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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 2.65 1.44 1.15 47.80
Op profit growth (20) (27) (6) 68.90
EBIT growth 63.30 (29) (11) 66.10
Net profit growth 218 (71) (11) 75.90
Profitability ratios (%)        
OPM 4.44 5.67 7.85 8.45
EBIT margin 7.20 4.53 6.44 7.32
Net profit margin 1.97 0.64 2.21 2.50
RoCE 9.92 6.18 9.44 9.71
RoNW 1.24 0.45 1.66 1.56
RoA 0.68 0.22 0.81 0.83
Per share ratios ()        
EPS 3.61 1.94 5.15 6.03
Dividend per share 0.90 0.80 1 1.40
Cash EPS 0.39 (2.20) (0.20) 0.92
Book value per share 68.20 72.40 64.20 62.70
Valuation ratios        
P/E 24.70 72.40 21.20 35.80
P/CEPS 228 (65) (645) 235
P/B 1.33 1.94 1.70 3.44
EV/EBIDTA 8.26 16.30 9.72 15
Payout (%)        
Dividend payout 28.50 73 34.80 38.90
Tax payout (20) (35) (24) (24)
Liquidity ratios        
Debtor days 48.10 54.60 61.10 56.30
Inventory days 1.64 1.27 0.94 1.70
Creditor days (22) (14) (10) (11)
Leverage ratios        
Interest coverage (2.70) (1.50) (2.50) (2.90)
Net debt / equity 0.43 0.77 0.81 0.75
Net debt / op. profit 4.07 5.16 3.49 2.97
Cost breakup ()        
Material costs (18) (16) (13) (14)
Employee costs (11) (11) (11) (9.50)
Other costs (67) (68) (68) (68)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,736 1,691 1,667 1,648
yoy growth (%) 2.65 1.44 1.15 47.80
Raw materials (305) (265) (216) (234)
As % of sales 17.60 15.70 13 14.20
Employee costs (191) (184) (180) (156)
As % of sales 11 10.90 10.80 9.50
Other costs (1,163) (1,146) (1,140) (1,119)
As % of sales 67 67.80 68.40 67.90
Operating profit 77.10 95.90 131 139
OPM 4.44 5.67 7.85 8.45
Depreciation (30) (30) (38) (33)
Interest expense (47) (50) (42) (42)
Other income 77.90 10.40 14.80 14.60
Profit before tax 78 26.50 64.80 78.70
Taxes (15) (9.40) (16) (19)
Tax rate (20) (35) (24) (24)
Minorities and other (4.90) (6.40) (12) (15)
Adj. profit 57.80 10.80 36.80 44.20
Exceptional items (24) -- -- (3)
Net profit 34.20 10.80 36.80 41.20
yoy growth (%) 218 (71) (11) 75.90
NPM 1.97 0.64 2.21 2.50
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 78 26.50 64.80 78.70
Depreciation (30) (30) (38) (33)
Tax paid (15) (9.40) (16) (19)
Working capital (70) (147) (65) (46)
Other operating items -- -- -- --
Operating cashflow (38) (160) (54) (20)
Capital expenditure 632 590 (167) (191)
Free cash flow 594 430 (221) (212)
Equity raised 977 1,014 1,288 1,258
Investments (16) (16) 78.80 12.50
Debt financing/disposal 80.90 395 130 323
Dividends paid 9.75 7.87 8.77 12.20
Other items -- -- -- --
Net in cash 1,646 1,830 1,284 1,394
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 21.70 21.70 24 17.60
Preference capital -- 10 -- --
Reserves 703 707 615 546
Net worth 724 738 639 564
Minority interest
Debt 367 356 558 502
Deferred tax liabilities (net) -- -- 0.02 9.66
Total liabilities 1,213 1,208 1,311 1,163
Fixed assets 1,001 996 997 759
Intangible assets
Investments 2.43 4.17 4.30 99
Deferred tax asset (net) 4.25 2.61 8.24 --
Net working capital 158 164 238 260
Inventories 12 9.02 6.61 5.15
Inventory Days -- 1.90 1.43 1.13
Sundry debtors 239 243 214 291
Debtor days -- 51.10 46.30 63.80
Other current assets 183 160 163 260
Sundry creditors (149) (124) (76) (49)
Creditor days -- 26.10 16.40 10.80
Other current liabilities (127) (124) (70) (247)
Cash 47.70 41.80 63 45.40
Total assets 1,213 1,208 1,311 1,163
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,863 1,736 1,691 1,657 1,638
Excise Duty -- -- -- -- --
Net Sales 1,863 1,736 1,691 1,657 1,638
Other Operating Income -- -- -- 10.50 9.87
Other Income 16 77.90 10.40 14.80 14.60
Total Income 1,879 1,814 1,701 1,682 1,663
Total Expenditure ** 1,769 1,682 1,595 1,536 1,512
PBIDT 110 131 106 146 151
Interest 45.30 47 50 42.50 41.90
PBDT 65 84.40 56.40 103 109
Depreciation 29.50 30 29.80 38.30 33.20
Minority Interest Before NP -- -- -- -- --
Tax 11.20 9.71 11.40 15.60 19.20
Deferred Tax 1.28 5.58 (2.10) -- --
Reported Profit After Tax 23 39.10 17.20 49.20 56.60
Minority Interest After NP 4.68 -- 6.38 12.40 15.40
Net Profit after Minority Interest 18.40 39.10 10.80 36.80 41.20
Extra-ordinary Items -- (17) -- -- (2.20)
Adjusted Profit After Extra-ordinary item 18.40 56.10 10.80 36.80 43.40
EPS (Unit Curr.) 1.69 3.33 1.22 4.21 4.72
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 40 45 40 50 70
Equity 21.70 21.70 17.60 17.50 17.50
Public Shareholding (Number) -- -- -- -- 51,348,936
Public Shareholding (%) -- -- -- -- 58.70
Pledged/Encumbered - No. of Shares -- -- -- -- 18,246,563
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 50.50
Pledged/Encumbered - % in Total Equity -- -- -- -- 20.90
Non Encumbered - No. of Shares -- -- -- -- 17,882,038
Non Encumbered - % in Total Promoters Holding -- -- -- -- 49.50
Non Encumbered - % in Total Equity -- -- -- -- 20.40
PBIDTM(%) 5.92 7.57 6.29 8.79 9.21
PBDTM(%) 3.49 4.86 3.33 6.23 6.65
PATM(%) 1.24 2.25 1.01 2.97 3.45