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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 11.90 12.20 (19) 16.60
Op profit growth (31) 64.10 (20) 6.05
EBIT growth 20.90 38.50 40.10 0.37
Net profit growth 64.30 59.50 (60) 23.30
Profitability ratios (%)        
OPM 4.72 7.66 5.24 5.26
EBIT margin 13 12 9.74 5.61
Net profit margin 4.50 3.07 2.16 4.36
RoCE 9.90 8.26 6.55 5.61
RoNW 3.23 2.07 1.29 3.38
RoA 0.86 0.53 0.36 1.09
Per share ratios ()        
EPS 14.40 13.70 2.32 10.60
Dividend per share 1.75 1.75 1.75 1.75
Cash EPS 7.32 3.22 1.30 9.21
Book value per share 99.20 95.10 89.30 96.10
Valuation ratios        
P/E 38 37 153 32.60
P/CEPS 74.90 157 273 37.50
P/B 5.53 5.31 3.97 3.59
EV/EBIDTA 17.90 21 22.40 28.20
Payout (%)        
Dividend payout -- -- 36.60 21.10
Tax payout (23) (28) (28) (42)
Liquidity ratios        
Debtor days 37.20 38.40 36.50 23.30
Inventory days 192 216 251 192
Creditor days (45) (54) (58) (50)
Leverage ratios        
Interest coverage (2.90) (2.50) (2.10) (2.70)
Net debt / equity 1.92 2.29 2.33 1.75
Net debt / op. profit 14.50 11.40 17.90 11.60
Cost breakup ()        
Material costs (61) (62) (55) (65)
Employee costs (6.10) (5.70) (4.90) (3.50)
Other costs (28) (25) (35) (26)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 9,356 8,365 7,454 9,230
yoy growth (%) 11.90 12.20 (19) 16.60
Raw materials (5,687) (5,191) (4,078) (6,022)
As % of sales 60.80 62.10 54.70 65.20
Employee costs (574) (475) (365) (323)
As % of sales 6.14 5.67 4.90 3.49
Other costs (2,653) (2,059) (2,621) (2,400)
As % of sales 28.40 24.60 35.20 26
Operating profit 442 641 391 485
OPM 4.72 7.66 5.24 5.26
Depreciation (175) (148) (117) (93)
Interest expense (413) (402) (343) (192)
Other income 949 513 453 126
Profit before tax 803 603 383 326
Taxes (184) (167) (109) (137)
Tax rate (23) (28) (28) (42)
Minorities and other (210) (202) (162) 20.20
Adj. profit 409 234 112 210
Exceptional items 12.10 22.80 48.70 192
Net profit 421 256 161 402
yoy growth (%) 64.30 59.50 (60) 23.30
NPM 4.50 3.07 2.16 4.36
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 803 603 383 326
Depreciation (175) (148) (117) (93)
Tax paid (184) (167) (109) (137)
Working capital 1,177 2,140 1,782 1,379
Other operating items -- -- -- --
Operating cashflow 1,621 2,428 1,939 1,476
Capital expenditure 2,122 1,801 1,205 272
Free cash flow 3,743 4,229 3,144 1,748
Equity raised 4,780 5,243 5,938 5,551
Investments 3,348 2,051 1,690 355
Debt financing/disposal 7,321 7,847 7,599 6,958
Dividends paid -- -- 58.80 58.80
Other items -- -- -- --
Net in cash 19,191 19,369 18,430 14,671
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 33.60 33.60 28.80 (48)
Preference capital -- -- -- --
Reserves 4,313 3,301 3,167 3,049
Net worth 4,346 3,334 3,196 3,002
Minority interest
Debt 7,207 6,918 7,554 7,200
Deferred tax liabilities (net) 479 358 365 277
Total liabilities 14,245 11,967 12,589 11,760
Fixed assets 4,081 3,573 3,335 3,102
Intangible assets
Investments 5,474 4,137 3,203 3,052
Deferred tax asset (net) 850 888 425 276
Net working capital 2,880 2,865 5,391 5,129
Inventories 3,444 4,819 5,020 4,879
Inventory Days -- 188 219 239
Sundry debtors 1,228 1,002 906 856
Debtor days -- 39.10 39.50 41.90
Other current assets 2,504 2,187 2,231 2,043
Sundry creditors (1,013) (1,049) (1,163) (1,120)
Creditor days -- 40.90 50.80 54.90
Other current liabilities (3,283) (4,094) (1,604) (1,528)
Cash 960 504 235 201
Total assets 14,245 11,967 12,589 11,760
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 10,801 9,124 8,483 7,549 9,077
Excise Duty -- 48.60 117 95.70 --
Net Sales 10,801 9,076 8,365 7,454 9,077
Other Operating Income -- -- -- -- 153
Other Income 1,142 916 535 501 318
Total Income 11,943 9,992 8,900 7,955 9,548
Total Expenditure ** 10,187 8,807 7,724 7,063 8,744
PBIDT 1,757 1,185 1,176 892 804
Interest 508 413 402 343 192
PBDT 1,249 772 774 549 612
Depreciation 163 175 148 117 93.20
Minority Interest Before NP -- -- -- -- --
Tax 72 170 186 124 137
Deferred Tax 150 (57) (19) (15) --
Reported Profit After Tax 864 484 459 323 382
Minority Interest After NP 274 147 202 -- 186
Net Profit after Minority Interest 590 338 256 323 402
Extra-ordinary Items 71.40 8.63 16 34.80 142
Adjusted Profit After Extra-ordinary item 518 329 240 288 261
EPS (Unit Curr.) 17.50 10 7.13 4.51 12
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 115 175 175 175 175
Equity 33.60 33.60 33.60 33.60 33.60
Public Shareholding (Number) -- -- -- -- 84,545,507
Public Shareholding (%) -- -- -- -- 25.20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 251,336,467
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 74.80
PBIDTM(%) 16.30 13.10 14.10 12 8.86
PBDTM(%) 11.60 8.51 9.26 7.36 6.74
PATM(%) 8 5.34 5.48 4.33 4.21