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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (5.90) (7.20) (8.90) 15.60
Op profit growth 21.60 (19) (9.10) (5.60)
EBIT growth (6.10) (26) (35) 11.40
Net profit growth (123) (244) (280) (19)
Profitability ratios (%)        
OPM 4.58 3.55 4.06 4.07
EBIT margin 2.91 2.91 3.67 5.13
Net profit margin (0.70) 2.82 (1.80) 0.92
RoCE 5.06 5.63 7.45 12
RoNW (1.50) 7.93 (3.80) 1.65
RoA (0.30) 1.36 (0.90) 0.53
Per share ratios ()        
EPS -- 54.80 -- 25.70
Dividend per share 2.50 2.50 -- --
Cash EPS (75) 10.70 (105) 8.52
Book value per share 266 243 172 436
Valuation ratios        
P/E -- 32.20 -- 67.30
P/CEPS (41) 165 (12) 203
P/B 12.60 7.25 7.06 4.96
EV/EBIDTA 31.50 20.40 13.20 15.30
Payout (%)        
Dividend payout -- -- (5.70) 13.50
Tax payout 208 (189) (347) (48)
Liquidity ratios        
Debtor days 57.10 60.20 62.80 58.60
Inventory days 56.50 48.20 39.10 36.20
Creditor days (52) (55) (62) (57)
Leverage ratios        
Interest coverage (0.90) (1.20) (1.10) (2)
Net debt / equity 2.98 3 4.51 1.59
Net debt / op. profit 7.89 8.84 7.53 6.10
Cost breakup ()        
Material costs (36) (39) (41) (34)
Employee costs (24) (23) (20) (17)
Other costs (35) (35) (35) (44)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,823 2,999 3,231 3,546
yoy growth (%) (5.90) (7.20) (8.90) 15.60
Raw materials (1,028) (1,160) (1,325) (1,210)
As % of sales 36.40 38.70 41 34.10
Employee costs (690) (679) (647) (617)
As % of sales 24.40 22.60 20 17.40
Other costs (976) (1,053) (1,128) (1,575)
As % of sales 34.60 35.10 34.90 44.40
Operating profit 129 106 131 144
OPM 4.58 3.55 4.06 4.07
Depreciation (77) (71) (75) (22)
Interest expense (96) (74) (107) (91)
Other income 29.70 51.50 61.90 59.20
Profit before tax (14) 12.90 11.50 90.90
Taxes (28) (24) (40) (44)
Tax rate 208 (189) (347) (48)
Minorities and other 22.20 13.80 (9.30) (4.60)
Adj. profit (19) 2.27 (38) 42.60
Exceptional items -- 82.20 (21) (10)
Net profit (19) 84.50 (59) 32.50
yoy growth (%) (123) (244) (280) (19)
NPM (0.70) 2.82 (1.80) 0.92
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (14) 12.90 11.50 90.90
Depreciation (77) (71) (75) (22)
Tax paid (28) (24) (40) (44)
Working capital 170 217 65.30 (10)
Other operating items -- -- -- --
Operating cashflow 51.40 135 (38) 15.40
Capital expenditure 757 567 414 392
Free cash flow 808 702 377 407
Equity raised 614 528 655 890
Investments 22.50 3.91 (27) 16.50
Debt financing/disposal 930 811 760 249
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 2,374 2,045 1,764 1,562
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 12.60 12.60 12.60 12.70
Preference capital 29.90 26.80 -- --
Reserves 251 303 301 206
Net worth 294 343 314 219
Minority interest
Debt 1,040 1,163 1,164 1,140
Deferred tax liabilities (net) 4.86 3.54 3.64 3.11
Total liabilities 1,447 1,628 1,614 1,490
Fixed assets 1,221 1,234 1,110 1,069
Intangible assets
Investments 80.80 80.30 72.80 91.80
Deferred tax asset (net) 66.50 26.20 23.70 14.40
Net working capital 4.21 146 185 163
Inventories 597 436 438 354
Inventory Days -- 56.40 53.30 40
Sundry debtors 465 421 463 526
Debtor days -- 54.40 56.40 59.40
Other current assets 375 424 380 375
Sundry creditors (412) (400) (367) (508)
Creditor days -- 51.70 44.60 57.40
Other current liabilities (1,020) (735) (729) (584)
Cash 74.90 141 223 151
Total assets 1,447 1,628 1,614 1,490
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 2,853 2,828 3,023 3,231 3,507
Excise Duty -- 5.21 24.90 -- --
Net Sales 2,853 2,823 2,999 3,231 3,507
Other Operating Income -- -- -- -- 39.30
Other Income 37.70 30 138 82.50 59.70
Total Income 2,891 2,853 3,137 3,313 3,606
Total Expenditure ** 2,720 2,693 2,896 3,141 3,412
PBIDT 171 159 240 172 194
Interest 89.40 95.60 74.40 107 91.20
PBDT 81.30 63.50 166 65.30 102
Depreciation 77.10 77.10 70.70 74.70 21.60
Minority Interest Before NP -- -- -- -- --
Tax 26.40 36 37 37.90 42.30
Deferred Tax (12) (7.90) (13) 1.97 1.41
Reported Profit After Tax (10) (42) 70.70 (49) 37
Minority Interest After NP (10) (13) 4.86 -- 4.58
Net Profit after Minority Interest 6.97 (19) 84.50 (48) 32.50
Extra-ordinary Items 16.70 -- 50.30 19 (4.60)
Adjusted Profit After Extra-ordinary item (9.70) (19) 34.20 (67) 37.10
EPS (Unit Curr.) 5.47 (15) 70.20 (38) 24.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 25 25 25 -- --
Equity 12.90 12.90 12.90 12.70 12.70
Public Shareholding (Number) -- -- -- -- 3,372,925
Public Shareholding (%) -- -- -- -- 26.20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 9,525,691
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 73.90
PBIDTM(%) 5.98 5.64 8.01 5.33 5.52
PBDTM(%) 2.85 2.25 5.53 2.02 2.92
PATM(%) (0.40) (1.50) 2.36 (1.50) 1.06