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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) (10) (4.40)
EBIT growth (6.10) (26) (35) 11.40
Net profit growth (123) (244) (280) (19)
Profitability ratios (%)        
OPM 4.58 3.55 4.06 4.13
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 245 243 172 436
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 31.70 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 3.32 3 4.51 1.59
Net debt / op. profit 8.10 8.84 7.53 6.02
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) (1,573)
As % of sales 34.60 35.10 34.90 44.40
Operating profit 129 106 131 146
OPM 4.58 3.55 4.06 4.13
Depreciation (77) (71) (75) (22)
Interest expense (96) (74) (107) (91)
Other income 29.70 51.50 61.90 57.40
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 168 217 65.30 (10)
Other operating items -- -- -- --
Operating cashflow 49.30 135 (38) 15.40
Capital expenditure 757 567 414 392
Free cash flow 806 702 377 407
Equity raised 587 528 655 890
Investments 22.50 3.91 (27) 16.50
Debt financing/disposal 956 811 760 249
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 2,372 2,045 1,764 1,562
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 12.60 12.60 12.70 12.70
Preference capital -- -- -- 112
Reserves 303 301 206 431
Net worth 316 314 219 555
Minority interest
Debt 1,189 1,164 1,140 1,068
Deferred tax liabilities (net) 3.54 3.64 3.11 6.61
Total liabilities 1,628 1,614 1,490 1,691
Fixed assets 1,234 1,110 1,069 1,191
Intangible assets
Investments 80.30 72.80 91.80 26.50
Deferred tax asset (net) 26.20 23.70 14.40 20.60
Net working capital 146 185 163 266
Inventories 436 438 354 338
Inventory Days 56.40 53.30 40 34.80
Sundry debtors 421 463 526 586
Debtor days 54.40 56.40 59.40 60.30
Other current assets 424 380 375 468
Sundry creditors (402) (367) (508) (537)
Creditor days 52 44.60 57.40 55.30
Other current liabilities (733) (729) (584) (589)
Cash 141 223 151 187
Total assets 1,628 1,614 1,490 1,691
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 2,828 3,023 3,231 3,507 3,027
Excise Duty 5.21 24.90 -- -- --
Net Sales 2,823 2,999 3,231 3,507 3,027
Other Operating Income -- -- -- 39.30 40.30
Other Income 29.70 138 82.50 59.70 64.50
Total Income 2,853 3,137 3,313 3,606 3,132
Total Expenditure ** 2,693 2,896 3,141 3,412 2,926
PBIDT 159 240 172 194 205
Interest 95.60 74.40 107 91.20 79.30
PBDT 63.50 166 65.30 102 126
Depreciation 77.10 70.70 74.70 21.60 54.20
Minority Interest Before NP -- -- -- -- --
Tax 36 37 37.90 42.30 23.60
Deferred Tax (7.90) (13) 1.97 1.41 (2)
Reported Profit After Tax (42) 70.70 (49) 37 50.50
Minority Interest After NP (13) 4.86 -- 4.58 10.40
Net Profit after Minority Interest (19) 84.50 (48) 32.50 40.10
Extra-ordinary Items -- 50.30 19 (4.60) (8.10)
Adjusted Profit After Extra-ordinary item (19) 34.20 (67) 37.10 48.20
EPS (Unit Curr.) (25) 70.20 (38) 24.70 30.10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 25 25 -- -- --
Equity 12.90 12.90 12.70 12.70 12.70
Public Shareholding (Number) -- -- -- 3,372,925 3,372,925
Public Shareholding (%) -- -- -- 26.20 26.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 9,525,691 9,525,691
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 73.90 73.80
PBIDTM(%) 5.64 8.01 5.33 5.52 6.79
PBDTM(%) 2.25 5.53 2.02 2.92 4.17
PATM(%) (1.50) 2.36 (1.50) 1.06 1.67