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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 12.80 9.06 9.42 25.20
Op profit growth 16.20 1.89 14 20
EBIT growth 17.50 2.29 18.90 18.30
Net profit growth 56.20 6.05 31.20 350
Profitability ratios (%)        
OPM 9.27 9 9.64 9.25
EBIT margin 8.01 7.69 8.20 7.55
Net profit margin 1.27 0.91 0.94 0.78
RoCE 16.40 14.40 14.30 12
RoNW 1.29 0.86 0.85 0.67
RoA 0.65 0.43 0.41 0.31
Per share ratios ()        
EPS 7.01 4.18 3.95 3.08
Dividend per share 0.50 0.50 0.50 0.50
Cash EPS (1.20) (2.90) (3) (4.70)
Book value per share 130 123 119 119
Valuation ratios        
P/E 12.70 21.30 21.70 24.50
P/CEPS (76) (30) (28) (16)
P/B 0.69 0.72 0.72 0.64
EV/EBIDTA 3.87 4.37 4.54 4.79
Payout (%)        
Dividend payout 7.65 12 16.10 20
Tax payout (29) (33) (33) (31)
Liquidity ratios        
Debtor days 136 155 146 136
Inventory days 92.30 85.90 85.20 89.10
Creditor days (139) (149) (129) (105)
Leverage ratios        
Interest coverage (1.30) (1.20) (1.20) (1.20)
Net debt / equity 0.78 0.78 0.86 0.92
Net debt / op. profit 2.11 2.33 2.53 2.91
Cost breakup ()        
Material costs (80) (81) (79) (78)
Employee costs (3.60) (3.90) (3.70) (4.10)
Other costs (6.90) (6.40) (7.20) (8.50)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 446 395 362 331
yoy growth (%) 12.80 9.06 9.42 25.20
Raw materials (357) (318) (288) (259)
As % of sales 80.20 80.60 79.40 78.20
Employee costs (16) (16) (14) (13)
As % of sales 3.64 3.95 3.75 4.05
Other costs (31) (25) (26) (28)
As % of sales 6.87 6.42 7.21 8.47
Operating profit 41.30 35.60 34.90 30.60
OPM 9.27 9 9.64 9.25
Depreciation (6.70) (6.10) (6) (6.50)
Interest expense (28) (25) (24) (21)
Other income 1.03 0.95 0.82 0.81
Profit before tax 7.96 5.40 5.25 3.72
Taxes (2.30) (1.80) (1.70) (1.10)
Tax rate (29) (33) (33) (31)
Minorities and other -- -- (0.10) --
Adj. profit 5.64 3.61 3.41 2.57
Exceptional items -- -- -- 0.03
Net profit 5.64 3.61 3.41 2.60
yoy growth (%) 56.20 6.05 31.20 350
NPM 1.27 0.91 0.94 0.78
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 7.96 5.40 5.25 3.72
Depreciation (6.70) (6.10) (6) (6.50)
Tax paid (2.30) (1.80) (1.70) (1.10)
Working capital 35.80 9.99 1.58 --
Other operating items -- -- -- --
Operating cashflow 34.80 7.46 (0.90) (3.90)
Capital expenditure 35.40 14.50 2.53 --
Free cash flow 70.20 22 1.59 (3.90)
Equity raised 180 180 178 174
Investments -- -- -- --
Debt financing/disposal 13 4.81 -- 8
Dividends paid 0.43 0.43 0.46 0.41
Other items -- -- -- --
Net in cash 263 207 180 179
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 10.20 8.64 8.64 8.64
Preference capital -- -- -- --
Reserves 105 104 97.90 94.30
Net worth 116 112 107 103
Minority interest
Debt 117 104 97.40 99.10
Deferred tax liabilities (net) 7.56 7.59 7.49 7.39
Total liabilities 240 224 212 210
Fixed assets 79.50 76.60 77.30 75.90
Intangible assets
Investments -- -- -- 0.01
Deferred tax asset (net) 3.13 3.40 3.03 2.86
Net working capital 140 128 117 120
Inventories 138 126 99.30 86.70
Inventory Days -- 103 91.80 87.40
Sundry debtors 141 159 173 163
Debtor days -- 131 160 164
Other current assets 17.90 15.50 19.50 18.30
Sundry creditors (120) (150) (159) (136)
Creditor days -- 123 147 137
Other current liabilities (37) (24) (16) (12)
Cash 18.40 16.30 14.70 10.90
Total assets 240 224 212 210
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Particulars ( Rupees In Crores.) Dec-2019 Dec-2018 Dec-2017 Dec-2016 Dec-2015
Gross Sales 215 247 266 275 267
Excise Duty -- -- 4.66 21.20 23
Net Sales 215 247 262 254 244
Other Operating Income -- -- -- -- 0.33
Other Income -- -- -- -- --
Total Income 215 247 262 254 244
Total Expenditure ** 199 220 236 229 220
PBIDT 16.60 26.50 25.90 25.10 23.80
Interest 22.70 20.90 20 17.70 17.40
PBDT (6.10) 5.60 5.87 7.41 6.42
Depreciation 5.46 4.90 4.83 4.67 4.82
Minority Interest Before NP -- -- -- -- --
Tax (0.30) 0.21 0.32 0.92 0.51
Deferred Tax -- -- -- -- --
Reported Profit After Tax (11) 0.49 0.71 1.82 1.09
Minority Interest After NP 0.01 0.02 0.06 0.16 0.08
Net Profit after Minority Interest (11) 0.47 0.66 1.66 1.01
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item (11) 0.47 0.66 1.66 1.01
EPS (Unit Curr.) (13) 0.55 0.76 1.93 1.17
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 8.64 8.64 8.64 8.64 8.64
Public Shareholding (Number) -- -- -- -- 4,013,577
Public Shareholding (%) -- -- -- -- 46.50
Pledged/Encumbered - No. of Shares -- -- -- -- 1,352,838
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 29.30
Pledged/Encumbered - % in Total Equity -- -- -- -- 15.70
Non Encumbered - No. of Shares -- -- -- -- 3,270,148
Non Encumbered - % in Total Promoters Holding -- -- -- -- 7.14
Non Encumbered - % in Total Equity -- -- -- -- 37.90
PBIDTM(%) 7.73 10.70 9.90 9.90 9.77
PBDTM(%) (2.80) 2.27 2.24 2.92 2.63
PATM(%) (5.20) 0.20 0.27 0.72 0.45