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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 3.64 33.40 (8.30) (6.40)
Op profit growth (81) 5.75 5.30 10.30
EBIT growth (10) 5.79 (9.50) 14.40
Net profit growth (25) 72.90 (3,300) (97)
Profitability ratios (%)        
OPM 12.10 67.90 85.60 74.60
EBIT margin 63.30 73.30 92.50 93.70
Net profit margin (5.40) (7.50) (5.80) 0.17
RoCE 10.80 11.80 11 11.90
RoNW (0.50) (0.60) (0.30) 0.01
RoA (0.20) (0.30) (0.20) 0.01
Per share ratios ()        
EPS -- -- -- 0.20
Dividend per share -- -- -- --
Cash EPS (4.60) (6) (3.70) (1.20)
Book value per share 223 227 232 234
Valuation ratios        
P/E -- -- -- 500
P/CEPS (15) (15) (28) (80)
P/B 0.32 0.40 0.45 0.43
EV/EBIDTA 5.57 6.01 6.13 5.77
Payout (%)        
Dividend payout -- -- -- --
Tax payout (7) 22.20 (35) (81)
Liquidity ratios        
Debtor days 251 152 149 154
Inventory days 1,095 1,100 1,803 1,885
Creditor days (130) (342) (1,174) (652)
Leverage ratios        
Interest coverage (0.90) (0.90) (1) (1)
Net debt / equity 0.92 1.06 0.93 1.01
Net debt / op. profit 21.80 4.74 4.52 5.22
Cost breakup ()        
Material costs 0.14 32 49 52.30
Employee costs (3.90) (4.20) (4.90) (5.60)
Other costs (84) (60) (58) (72)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 562 543 407 443
yoy growth (%) 3.64 33.40 (8.30) (6.40)
Raw materials 0.79 173 199 232
As % of sales 0.14 32 49 52.30
Employee costs (22) (23) (20) (25)
As % of sales 3.94 4.21 4.91 5.64
Other costs (473) (325) (238) (319)
As % of sales 84.10 59.90 58.50 72
Operating profit 68.30 368 348 331
OPM 12.10 67.90 85.60 74.60
Depreciation (3.20) (3.30) (3.70) (9.80)
Interest expense (380) (424) (383) (403)
Other income 291 32.90 31.50 94.60
Profit before tax (24) (26) (7) 12
Taxes 1.71 (5.70) 2.47 (9.80)
Tax rate (7) 22.20 (35) (81)
Minorities and other (7.80) (9.20) (20) 1.65
Adj. profit (30) (41) (24) 3.90
Exceptional items -- 0.01 0.57 (3.20)
Net profit (30) (41) (24) 0.74
yoy growth (%) (25) 72.90 (3,300) (97)
NPM (5.40) (7.50) (5.80) 0.17
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (24) (26) (7) 12
Depreciation (3.20) (3.30) (3.70) (9.80)
Tax paid 1.71 (5.70) 2.47 (9.80)
Working capital (526) (1,138) (1,428) (405)
Other operating items -- -- -- --
Operating cashflow (552) (1,173) (1,436) (413)
Capital expenditure (215) (156) (89) (45)
Free cash flow (767) (1,329) (1,526) (458)
Equity raised 3,118 3,232 3,242 3,243
Investments 1,346 1,459 1,393 (83)
Debt financing/disposal 1,182 989 816 950
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 4,879 4,351 3,925 3,653
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 72.70 72.70 72.70 72.70
Preference capital -- -- -- --
Reserves 1,548 1,578 1,617 1,626
Net worth 1,620 1,651 1,690 1,699
Minority interest
Debt 1,512 1,758 1,605 1,780
Deferred tax liabilities (net) 11.80 11.30 10 0.28
Total liabilities 3,166 3,441 3,327 3,498
Fixed assets 102 104 116 168
Intangible assets
Investments 1,703 1,711 1,723 286
Deferred tax asset (net) 52.30 42.50 42.10 30.10
Net working capital 1,288 1,572 1,413 2,958
Inventories 1,677 1,696 1,574 2,442
Inventory Days 1,088 1,141 1,413 2,011
Sundry debtors 471 302 150 182
Debtor days 306 203 135 150
Other current assets 899 1,072 1,056 1,875
Sundry creditors (174) (177) (150) (226)
Creditor days 113 119 135 186
Other current liabilities (1,585) (1,320) (1,217) (1,315)
Cash 20.60 11 31.90 56.30
Total assets 3,166 3,441 3,327 3,498
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 562 543 407 619 391
Excise Duty -- -- -- -- --
Net Sales 562 543 407 619 391
Other Operating Income -- -- -- 11.70 82
Other Income 291 32.90 31.60 98.20 73.40
Total Income 853 575 438 729 547
Total Expenditure ** 494 174 58.50 300 174
PBIDT 359 401 380 429 373
Interest 380 424 383 403 357
PBDT (21) (23) (3.30) 25.30 16.40
Depreciation 3.17 3.25 3.67 9.80 9.85
Minority Interest Before NP -- -- -- -- --
Tax 7.59 4.85 (3.60) 4.77 8.43
Deferred Tax (9.30) 0.89 1.15 5.01 (23)
Reported Profit After Tax (23) (32) (4.50) 5.76 21.40
Minority Interest After NP (0.20) (1.60) -- (0.50) (0.30)
Net Profit after Minority Interest (30) (39) (24) 0.74 22.90
Extra-ordinary Items -- -- -- 1.30 --
Adjusted Profit After Extra-ordinary item (30) (39) (24) (0.60) 22.90
EPS (Unit Curr.) (4.20) (5.60) (3.40) 0.10 3.15
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 72.70 72.70 72.70 72.70 72.70
Public Shareholding (Number) -- -- -- 18,424,055 12,735,871
Public Shareholding (%) -- -- -- 25.30 17.50
Pledged/Encumbered - No. of Shares -- -- -- 49,626,779 43,504,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- 91.40 72.50
Pledged/Encumbered - % in Total Equity -- -- -- 68.20 59.80
Non Encumbered - No. of Shares -- -- -- 4,685,037 16,496,000
Non Encumbered - % in Total Promoters Holding -- -- -- 8.63 27.50
Non Encumbered - % in Total Equity -- -- -- 6.44 22.70
PBIDTM(%) 63.90 73.90 93.40 69.30 95.30
PBDTM(%) (3.80) (4.20) (0.80) 4.10 4.19
PATM(%) (4) (5.80) (1.10) 0.93 5.46