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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth (0.60) 23.60 (1.30) (0.90)
Op profit growth 25.30 17.90 13.20 2.82
EBIT growth 21.30 14.40 18.40 3.53
Net profit growth 22.40 (73) (4.20) (11)
Profitability ratios (%)        
OPM 39.60 31.40 32.90 28.70
EBIT margin 40.20 32.90 35.60 29.70
Net profit margin 1.87 1.52 6.82 7.03
RoCE 9.54 8.67 8.52 9.02
RoNW 0.88 0.61 2.07 2.68
RoA 0.11 0.10 0.41 0.53
Per share ratios ()        
EPS 1.54 -- 11.30 20.70
Dividend per share 2 2 4 4
Cash EPS (6.60) (2.30) 11.80 16.10
Book value per share 127 131 232 258
Valuation ratios        
P/E 71 -- 16.80 5.48
P/CEPS (17) (32) 16.10 7.04
P/B 0.86 0.55 0.88 0.47
EV/EBIDTA 9.38 9.87 11.10 9.98
Payout (%)        
Dividend payout -- -- 49.80 33.40
Tax payout (59) (121) (17) (5.50)
Liquidity ratios        
Debtor days 46 46.60 57.10 48.20
Inventory days 4.62 2.26 0.88 0.94
Creditor days (92) (80) (115) (109)
Leverage ratios        
Interest coverage (1) (1) (1.30) (1.30)
Net debt / equity 7.16 5.97 3.95 3.63
Net debt / op. profit 9.48 10.20 10.60 9.60
Cost breakup ()        
Material costs (2) (3.50) (3.70) (3.50)
Employee costs (6.50) (6.10) (7.10) (6.30)
Other costs (52) (59) (56) (62)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 7,984 8,036 6,501 6,587
yoy growth (%) (0.60) 23.60 (1.30) (0.90)
Raw materials (163) (281) (242) (227)
As % of sales 2.04 3.50 3.72 3.45
Employee costs (522) (491) (459) (414)
As % of sales 6.54 6.11 7.06 6.29
Other costs (4,140) (4,742) (3,662) (4,056)
As % of sales 51.90 59 56.30 61.60
Operating profit 3,160 2,522 2,139 1,890
OPM 39.60 31.40 32.90 28.70
Depreciation (366) (196) (152) (151)
Interest expense (3,086) (2,574) (1,833) (1,471)
Other income 417 321 327 215
Profit before tax 125 72.30 481 483
Taxes (74) (88) (80) (27)
Tax rate (59) (121) (17) (5.50)
Minorities and other 98.50 137 43.50 6.46
Adj. profit 149 122 444 463
Exceptional items -- -- -- --
Net profit 149 122 444 463
yoy growth (%) 22.40 (73) (4.20) (11)
NPM 1.87 1.52 6.82 7.03
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 125 72.30 481 483
Depreciation (366) (196) (152) (151)
Tax paid (74) (88) (80) (27)
Working capital 1,920 1,893 1,784 --
Other operating items -- -- -- --
Operating cashflow 1,605 1,682 2,032 306
Capital expenditure 12,103 6,314 4,633 --
Free cash flow 13,708 7,995 6,664 306
Equity raised 5,886 6,556 8,705 8,533
Investments 2,005 1,975 (25) --
Debt financing/disposal 30,096 23,427 17,590 10,273
Dividends paid -- -- 99.80 99.10
Other items -- -- -- --
Net in cash 51,696 39,953 33,035 19,211
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 329 329 247 194
Preference capital -- -- 376 376
Reserves 3,856 3,973 5,096 4,433
Net worth 4,185 4,302 5,719 5,004
Minority interest
Debt 31,185 26,556 23,513 18,817
Deferred tax liabilities (net) 128 99.80 138 359
Total liabilities 35,933 31,404 29,662 24,638
Fixed assets 21,955 18,613 17,166 14,112
Intangible assets
Investments 2,206 2,370 663 469
Deferred tax asset (net) 163 35 29.70 178
Net working capital 10,385 9,513 10,865 9,208
Inventories 117 85.50 14.10 17.20
Inventory Days 5.33 3.88 0.79 0.95
Sundry debtors 1,003 1,008 1,046 988
Debtor days 45.90 45.80 58.70 54.70
Other current assets 13,309 11,801 12,051 10,858
Sundry creditors (1,164) (1,265) (1,158) (1,580)
Creditor days 53.20 57.40 65 87.50
Other current liabilities (2,880) (2,117) (1,088) (1,075)
Cash 1,224 873 939 671
Total assets 35,933 31,404 29,662 24,638
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Particulars ( Rupees In Crores.) Mar-2016 Sep-2015 Mar-2015 Sep-2014 Mar-2014
Gross Sales 4,520 3,516 3,382 2,922 3,795
Excise Duty -- -- -- -- --
Net Sales 4,520 3,516 3,382 2,922 3,795
Other Operating Income -- 0.01 55.60 144 0.03
Other Income 242 181 170 155 160
Total Income 4,762 3,697 3,607 3,221 3,955
Total Expenditure ** 3,187 2,327 2,476 1,886 2,925
PBIDT 1,575 1,370 1,131 1,335 1,030
Interest 1,429 1,145 887 946 784
PBDT 145 226 244 388 247
Depreciation 79.30 117 61.30 90.80 97.40
Minority Interest Before NP -- -- -- -- --
Tax 109 63.30 (1) 81.50 (63)
Deferred Tax (85) -- -- -- --
Reported Profit After Tax 41.50 45.50 184 216 212
Minority Interest After NP 26.40 (26) (12) (17) (10)
Net Profit after Minority Interest 14.90 72.10 207 237 227
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 14.90 72.10 207 237 227
EPS (Unit Curr.) 0.45 1 8.39 8.01 11.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 329 247 247 247 194
Public Shareholding (Number) -- 72,070,244 72,070,244 72,070,244 53,504,729
Public Shareholding (%) -- 29.20 29.20 29.20 27.50
Pledged/Encumbered - No. of Shares -- 171,450,000 171,450,000 135,000,000 135,000,000
Pledged/Encumbered - % in Total Promoters Holding -- 98.20 98.20 77.30 95.90
Pledged/Encumbered - % in Total Equity -- 69.50 69.50 54.70 69.50
Non Encumbered - No. of Shares -- 3,199,776 3,199,776 39,649,776 5,763,003
Non Encumbered - % in Total Promoters Holding -- 1.83 1.83 22.70 4.09
Non Encumbered - % in Total Equity -- 1.30 1.30 16.10 2.97
PBIDTM(%) 34.80 39 33.40 45.70 27.10
PBDTM(%) -- -- -- -- --
PATM(%) 0.92 1.29 5.44 7.40 5.60