083 1,051 1,017 885
Excise Duty -- 8.02 37.10 23.10 --
Net Sales 1,091 1,075 1,014 994 885
Other Operating Income -- -- -- -- 4.63
Other Income 43.50 51 50.30 39 45.70
Total Income 1,134 1,126 1,064 1,033 935
Total Expenditure ** 863 849 776 766 691
PBIDT 271 277 288 267 244
Interest 1.44 1.40 1.41 1.40 1.81
PBDT 270 276 286 266 242
Depreciation 33.20 35.10 34.60 33.70 38.80
Minority Interest Before NP -- -- -- -- --
Tax 68.70 69.30 66.60 67.60 55.50
Deferred Tax (1.80) (2.20) (3.30) (4.10) --
Reported Profit After Tax 170 174 189 169 148
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 170 174 189 169 148
Extra-ordinary Items (0.80) -- (4.30) -- --
Adjusted Profit After Extra-ordinary item 171 174 193 169 148
EPS (Unit Curr.) 9.74 9.76 10.60 9.48 8.33
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- 225 225 225
Equity 17.50 17.50 17.90 17.90 17.80
Public Shareholding (Number) -- -- -- -- 55,328,428
Public Shareholding (%) -- -- -- -- 31.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 122,504,656
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 68.90
PBIDTM(%) 24.90 25.80 28.40 26.90 27.60
PBDTM(%) 24.70 25.70 28.30 26.70 27.40
PATM(%) 15.60 16.10 18.60 17 16.70