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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 6.21 10 1.78 8.86
Op profit growth 8.93 16 19.50 18.30
EBIT growth 10.20 13.10 18.30 20.30
Net profit growth 25.30 57.60 (8.80) 19.40
Profitability ratios (%)        
OPM 21 20.50 19.40 16.50
EBIT margin 20.50 19.80 19.20 16.50
Net profit margin 16.60 14.10 9.82 11
RoCE 20.40 21.50 22.10 20.10
RoNW 7.07 6.81 4.82 5.61
RoA 4.13 3.83 2.83 3.33
Per share ratios ()        
EPS 24 38.40 24.40 27.60
Dividend per share 10 15 5.75 5.50
Cash EPS 21.70 34.10 21.30 24
Book value per share 91.90 156 125 127
Valuation ratios        
P/E 30.40 14.50 18.90 12.60
P/CEPS 33.60 16.30 21.50 14.50
P/B 7.93 3.58 3.67 2.74
EV/EBIDTA 35.40 30.40 28.60 25.50
Payout (%)        
Dividend payout 49.90 39.20 23.70 24.70
Tax payout (22) (22) (22) (22)
Liquidity ratios        
Debtor days 42.20 42.30 41.70 33.90
Inventory days 55.40 53.60 51.50 47.50
Creditor days (96) (79) (69) (61)
Leverage ratios        
Interest coverage (13) (13) (14) (13)
Net debt / equity 0.41 0.58 0.50 0.42
Net debt / op. profit 1.23 1.63 1.31 1.33
Cost breakup ()        
Material costs (43) (45) (46) (46)
Employee costs (11) (11) (11) (9.40)
Other costs (25) (24) (23) (28)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 9,843 9,268 8,424 8,276
yoy growth (%) 6.21 10 1.78 8.86
Raw materials (4,274) (4,133) (3,867) (3,842)
As % of sales 43.40 44.60 45.90 46.40
Employee costs (1,057) (988) (944) (777)
As % of sales 10.70 10.70 11.20 9.39
Other costs (2,444) (2,249) (1,977) (2,290)
As % of sales 24.80 24.30 23.50 27.70
Operating profit 2,067 1,898 1,636 1,368
OPM 21 20.50 19.40 16.50
Depreciation (156) (142) (101) (91)
Interest expense (161) (145) (119) (103)
Other income 108 75.30 84 91.50
Profit before tax 1,858 1,686 1,500 1,266
Taxes (405) (379) (336) (272)
Tax rate (22) (22) (22) (22)
Minorities and other -- (3.90) (3) (69)
Adj. profit 1,454 1,303 1,161 924
Exceptional items 180 0.08 (334) (17)
Net profit 1,634 1,304 828 907
yoy growth (%) 25.30 57.60 (8.80) 19.40
NPM 16.60 14.10 9.82 11
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1,858 1,686 1,500 1,266
Depreciation (156) (142) (101) (91)
Tax paid (405) (379) (336) (272)
Working capital 763 422 27.50 231
Other operating items -- -- -- --
Operating cashflow 2,061 1,588 1,091 1,133
Capital expenditure 5,219 4,105 958 530
Free cash flow 7,280 5,693 2,049 1,663
Equity raised 6,975 7,245 6,880 7,298
Investments 997 934 68.30 49.40
Debt financing/disposal 3,354 4,462 4,525 1,907
Dividends paid 690 511 196 187
Other items -- -- -- --
Net in cash 19,296 18,844 13,718 11,105
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 102 68.10 34.10 34.10
Preference capital -- -- -- --
Reserves 7,165 6,190 5,268 4,233
Net worth 7,267 6,258 5,302 4,267
Minority interest
Debt 3,382 3,508 4,001 2,891
Deferred tax liabilities (net) 402 374 330 245
Total liabilities 11,051 10,140 9,633 7,413
Fixed assets 8,722 8,399 8,180 5,975
Intangible assets
Investments 516 997 934 190
Deferred tax asset (net) 875 179 140 109
Net working capital 43.20 (396) (534) 386
Inventories 1,559 1,578 1,413 1,307
Inventory Days -- 58.50 55.60 56.60
Sundry debtors 1,293 1,246 1,029 1,118
Debtor days -- 46.20 40.50 48.40
Other current assets 636 684 472 335
Sundry creditors (2,540) (2,353) (1,724) (1,485)
Creditor days -- 87.30 67.90 64.30
Other current liabilities (905) (1,550) (1,724) (889)
Cash 895 960 913 754
Total assets 11,051 10,140 9,633 7,413
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 9,827 10,221 9,866 9,584 8,742
Excise Duty -- -- 93.70 341 329
Net Sales 9,827 10,221 9,772 9,243 8,413
Other Operating Income 84.30 93.30 75.30 25.10 10.70
Other Income 113 380 288 76.20 83.90
Total Income 10,024 10,694 10,136 9,344 8,508
Total Expenditure ** 7,849 8,215 7,780 7,370 7,122
PBIDT 2,175 2,480 2,355 1,974 1,386
Interest 217 224 161 145 119
PBDT 1,958 2,255 2,195 1,829 1,267
Depreciation 197 170 156 142 101
Minority Interest Before NP -- -- -- -- --
Tax 379 418 393 369 336
Deferred Tax (115) (674) 12.20 9.99 --
Reported Profit After Tax 1,497 2,342 1,634 1,308 831
Minority Interest After NP -- -- -- 3.89 3.01
Net Profit after Minority Interest 1,497 2,342 1,634 1,304 828
Extra-ordinary Items (64) 202 144 0.06 (328)
Adjusted Profit After Extra-ordinary item 1,560 2,140 1,490 1,304 1,155
EPS (Unit Curr.) 14.60 22.90 24 38.30 24.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 600 1,000 1,000 1,500 575
Equity 102 102 68.10 34.10 34.10
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 22.10 24.30 24.10 21.40 16.50
PBDTM(%) 19.90 22.10 22.50 19.80 15.10
PATM(%) 15.20 22.90 16.70 14.20 9.87