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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 15 1.44 (5.30) 18.90
Op profit growth 11.10 43.70 (2.20) 9.49
EBIT growth 13.60 64.90 (15) 12.30
Net profit growth 220 (858) (129) (61)
Profitability ratios (%)        
OPM 12 12.40 8.76 8.48
EBIT margin 8.94 9.05 5.57 6.19
Net profit margin 5.28 1.90 (0.30) 0.82
RoCE 8.69 7.62 4.70 5.64
RoNW 3.01 1.10 (0.20) 0.54
RoA 1.28 0.40 (0.10) 0.19
Per share ratios ()        
EPS 27.30 8.45 -- 0.15
Dividend per share 1.20 1.10 1 1
Cash EPS 7.07 (11) (22) (13)
Book value per share 246 207 198 186
Valuation ratios        
P/E 7.85 23.10 -- 861
P/CEPS 30.30 (17) (3.90) (10)
P/B 0.87 0.94 0.44 0.70
EV/EBIDTA 6.22 7.35 8.26 9.03
Payout (%)        
Dividend payout 4.43 13 (82) 30.40
Tax payout (32) (43) (138) (11)
Liquidity ratios        
Debtor days 28.90 29.50 31.60 32.20
Inventory days 63.30 63.90 65.10 61.50
Creditor days (73) (74) (69) (63)
Leverage ratios        
Interest coverage (2.60) (1.60) (1.10) (1.50)
Net debt / equity 0.80 1.21 1.56 1.65
Net debt / op. profit 3.18 4.47 7.30 7.14
Cost breakup ()        
Material costs (60) (56) (60) (62)
Employee costs (7.50) (8.50) (8.20) (7.70)
Other costs (21) (23) (23) (22)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 115,172 100,184 98,759 104,281
yoy growth (%) 15 1.44 (5.30) 18.90
Raw materials (68,879) (55,661) (59,419) (64,932)
As % of sales 59.80 55.60 60.20 62.30
Employee costs (8,645) (8,546) (8,086) (7,991)
As % of sales 7.51 8.53 8.19 7.66
Other costs (23,827) (23,540) (22,600) (22,511)
As % of sales 20.70 23.50 22.90 21.60
Operating profit 13,820 12,436 8,654 8,847
OPM 12 12.40 8.76 8.48
Depreciation (4,506) (4,457) (4,347) (3,493)
Interest expense (3,911) (5,742) (5,134) (4,178)
Other income 979 1,086 1,189 1,105
Profit before tax 6,383 3,323 362 2,280
Taxes (2,074) (1,433) (498) (256)
Tax rate (32) (43) (138) (11)
Minorities and other 0.05 17.40 290 770
Adj. profit 4,309 1,907 154 2,794
Exceptional items 1,774 (7.60) (577) (1,940)
Net profit 6,083 1,900 (251) 854
yoy growth (%) 220 (858) (129) (61)
NPM 5.28 1.90 (0.30) 0.82
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 6,383 3,323 362 2,280
Depreciation (4,506) (4,457) (4,347) (3,493)
Tax paid (2,074) (1,433) (498) (256)
Working capital 6,192 3,215 (1,176) (311)
Other operating items -- -- -- --
Operating cashflow 5,994 648 (5,658) (1,780)
Capital expenditure 76,887 67,225 63,434 14,026
Free cash flow 82,881 67,873 57,775 12,247
Equity raised 77,679 75,934 76,011 77,873
Investments (74) 4,606 (138) (615)
Debt financing/disposal 54,143 57,389 45,989 46,070
Dividends paid 269 247 207 207
Other items -- -- -- --
Net in cash 214,898 206,049 179,843 135,781
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 226 227 227 205
Preference capital -- -- -- --
Reserves 57,275 54,625 45,832 40,402
Net worth 57,502 54,852 46,059 40,607
Minority interest
Debt 52,415 52,074 63,817 67,552
Deferred tax liabilities (net) 11,982 10,406 9,763 9,860
Total liabilities 121,908 117,340 119,646 118,400
Fixed assets 89,956 87,151 86,501 89,862
Intangible assets
Investments 9,012 10,781 15,157 12,463
Deferred tax asset (net) 8,332 7,352 7,731 7,763
Net working capital 4,822 3,998 1,995 3,905
Inventories 22,194 21,631 18,291 16,787
Inventory Days -- 68.60 66.60 62
Sundry debtors 11,460 9,960 8,275 7,918
Debtor days -- 31.60 30.10 29.30
Other current assets 9,420 9,432 9,659 9,709
Sundry creditors (22,464) (21,622) (18,868) (16,643)
Creditor days -- 68.50 68.70 61.50
Other current liabilities (15,789) (15,403) (15,362) (13,866)
Cash 9,787 8,058 8,261 4,407
Total assets 121,908 117,340 119,646 118,400
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 130,542 115,820 102,631 101,202 103,537
Excise Duty -- 637 2,448 2,443 --
Net Sales 130,542 115,183 100,184 98,759 103,537
Other Operating Income -- -- -- -- 744
Other Income 1,127 2,879 1,111 1,360 1,105
Total Income 131,669 118,062 101,295 100,119 105,386
Total Expenditure ** 115,031 101,488 87,780 90,842 97,277
PBIDT 16,638 16,574 13,515 9,278 8,109
Interest 3,778 3,911 5,742 5,134 4,178
PBDT 12,860 12,663 7,772 4,144 3,931
Depreciation 4,777 4,506 4,457 4,347 3,591
Minority Interest Before NP -- -- -- -- --
Tax 1,910 1,664 1,321 897 256
Deferred Tax 678 410 112 (398) --
Reported Profit After Tax 5,495 6,083 1,882 (702) 83.90
Minority Interest After NP (1) (0.10) -- 451 (596)
Net Profit after Minority Interest 5,496 6,083 1,882 (1,152) 854
Extra-ordinary Items -- 1,323 (4.30) 320 (1,684)
Adjusted Profit After Extra-ordinary item 5,496 4,760 1,887 (1,472) 2,538
EPS (Unit Curr.) 24.70 27.30 9.22 (4.60) 4.14
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 120 120 110 100 100
Equity 222 223 223 207 207
Public Shareholding (Number) -- -- -- -- 1,141,752,906
Public Shareholding (%) -- -- -- -- 55.30
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 769,797,188
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 37
PBIDTM(%) 12.70 14.40 13.50 9.39 7.83
PBDTM(%) 9.85 11 7.76 4.20 3.80
PATM(%) 4.21 5.28 1.88 (0.70) 0.08