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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (8.70) 15.70 (25) 4.08
Op profit growth (32) 17.20 7.95 (0.40)
EBIT growth (51) 31.70 86.40 (25)
Net profit growth 142 (79) (0.80) (27,406)
Profitability ratios (%)        
OPM 25.10 33.80 33.40 23
EBIT margin 14.70 27.50 24.10 9.65
Net profit margin (16) (5.90) (33) (25)
RoCE 4.35 6.77 3.70 1.82
RoNW (7.40) (2.70) (11) (8.20)
RoA (1.20) (0.40) (1.30) (1.20)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- 0.01
Cash EPS (4) (2.60) (6.50) (10)
Book value per share 6.35 8.85 8.27 18.10
Valuation ratios        
P/E -- -- -- --
P/CEPS (4.30) (6.10) (1.80) (1.60)
P/B 2.97 1.81 1.41 1.25
EV/EBIDTA 13.60 8.06 13.80 18.30
Payout (%)        
Dividend payout (0.30) (0.50) (0.20) (0.70)
Tax payout 4.39 (149) 89.50 6.11
Liquidity ratios        
Debtor days 73.40 62.40 69.70 53.10
Inventory days 4.88 6.75 11.70 10.90
Creditor days (94) (77) (110) (81)
Leverage ratios        
Interest coverage (0.60) (1.20) (0.90) (0.30)
Net debt / equity 5.51 3.69 7.39 5.56
Net debt / op. profit 9.65 6.10 13.40 17.20
Cost breakup ()        
Material costs (22) (15) (12) (9.70)
Employee costs (7.90) (6.20) (6.10) (5.60)
Other costs (45) (45) (48) (62)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 8,721 9,557 8,261 11,088
yoy growth (%) (8.70) 15.70 (25) 4.08
Raw materials (1,918) (1,408) (998) (1,071)
As % of sales 22 14.70 12.10 9.66
Employee costs (690) (596) (506) (620)
As % of sales 7.92 6.23 6.13 5.59
Other costs (3,927) (4,322) (3,999) (6,842)
As % of sales 45 45.20 48.40 61.70
Operating profit 2,186 3,231 2,758 2,555
OPM 25.10 33.80 33.40 23
Depreciation (1,028) (1,019) (1,197) (1,813)
Interest expense (2,316) (2,128) (2,196) (3,572)
Other income 122 414 433 327
Profit before tax (1,037) 499 (203) (2,502)
Taxes (45) (745) (182) (153)
Tax rate 4.39 (149) 89.50 6.11
Minorities and other (281) 67.50 (2,264) 226
Adj. profit (1,364) (179) (2,648) (2,429)
Exceptional items -- (386) (64) (304)
Net profit (1,364) (564) (2,713) (2,733)
yoy growth (%) 142 (79) (0.80) (27,406)
NPM (16) (5.90) (33) (25)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (1,037) 499 (203) (2,502)
Depreciation (1,028) (1,019) (1,197) (1,813)
Tax paid (45) (745) (182) (153)
Working capital (466) (1,938) (1,207) (1,292)
Other operating items -- -- -- --
Operating cashflow (2,577) (3,203) (2,788) (5,760)
Capital expenditure (5,672) (9,108) 4,039 2,525
Free cash flow (8,249) (12,311) 1,251 (3,235)
Equity raised 10,265 10,688 14,205 14,048
Investments 9,897 11,701 6,262 533
Debt financing/disposal 8,310 (6,978) 2,810 6,507
Dividends paid -- -- -- 4.69
Other items -- -- -- --
Net in cash 20,222 3,100 24,529 17,859
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 502 502 1,009 502
Preference capital 5.23 378 -- --
Reserves (1,322) 2,943 4,333 4,489
Net worth (815) 3,823 5,342 4,991
Minority interest
Debt 27,575 23,063 21,484 39,444
Deferred tax liabilities (net) 329 400 1,203 2,199
Total liabilities 29,150 29,112 29,743 47,894
Fixed assets 16,938 16,233 16,013 36,668
Intangible assets
Investments 10,115 12,871 12,422 6,545
Deferred tax asset (net) 593 389 1,061 2,398
Net working capital (126) (2,359) (1,524) (261)
Inventories 113 104 129 224
Inventory Days -- 4.36 4.93 9.91
Sundry debtors 1,447 1,770 1,737 1,531
Debtor days -- 74.10 66.30 67.60
Other current assets 9,568 4,942 4,780 11,432
Sundry creditors (1,960) (1,957) (1,410) (1,274)
Creditor days -- 81.90 53.90 56.30
Other current liabilities (9,294) (7,217) (6,760) (12,174)
Cash 1,630 1,979 1,771 2,544
Total assets 29,150 29,112 29,743 47,894
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 7,102 8,225 9,312 10,389 10,935
Excise Duty -- -- -- -- --
Net Sales 7,102 8,225 9,312 10,389 10,935
Other Operating Income 463 496 245 293 152
Other Income 830 553 767 606 362
Total Income 8,395 9,274 10,323 11,288 11,450
Total Expenditure ** 8,170 6,999 6,779 7,807 8,872
PBIDT 224 2,276 3,544 3,480 2,578
Interest 2,684 2,316 2,128 4,136 3,572
PBDT (2,460) (41) 1,416 (656) (994)
Depreciation 984 1,028 1,019 1,820 1,813
Minority Interest Before NP -- -- -- -- --
Tax (87) 45.50 745 192 153
Deferred Tax -- -- -- (3.80) --
Reported Profit After Tax (3,356) (1,115) (347) (2,664) (2,959)
Minority Interest After NP 238 -- -- (37) (239)
Net Profit after Minority Interest (3,594) (1,115) (347) (2,713) (2,733)
Extra-ordinary Items (2,212) -- 359 (138) (288)
Adjusted Profit After Extra-ordinary item (1,382) (1,115) (707) (2,574) (2,446)
EPS (Unit Curr.) (6) (2.30) (0.90) (4.80) (6.50)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 604 604 604 604 436
Public Shareholding (Number) -- -- -- -- 1,477,160,289
Public Shareholding (%) -- -- -- -- 3,387
Pledged/Encumbered - No. of Shares -- -- -- -- 2,535,332,661
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 88.50
Pledged/Encumbered - % in Total Equity -- -- -- -- 58.10
Non Encumbered - No. of Shares -- -- -- -- 330,754,629
Non Encumbered - % in Total Promoters Holding -- -- -- -- 11.50
Non Encumbered - % in Total Equity -- -- -- -- 7.58
PBIDTM(%) 3.16 27.70 38.10 33.50 23.60
PBDTM(%) (35) (0.50) 15.20 (6.30) (9.10)
PATM(%) (47) (14) (3.70) (26) (27)