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Y/e 31 Mar Mar-2014 Mar-2013 Mar-2012 Mar-2011
Growth matrix (%)        
Revenue growth 4.58 14 11.80 --
Op profit growth 5.31 1.04 (1.30) --
EBIT growth (0.90) (2.10) (9.40) --
Net profit growth (30) (15) (26) --
Profitability ratios (%)        
OPM 10.60 10.50 11.90 13.40
EBIT margin 6.68 7.05 8.20 10.10
Net profit margin 1.38 2.06 2.76 4.18
RoCE 13.10 13 14 --
RoNW 1.64 2.47 3.17 --
RoA 0.68 0.95 1.18 --
Per share ratios ()        
EPS 5.99 7.61 7.64 12
Dividend per share 0.90 1.60 1.60 1.60
Cash EPS (9.20) (6.30) (3.60) 1.36
Book value per share 75.60 71.80 66.80 60.50
Valuation ratios        
P/E 8.35 5.79 7.20 6.93
P/CEPS (5.50) (7) (15) 61.10
P/B 0.66 0.61 0.82 1.37
EV/EBIDTA 3.26 3.24 3.88 4.21
Payout (%)        
Dividend payout 21.90 27.30 23 17
Tax payout (40) (18) (25) (28)
Liquidity ratios        
Debtor days 53.40 51.40 56.90 --
Inventory days 24.10 27.10 38.10 --
Creditor days -- (6.60) (17) --
Leverage ratios        
Interest coverage (1.80) (1.70) (1.80) (2.80)
Net debt / equity 0.94 1.04 1.25 1.14
Net debt / op. profit 1.93 2.13 2.40 1.95
Cost breakup ()        
Material costs (67) (66) (64) (63)
Employee costs (5.40) (5.50) (6.40) (5.70)
Other costs (17) (18) (18) (18)
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Y/e 31 Mar( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Revenue 460 439 386 345
yoy growth (%) 4.58 14 11.80 --
Raw materials (308) (290) (246) (216)
As % of sales 67.10 66.10 63.80 62.60
Employee costs (25) (24) (25) (20)
As % of sales 5.44 5.54 6.37 5.71
Other costs (78) (79) (69) (63)
As % of sales 16.90 17.90 18 18.20
Operating profit 48.70 46.20 45.70 46.30
OPM 10.60 10.50 11.90 13.40
Depreciation (18) (17) (15) (13)
Interest expense (17) (18) (18) (12)
Other income 0.47 2.05 1.27 1.16
Profit before tax 13.50 12.60 14.10 22.50
Taxes (5.40) (2.30) (3.50) (6.30)
Tax rate (40) (18) (25) (28)
Minorities and other (1.70) (1.30) 0.23 (1.70)
Adj. profit 6.35 9.04 10.90 14.40
Exceptional items -- -- (0.20) --
Net profit 6.35 9.04 10.60 14.40
yoy growth (%) (30) (15) (26) --
NPM 1.38 2.06 2.76 4.18
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Profit before tax 13.50 12.60 14.10 22.50
Depreciation (18) (17) (15) (13)
Tax paid (5.40) (2.30) (3.50) (6.30)
Working capital 6.13 (14) 14.30 --
Other operating items -- -- -- --
Operating cashflow (4.20) (21) 9.59 --
Capital expenditure 71.10 36.80 (37) --
Free cash flow 66.90 15.50 (27) --
Equity raised 148 149 148 --
Investments (0.10) (0.10) 0.11 --
Debt financing/disposal 21.50 34 85.80 --
Dividends paid 1.19 2.11 2.11 2.11
Other items -- -- -- --
Net in cash 237 201 209 --
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Equity capital 13.20 13.20 13.20 13.20
Preference capital -- -- -- --
Reserves 86.40 81.40 74.90 66.50
Net worth 99.60 94.60 88 79.70
Minority interest
Debt 97.30 105 118 96.30
Deferred tax liabilities (net) 6.03 7.23 7.11 6.30
Total liabilities 234 236 241 210
Fixed assets 137 148 133 120
Intangible assets
Investments -- -- 0.11 0.11
Deferred tax asset (net) 0.76 1.54 1.92 0.69
Net working capital 93.10 79.80 97.50 84.10
Inventories 33.70 27 38.20 42.40
Inventory Days 26.80 22.50 36.10 44.90
Sundry debtors 73 61.50 62.40 57.80
Debtor days 58 51 59 61.20
Other current assets 20.30 20.90 22.80 16.20
Sundry creditors -- -- (14) (17)
Creditor days -- -- 13.50 18.40
Other current liabilities (34) (30) (12) (15)
Cash 3.18 6.37 8.59 5.69
Total assets 234 236 241 210
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Particulars ( Rupees In Crores.) Sep-2015 Jun-2015 Mar-2015 Dec-2014 Sep-2014
Gross Sales 107 102 95.30 115 136
Excise Duty -- -- -- -- --
Net Sales 107 102 95.30 115 136
Other Operating Income 0.66 0.52 0.58 1.17 0.54
Other Income 0.17 0.35 0.43 0.21 0.13
Total Income 108 103 96.30 116 137
Total Expenditure ** 94.70 91.80 90 105 125
PBIDT 13.40 11.40 6.33 11 12.30
Interest 2.96 3.09 2.74 4.36 4.55
PBDT 10.40 8.30 3.58 6.68 7.70
Depreciation 3.88 4.01 4.81 3.76 3.84
Minority Interest Before NP -- -- -- -- --
Tax 1.87 1.67 (0.90) 1.34 1.58
Deferred Tax (0.50) (0.40) (0.20) (0.60) (0.20)
Reported Profit After Tax 5.23 3.03 (0.20) 2.21 2.49
Minority Interest After NP 0.33 (0.20) (0.30) (0.10) 0.02
Net Profit after Minority Interest 4.91 3.20 0.17 2.34 2.47
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 4.91 3.20 0.17 2.34 2.47
EPS (Unit Curr.) 3.23 2.11 0.12 1.62 1.71
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 15.20 15.20 15.20 15.20 15.20
Public Shareholding (Number) 4,391,220 4,391,220 4,391,220 4,391,220 4,391,220
Public Shareholding (%) 28.90 28.90 28.90 28.90 28.90
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares 10,784,480 10,784,480 10,784,480 10,784,480 10,784,480
Non Encumbered - % in Total Promoters Holding 100 100 100 100 100
Non Encumbered - % in Total Equity 71.10 71.10 71.10 71.10 71.10
PBIDTM(%) 12.50 11.10 6.64 9.64 8.98
PBDTM(%) 9.73 8.11 3.76 5.83 5.65
PATM(%) 4.87 2.96 (0.20) 1.93 1.83