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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 11.70 11.80 11 11.90
RoNW (0.50) (0.60) (0.30) 0.01
RoA (0.30) (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 4.09 6.01 6.13 5.77
Payout (%)        
Dividend payout -- -- -- --
Tax payout (7) 22.20 (35) (81)
Liquidity ratios        
Debtor days 244 152 149 154
Inventory days 1,092 1,100 1,803 1,885
Creditor days (127) (342) (1,174) (652)
Leverage ratios        
Interest coverage (0.90) (0.90) (1) (1)
Net debt / equity 0.59 1.06 0.93 1.01
Net debt / op. profit 14 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 (912) (1,138) (1,428) (405)
Other operating items -- -- -- --
Operating cashflow (937) (1,173) (1,436) (413)
Capital expenditure (215) (156) (89) (45)
Free cash flow (1,152) (1,329) (1,526) (458)
Equity raised 3,120 3,232 3,242 3,243
Investments 1,350 1,459 1,393 (83)
Debt financing/disposal 657 989 816 950
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 3,975 4,351 3,925 3,653
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 72.70 72.70 72.70 72.70
Preference capital 0.30 0.27 -- --
Reserves 1,530 1,549 1,578 1,617
Net worth 1,603 1,622 1,651 1,690
Minority interest
Debt 881 987 1,758 1,605
Deferred tax liabilities (net) 20.10 11.80 11.30 10
Total liabilities 2,526 2,643 3,441 3,327
Fixed assets 102 102 104 116
Intangible assets
Investments 1,619 1,707 1,711 1,723
Deferred tax asset (net) 57.40 52.90 42.50 42.10
Net working capital 698 751 1,572 1,413
Inventories 1,478 1,668 1,696 1,574
Inventory Days -- 1,083 1,141 1,413
Sundry debtors 315 451 302 150
Debtor days -- 293 203 135
Other current assets 1,120 875 1,072 1,056
Sundry creditors (177) (167) (177) (150)
Creditor days -- 108 119 135
Other current liabilities (2,038) (2,077) (1,320) (1,217)
Cash 50.10 30.60 11 31.90
Total assets 2,526 2,643 3,441 3,327
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Dec-2013 Dec-2012 Dec-2011
Gross Sales 231 405 297 271 374
Excise Duty -- -- -- -- --
Net Sales 231 405 297 271 374
Other Operating Income -- -- 44.60 23.20 9.25
Other Income 24.50 50.70 44.80 129 107
Total Income 256 455 386 423 490
Total Expenditure ** 141 277 113 60.50 144
PBIDT 114 178 273 363 346
Interest 118 175 249 271 267
PBDT (3.20) 3.19 23.80 91.40 79.30
Depreciation 3.47 2.48 9.75 8.74 11
Minority Interest Before NP -- -- -- -- --
Tax 1.16 0.77 12.30 15.50 19.20
Deferred Tax 30.50 6.83 (30) (15) 2.36
Reported Profit After Tax (38) (6.90) 31.60 82.70 46.70
Minority Interest After NP (5.20) -- (0.10) -- --
Net Profit after Minority Interest (43) (14) 33.50 89.70 46.70
Extra-ordinary Items -- -- -- -- (3.50)
Adjusted Profit After Extra-ordinary item (43) (14) 33.50 89.70 50.20
EPS (Unit Curr.) (6.70) (1.90) 4.60 12.30 (1.50)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 72.70 72.70 72.70 72.70 72.70
Public Shareholding (Number) -- -- 12,735,871 12,735,871 12,735,871
Public Shareholding (%) -- -- 17.50 17.50 17.50
Pledged/Encumbered - No. of Shares -- -- 47,704,000 45,264,000 38,654,500
Pledged/Encumbered - % in Total Promoters Holding -- -- 79.50 75.40 64.40
Pledged/Encumbered - % in Total Equity -- -- 65.60 62.20 53.10
Non Encumbered - No. of Shares -- -- 12,296,000 14,736,000 21,345,500
Non Encumbered - % in Total Promoters Holding -- -- 20.50 24.60 35.60
Non Encumbered - % in Total Equity -- -- 16.90 20.30 29.40
PBIDTM(%) 49.40 44 92 134 92.60
PBDTM(%) (1.40) 0.79 8.01 33.70 21.20
PATM(%) (17) (1.70) 10.70 30.50 12.50