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Y/e 31 Mar Mar-2016 Mar-2015 Mar-2014 Mar-2013
Growth matrix (%)        
Revenue growth (8.30) (6.40) 7.35 1.41
Op profit growth 5.30 10.30 (4.80) 45.70
EBIT growth (9.50) 14.40 (15) 22.80
Net profit growth (3,300) (97) (1,178) (109)
Profitability ratios (%)        
OPM 85.60 74.60 63.30 71.40
EBIT margin 92.50 93.70 76.70 97.40
Net profit margin (5.80) 0.17 4.84 (0.50)
RoCE 8.67 11.90 10.50 12.40
RoNW (0.30) 0.01 0.34 --
RoA (0.10) 0.01 0.17 --
Per share ratios ()        
EPS -- 0.20 2.77 --
Dividend per share -- -- 1 1
Cash EPS (3.70) (1.20) 1.80 (1.80)
Book value per share 235 234 232 230
Valuation ratios        
P/E -- 500 41.70 --
P/CEPS (28) (80) 64.30 (79)
P/B 0.44 0.43 0.50 0.61
EV/EBIDTA 11 5.77 6.88 5.90
Payout (%)        
Dividend payout -- -- 37.10 (397)
Tax payout (35) (81) 225 (48)
Liquidity ratios        
Debtor days 171 154 140 213
Inventory days 2,445 1,885 1,555 1,392
Creditor days (1,434) (652) (365) (439)
Leverage ratios        
Interest coverage (1) (1) (1) (1)
Net debt / equity 2 1.01 1.02 0.94
Net debt / op. profit 9.78 5.22 5.75 5.01
Cost breakup ()        
Material costs 49 52.30 52.80 50.50
Employee costs (4.90) (5.60) (5.20) (4.20)
Other costs (58) (72) (84) (75)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 541 407 443 473
yoy growth (%) 33 (8.30) (6.40) 7.35
Raw materials 148 199 232 250
As % of sales 27.40 49 52.30 52.80
Employee costs (23) (20) (25) (25)
As % of sales 4.23 4.91 5.64 5.20
Other costs (327) (238) (319) (399)
As % of sales 60.50 58.50 72 84.30
Operating profit 339 348 331 300
OPM 62.70 85.60 74.60 63.30
Depreciation (3.30) (3.70) (9.80) (9.80)
Interest expense (422) (383) (403) (357)
Other income 32.60 31.50 94.60 73.40
Profit before tax (54) (7) 12 6.58
Taxes (3) 2.47 (9.80) 14.80
Tax rate 5.54 (35) (81) 225
Minorities and other (7.50) (20) 1.65 1.34
Adj. profit (64) (24) 3.90 22.70
Exceptional items 0.01 0.57 (3.20) 0.22
Net profit (64) (24) 0.74 22.90
yoy growth (%) 172 (3,300) (97) (1,178)
NPM (12) (5.80) 0.17 4.84
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Profit before tax (7) 12 6.58 (5)
Depreciation (3.70) (9.80) (9.80) (11)
Tax paid 2.47 (9.80) 14.80 2.42
Working capital 396 (585) (144) 144
Other operating items -- -- -- --
Operating cashflow 388 (593) (132) 131
Capital expenditure (12) (112) 5.26 (5.30)
Free cash flow 376 (705) (127) 125
Equity raised 3,198 3,239 3,203 3,229
Investments 537 33.40 38 (38)
Debt financing/disposal 3,121 1,011 978 892
Dividends paid -- -- 7.27 7.27
Other items -- -- -- --
Net in cash 7,232 3,579 4,099 4,215
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Equity capital 72.70 72.70 72.70 78.70
Preference capital -- -- -- --
Reserves 1,634 1,626 1,617 1,596
Net worth 1,707 1,699 1,690 1,675
Minority interest
Debt 3,451 1,780 1,767 1,722
Deferred tax liabilities (net) 0.79 0.28 0.22 0.48
Total liabilities 5,177 3,498 3,476 3,413
Fixed assets 324 168 212 213
Intangible assets
Investments 894 286 368 330
Deferred tax asset (net) 32.10 30.10 35 12.10
Net working capital 3,881 2,958 2,819 2,713
Inventories 3,005 2,442 2,136 1,899
Inventory Days 2,697 2,011 1,647 1,571
Sundry debtors 199 182 192 172
Debtor days 178 150 148 142
Other current assets 2,569 1,875 1,918 1,901
Sundry creditors (233) (226) (176) (171)
Creditor days 209 186 136 141
Other current liabilities (1,658) (1,315) (1,251) (1,088)
Cash 45 56.30 42.10 144
Total assets 5,177 3,498 3,476 3,413
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 541 407 619 391 377
Excise Duty -- -- -- -- --
Net Sales 541 407 619 391 377
Other Operating Income -- -- 11.70 82 15.20
Other Income 32.60 31.60 98.20 73.40 175
Total Income 573 438 729 547 566
Total Expenditure ** 202 58.50 300 174 142
PBIDT 371 380 429 373 424
Interest 422 383 403 357 419
PBDT (50) (3.30) 25.30 16.40 5.38
Depreciation 3.25 3.67 9.80 9.85 10.40
Minority Interest Before NP -- -- -- -- --
Tax 4.76 (3.60) 4.77 8.43 0.25
Deferred Tax (1.80) 1.15 5.01 (23) (2.70)
Reported Profit After Tax (57) (4.50) 5.76 21.40 (2.60)
Minority Interest After NP -- -- (0.50) (0.30) --
Net Profit after Minority Interest (66) (24) 0.74 22.90 0.95
Extra-ordinary Items -- -- 1.30 -- --
Adjusted Profit After Extra-ordinary item (66) (24) (0.60) 22.90 0.95
EPS (Unit Curr.) (9) (3.40) 0.10 3.15 (0.30)
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 12,735,871
Public Shareholding (%) -- -- 25.30 17.50 17.50
Pledged/Encumbered - No. of Shares -- -- 49,626,779 43,504,000 49,074,000
Pledged/Encumbered - % in Total Promoters Holding -- -- 91.40 72.50 81.80
Pledged/Encumbered - % in Total Equity -- -- 68.20 59.80 67.50
Non Encumbered - No. of Shares -- -- 4,685,037 16,496,000 10,926,000
Non Encumbered - % in Total Promoters Holding -- -- 8.63 27.50 18.20
Non Encumbered - % in Total Equity -- -- 6.44 22.70 15
PBIDTM(%) 68.70 93.40 69.30 95.30 113
PBDTM(%) (9.30) (0.80) 4.10 4.19 1.43
PATM(%) (10) (1.10) 0.93 5.46 (0.70)