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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.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 8,129 7,105 6,478 5,549 6,801
Excise Duty -- 48.60 86.30 67 --
Net Sales 8,129 7,056 6,392 5,482 6,801
Other Operating Income -- -- -- 146 121
Other Income 671 466 405 263 198
Total Income 8,800 7,522 6,797 5,891 7,120
Total Expenditure ** 7,735 6,630 5,863 5,270 6,557
PBIDT 1,064 892 934 621 563
Interest 379 310 315 253 133
PBDT 685 582 619 368 430
Depreciation 128 122 109 80.50 68.40
Minority Interest Before NP -- -- -- -- --
Tax 55 156 140 113 116
Deferred Tax 62.40 (2.80) 6.47 -- --
Reported Profit After Tax 440 306 364 175 246
Minority Interest After NP 148 111 153 160 128
Net Profit after Minority Interest 292 195 211 221 264
Extra-ordinary Items -- 7.96 15.80 80.40 68.60
Adjusted Profit After Extra-ordinary item 292 187 195 140 195
EPS (Unit Curr.) 8.65 5.77 6.08 6.36 7.86
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 33.60 33.60 33.50 33.30 33.60
Public Shareholding (Number) -- -- -- -- 84,221,086
Public Shareholding (%) -- -- -- -- 25.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 251,234,174
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 74.90
PBIDTM(%) 13.10 12.60 14.60 11.30 8.27
PBDTM(%) 8.43 8.24 9.68 6.71 6.32
PATM(%) 5.41 4.34 5.69 3.19 3.61