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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 13.40 0.54 3.34 8.95
Op profit growth 16.40 4.05 25.80 (1.20)
EBIT growth 14.70 4.41 27.60 19.90
Net profit growth 3.80 14.10 32.90 12.50
Profitability ratios (%)        
OPM 16.40 16 15.50 12.70
EBIT margin 16.20 16.10 15.50 12.50
Net profit margin 11.50 12.50 11 8.59
RoCE 43.80 44.70 54.80 54.80
RoNW 8.35 9.36 10.20 9.72
RoA 7.72 8.72 9.78 9.40
Per share ratios ()        
EPS 186 178 142 106
Dividend per share 95 85 72 60
Cash EPS 158 154 135 91.40
Book value per share 599 517 442 328
Valuation ratios        
P/E 19 18.20 20.80 24.80
P/CEPS 22.50 20.90 21.80 28.90
P/B 5.91 6.24 6.65 8.07
EV/EBIDTA 12.10 12.60 12.10 13.20
Payout (%)        
Dividend payout 29.50 30.60 28.10 60.10
Tax payout (30) (29) (29) (27)
Liquidity ratios        
Debtor days 16.70 18.10 17 15.20
Inventory days 9.40 9.38 10.40 10.10
Creditor days (47) (48) (43) (39)
Leverage ratios        
Interest coverage (171) (168) (301) (295)
Net debt / equity -- 0.01 0.01 --
Net debt / op. profit -- 0.01 0.01 --
Cost breakup ()        
Material costs (67) (67) (68) (72)
Employee costs (4.90) (5) (4.70) (4.30)
Other costs (11) (12) (12) (11)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 32,458 28,610 28,457 27,538
yoy growth (%) 13.40 0.54 3.34 8.95
Raw materials (21,886) (19,116) (19,308) (19,715)
As % of sales 67.40 66.80 67.80 71.60
Employee costs (1,584) (1,432) (1,339) (1,179)
As % of sales 4.88 5.01 4.71 4.28
Other costs (3,664) (3,486) (3,412) (3,147)
As % of sales 11.30 12.20 12 11.40
Operating profit 5,325 4,576 4,398 3,497
OPM 16.40 16 15.50 12.70
Depreciation (575) (502) (443) (540)
Interest expense (31) (27) (15) (12)
Other income 523 522 447 492
Profit before tax 5,242 4,568 4,387 3,437
Taxes (1,570) (1,339) (1,275) (943)
Tax rate (30) (29) (29) (27)
Minorities and other (1.80) 38 29.70 16.20
Adj. profit 3,671 3,267 3,142 2,509
Exceptional items -- -- -- (145)
Net profit 3,720 3,584 3,142 2,365
yoy growth (%) 3.80 14.10 32.90 12.50
NPM 11.50 12.50 11 8.59
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 5,242 4,568 4,387 3,437
Depreciation (575) (502) (443) (540)
Tax paid (1,570) (1,339) (1,275) (943)
Working capital 865 (282) -- 282
Other operating items -- -- -- --
Operating cashflow 3,963 2,445 2,669 2,234
Capital expenditure 4,565 2,439 -- (2,439)
Free cash flow 8,528 4,885 2,669 (205)
Equity raised 14,892 14,290 15,045 15,609
Investments 3,563 2,948 -- (2,948)
Debt financing/disposal 512 361 434 225
Dividends paid 1,098 1,098 599 1,198
Other items -- -- -- --
Net in cash 28,594 23,581 18,747 13,879
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 40 39.90 39.90 39.90
Preference capital -- -- -- --
Reserves 13,080 11,932 10,276 8,794
Net worth 13,120 11,971 10,316 8,834
Minority interest
Debt 312 228 261 232
Deferred tax liabilities (net) 665 639 523 275
Total liabilities 14,213 12,931 11,167 9,396
Fixed assets 5,525 5,316 5,180 4,437
Intangible assets
Investments 6,114 7,669 6,066 4,501
Deferred tax asset (net) 52.60 57 54.30 52.90
Net working capital 2,218 (349) (329) 225
Inventories 1,250 963 709 762
Inventory Days -- 10.80 9.04 9.77
Sundry debtors 2,745 1,427 1,552 1,282
Debtor days -- 16 19.80 16.40
Other current assets 2,567 1,784 1,610 1,735
Sundry creditors (3,541) (3,446) (3,472) (2,819)
Creditor days -- 38.80 44.30 36.20
Other current liabilities (802) (1,076) (728) (734)
Cash 304 238 195 179
Total assets 14,213 12,931 11,167 9,396
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 33,972 33,101 30,984 30,715 27,303
Excise Duty 1.41 643 2,373 2,258 --
Net Sales 33,971 32,458 28,610 28,457 27,303
Other Operating Income -- -- -- -- 235
Other Income 747 573 839 447 492
Total Income 34,718 33,031 29,449 28,904 28,030
Total Expenditure ** 28,952 27,133 24,034 24,059 24,186
PBIDT 5,766 5,898 5,415 4,845 3,844
Interest 37.20 30.80 27.30 14.60 11.70
PBDT 5,729 5,867 5,388 4,830 3,832
Depreciation 624 575 502 443 540
Minority Interest Before NP -- -- -- -- --
Tax 1,609 1,451 1,082 961 943
Deferred Tax 29.10 119 257 314 --
Reported Profit After Tax 3,466 3,722 3,546 3,112 2,349
Minority Interest After NP 22.30 1.77 -- -- (1)
Net Profit after Minority Interest 3,444 3,720 3,546 3,112 2,365
Extra-ordinary Items -- -- -- -- (103)
Adjusted Profit After Extra-ordinary item 3,444 3,720 3,546 3,112 2,468
EPS (Unit Curr.) 172 186 179 157 118
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 4,350 4,750 4,250 3,600 3,000
Equity 40 39.90 39.90 39.90 39.90
Public Shareholding (Number) -- -- -- -- 130,521,418
Public Shareholding (%) -- -- -- -- 65.40
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 69,166,082
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 34.60
PBIDTM(%) 17 18.20 18.90 17 14.10
PBDTM(%) 16.90 18.10 18.80 17 14
PATM(%) 10.20 11.50 12.40 10.90 8.60