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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 25.30 (20) 14.80 20.40
Op profit growth (11) 11.30 59.50 (14)
EBIT growth 33.30 261 86.20 (26)
Net profit growth (77) 396 95.40 (37)
Profitability ratios (%)        
OPM 5.48 7.68 5.49 3.96
EBIT margin 20.90 19.60 4.32 2.66
Net profit margin 2.65 14.50 2.33 1.37
RoCE 52.60 63.40 27 15.40
RoNW 2.29 16.60 6.40 3.81
RoA 1.67 11.70 3.64 1.98
Per share ratios ()        
EPS 13.50 120 23.90 12.20
Dividend per share 2 4 3 3
Cash EPS 5.38 108 9.02 (2.40)
Book value per share 168 255 103 83.20
Valuation ratios        
P/E 51 4.50 10.70 13.50
P/CEPS 128 4.99 28.30 (68)
P/B 4.11 2.11 2.47 1.98
EV/EBIDTA 6.40 6.56 9.22 9.87
Payout (%)        
Dividend payout -- -- 15.10 29.50
Tax payout (30) (10) (35) (28)
Liquidity ratios        
Debtor days 2.18 4.27 4.07 3.60
Inventory days 21.30 25.80 21.80 21.80
Creditor days (14) (18) (14) (15)
Leverage ratios        
Interest coverage (1.20) (7.70) (6.60) (3.50)
Net debt / equity 0.27 0.17 0.34 0.60
Net debt / op. profit 1.62 0.71 0.62 1.42
Cost breakup ()        
Material costs (81) (79) (79) (81)
Employee costs (5.20) (5.30) (5.90) (5.30)
Other costs (8.40) (8) (9.70) (9.40)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,373 1,894 2,381 2,073
yoy growth (%) 25.30 (20) 14.80 20.40
Raw materials (1,919) (1,497) (1,879) (1,685)
As % of sales 80.90 79 78.90 81.30
Employee costs (124) (100) (140) (111)
As % of sales 5.23 5.27 5.88 5.34
Other costs (200) (152) (231) (195)
As % of sales 8.41 8.01 9.71 9.42
Operating profit 130 146 131 82
OPM 5.48 7.68 5.49 3.96
Depreciation (38) (25) (35) (34)
Interest expense (405) (48) (15) (16)
Other income 403 251 6.55 7.18
Profit before tax 89.90 323 87.30 39.30
Taxes (27) (32) (31) (11)
Tax rate (30) (10) (35) (28)
Minorities and other 0.09 (16) -- --
Adj. profit 62.90 275 56.80 28.40
Exceptional items -- -- (1.40) --
Net profit 62.80 275 55.40 28.40
yoy growth (%) (77) 396 95.40 (37)
NPM 2.65 14.50 2.33 1.37
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 89.90 323 87.30 39.30
Depreciation (38) (25) (35) (34)
Tax paid (27) (32) (31) (11)
Working capital 53.10 34.40 21.70 20
Other operating items -- -- -- --
Operating cashflow 78 300 44 14.40
Capital expenditure 156 (31) 155 42.70
Free cash flow 234 270 199 57.10
Equity raised 778 385 310 304
Investments 1,002 478 0.01 0.15
Debt financing/disposal 126 19.30 (0.30) 15.90
Dividends paid -- -- 6.96 6.96
Other items -- -- -- --
Net in cash 2,140 1,152 515 384
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 26.40 26.40 26.40 23.20
Preference capital -- -- -- --
Reserves 776 751 564 217
Net worth 803 778 591 240
Minority interest
Debt 299 280 158 126
Deferred tax liabilities (net) 35.30 31.20 23.20 23.70
Total liabilities 1,149 1,099 782 390
Fixed assets 517 442 304 322
Intangible assets
Investments 835 1,002 478 0.82
Deferred tax asset (net) 8.96 12.60 3.84 5.03
Net working capital (287) (426) (58) 16.90
Inventories 138 155 123 145
Inventory Days -- 23.80 23.60 22.20
Sundry debtors 42.40 12.90 15.50 28.80
Debtor days -- 1.98 2.98 4.41
Other current assets 26.70 26.60 20.80 33.40
Sundry creditors (91) (90) (81) (93)
Creditor days -- 13.90 15.60 14.30
Other current liabilities (404) (530) (136) (97)
Cash 74.80 68.80 54.90 45.30
Total assets 1,149 1,099 782 390
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 2,515 2,373 1,895 2,329 2,033
Excise Duty -- 0.33 0.87 -- --
Net Sales 2,515 2,373 1,894 2,329 2,033
Other Operating Income -- -- -- 51.60 39.50
Other Income 140 403 251 6.55 7.18
Total Income 2,655 2,776 2,145 2,387 2,080
Total Expenditure ** 2,461 2,630 1,800 2,251 1,991
PBIDT 193 146 345 136 89.20
Interest 21.50 18.20 9.70 15.50 15.90
PBDT 172 128 335 120 73.30
Depreciation 44.70 37.80 25 34.50 34
Minority Interest Before NP -- -- -- -- --
Tax 42.60 28 27 30.70 11.70
Deferred Tax 2.09 (0.90) 5.38 (0.10) (0.80)
Reported Profit After Tax 82.60 62.70 278 55.40 28.40
Minority Interest After NP 1.16 -- 2.68 -- --
Net Profit after Minority Interest 81.40 62.80 275 55.40 28.40
Extra-ordinary Items -- -- (0.70) (0.90) --
Adjusted Profit After Extra-ordinary item 81.40 62.80 276 56.30 28.40
EPS (Unit Curr.) 17.60 13.50 59.30 30 12.20
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 40 40 40 30 30
Equity 23.20 23.20 23.20 23.20 23.20
Public Shareholding (Number) -- -- -- -- 13,913,154
Public Shareholding (%) -- -- -- -- 60
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 9,285,846
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 40
PBIDTM(%) 7.69 6.15 18.20 5.84 4.39
PBDTM(%) 6.84 5.38 17.70 5.17 3.60
PATM(%) 3.28 2.64 14.70 2.38 1.39