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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 19 (14) 14.70 (1.60)
Op profit growth 15.50 (26) 11 5.29
EBIT growth 21.80 (28) 5.41 9.49
Net profit growth 11.60 2.04 1.58 17.20
Profitability ratios (%)        
OPM 9.01 9.29 10.80 11.10
EBIT margin 8.69 8.49 10.20 11.10
Net profit margin 7.56 8.06 6.81 7.69
RoCE 6.51 5.92 9.70 10.70
RoNW 1.70 1.74 2.07 2.35
RoA 1.42 1.41 1.61 1.85
Per share ratios ()        
EPS 11.90 10.70 9.80 9.61
Dividend per share 2.20 2.20 2.20 2.20
Cash EPS 8.89 8.05 7.99 7.75
Book value per share 183 166 139 113
Valuation ratios        
P/E 9.61 12.30 6.59 8.66
P/CEPS 12.90 16.20 8.08 10.70
P/B 0.62 0.79 0.46 0.74
EV/EBIDTA 8.40 10.80 5.29 5.34
Payout (%)        
Dividend payout -- -- 25.40 25.80
Tax payout (3.90) 11.10 (31) (30)
Liquidity ratios        
Debtor days 50.50 142 156 134
Inventory days 46 44.70 36.50 45.50
Creditor days (60) (52) (33) (40)
Leverage ratios        
Interest coverage (11) (6.90) (20) (33)
Net debt / equity 0.14 0.11 0.22 0.09
Net debt / op. profit 1.81 1.53 1.90 0.65
Cost breakup ()        
Material costs (63) (60) (62) (62)
Employee costs (8.20) (9.70) (7.80) (7.30)
Other costs (20) (21) (19) (20)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 6,266 5,265 6,108 5,325
yoy growth (%) 19 (14) 14.70 (1.60)
Raw materials (3,966) (3,139) (3,799) (3,278)
As % of sales 63.30 59.60 62.20 61.60
Employee costs (513) (511) (479) (390)
As % of sales 8.19 9.71 7.84 7.32
Other costs (1,222) (1,125) (1,173) (1,064)
As % of sales 19.50 21.40 19.20 20
Operating profit 565 489 657 592
OPM 9.01 9.29 10.80 11.10
Depreciation (119) (104) (97) (101)
Interest expense (51) (65) (31) (18)
Other income 98.90 61.50 65.10 101
Profit before tax 493 382 594 575
Taxes (19) 42.50 (185) (174)
Tax rate (3.90) 11.10 (31) (30)
Minorities and other 0.06 -- 7.58 8.57
Adj. profit 474 424 416 409
Exceptional items -- -- -- --
Net profit 474 424 416 409
yoy growth (%) 11.60 2.04 1.58 17.20
NPM 7.56 8.06 6.81 7.69
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 493 382 594 575
Depreciation (119) (104) (97) (101)
Tax paid (19) 42.50 (185) (174)
Working capital 640 364 -- (364)
Other operating items -- -- -- --
Operating cashflow 994 685 311 (64)
Capital expenditure (2,265) (2,527) -- 2,527
Free cash flow (1,270) (1,842) 311 2,463
Equity raised 10,893 10,540 10,602 10,643
Investments 1,930 1,632 -- (1,632)
Debt financing/disposal 1,186 734 1,725 1,055
Dividends paid -- -- 87.70 87.70
Other items -- -- -- --
Net in cash 12,739 11,064 12,725 12,617
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 79.70 79.70 79.70 79.70
Preference capital -- -- -- --
Reserves 7,241 7,224 6,539 5,465
Net worth 7,321 7,303 6,619 5,545
Minority interest
Debt 1,069 1,093 805 1,288
Deferred tax liabilities (net) 520 471 439 399
Total liabilities 8,911 8,869 7,864 7,232
Fixed assets 3,008 2,871 2,295 2,060
Intangible assets
Investments 2,376 2,790 2,530 1,740
Deferred tax asset (net) 485 407 351 238
Net working capital 2,973 2,731 2,630 3,152
Inventories 1,655 873 705 586
Inventory Days -- 50.90 48.80 35
Sundry debtors 812 935 800 3,290
Debtor days -- 54.50 55.50 197
Other current assets 2,544 2,776 2,703 673
Sundry creditors (1,297) (1,118) (754) (602)
Creditor days -- 65.20 52.30 36
Other current liabilities (741) (735) (823) (794)
Cash 68.40 69.80 58.50 41.70
Total assets 8,911 8,869 7,864 7,232
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 8,491 6,305 5,477 6,326 5,325
Excise Duty -- 38.70 212 218 --
Net Sales 8,491 6,266 5,265 6,108 5,325
Other Operating Income -- -- -- -- --
Other Income 108 99 61.50 65.10 101
Total Income 8,598 6,365 5,326 6,173 5,426
Total Expenditure ** 7,742 5,701 4,775 5,451 4,732
PBIDT 856 664 551 722 693
Interest 61 51.40 64.90 31.30 18
PBDT 795 612 486 691 675
Depreciation 126 119 104 97.50 101
Minority Interest Before NP -- -- -- -- --
Tax 121 (31) (58) 188 174
Deferred Tax 54.80 50.70 15.60 (3.30) --
Reported Profit After Tax 493 474 424 408 401
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 493 474 424 416 409
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 493 474 424 416 409
EPS (Unit Curr.) 12.40 11.90 10.70 10.40 10.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 110 110 110 110 110
Equity 79.70 79.70 79.70 79.70 79.70
Public Shareholding (Number) -- -- -- -- 247,677,625
Public Shareholding (%) -- -- -- -- 62.20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 150,799,905
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 37.80
PBIDTM(%) 10.10 10.60 10.50 11.80 13
PBDTM(%) 9.37 9.77 9.22 11.30 12.70
PATM(%) 5.81 7.56 8.06 6.69 7.53