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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (14) 4.37 20.10 17
Op profit growth (50) (22) 67.50 56.60
EBIT growth (42) (9) 45.90 75.60
Net profit growth (46) (7.60) 72.60 32.50
Profitability ratios (%)        
OPM 8.74 15 20.20 14.50
EBIT margin 12.30 18.40 21.10 17.30
Net profit margin 6.78 10.80 12.20 8.48
RoCE 16.60 32.50 43.50 36.70
RoNW 3.50 7.86 11.90 10.20
RoA 2.28 4.77 6.29 4.48
Per share ratios ()        
EPS 6.35 11.70 63.50 36.90
Dividend per share 0.80 0.80 2 --
Cash EPS 4.71 10.10 56 32.90
Book value per share 48.40 42.90 160 107
Valuation ratios        
P/E 13.40 16.90 3.05 2.05
P/CEPS 18 19.50 3.46 2.31
P/B 1.75 4.59 1.21 0.71
EV/EBIDTA 7.76 9.75 9.05 5.83
Payout (%)        
Dividend payout 7.55 4.09 1.89 0.08
Tax payout (36) (34) (34) (26)
Liquidity ratios        
Debtor days 58.80 47 32.70 25.10
Inventory days 104 78.70 74.30 77.50
Creditor days (35) (26) (35) (48)
Leverage ratios        
Interest coverage (6.60) (9.40) (7.90) (4.60)
Net debt / equity 0.37 0.35 0.60 0.78
Net debt / op. profit 2.21 0.90 0.91 1.34
Cost breakup ()        
Material costs (56) (54) (51) (55)
Employee costs (6.80) (5.80) (5.10) (4.70)
Other costs (28) (25) (24) (26)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,859 2,153 2,063 1,717
yoy growth (%) (14) 4.37 20.10 17
Raw materials (1,044) (1,156) (1,045) (947)
As % of sales 56.20 53.70 50.70 55.10
Employee costs (127) (124) (106) (80)
As % of sales 6.82 5.77 5.13 4.65
Other costs (525) (549) (495) (442)
As % of sales 28.30 25.50 24 25.70
Operating profit 163 323 417 249
OPM 8.74 15 20.20 14.50
Depreciation (33) (33) (30) (16)
Interest expense (35) (42) (55) (65)
Other income 99.70 105 47.90 64.90
Profit before tax 194 353 379 233
Taxes (69) (121) (128) (61)
Tax rate (36) (34) (34) (26)
Minorities and other 0.76 0.19 0.09 (0.20)
Adj. profit 126 232 251 171
Exceptional items -- -- -- (26)
Net profit 126 232 251 146
yoy growth (%) (46) (7.60) 72.60 32.50
NPM 6.78 10.80 12.20 8.48
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 194 353 379 233
Depreciation (33) (33) (30) (16)
Tax paid (69) (121) (128) (61)
Working capital 750 596 406 71.20
Other operating items -- -- -- --
Operating cashflow 843 795 627 227
Capital expenditure 338 293 197 64.40
Free cash flow 1,181 1,088 824 291
Equity raised 961 725 503 494
Investments 0.03 (0.10) -- --
Debt financing/disposal 73.70 30.30 91.30 25.80
Dividends paid 7.90 7.90 3.95 --
Other items -- -- -- --
Net in cash 2,223 1,851 1,422 811
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 39.50 39.50 39.50 39.50
Preference capital -- -- -- --
Reserves 935 917 807 591
Net worth 975 956 846 630
Minority interest
Debt 337 384 311 409
Deferred tax liabilities (net) 119 129 126 93.50
Total liabilities 1,438 1,477 1,291 1,141
Fixed assets 591 567 545 494
Intangible assets
Investments 46.40 0.10 -- --
Deferred tax asset (net) 10.30 9.25 8.08 6.76
Net working capital 757 875 719 611
Inventories 531 591 472 456
Inventory Days -- 116 80 80.80
Sundry debtors 255 287 311 243
Debtor days -- 56.40 52.80 43
Other current assets 168 229 177 169
Sundry creditors (144) (192) (134) (130)
Creditor days -- 37.60 22.80 23
Other current liabilities (53) (40) (107) (127)
Cash 33.50 25.50 18.60 29.40
Total assets 1,438 1,477 1,291 1,141
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,934 1,859 2,153 2,063 1,717
Excise Duty -- -- -- -- --
Net Sales 1,934 1,859 2,153 2,063 1,717
Other Operating Income 10.50 99.70 105 47.90 64.90
Other Income -- -- -- -- --
Total Income 1,945 1,958 2,258 2,111 1,782
Total Expenditure ** 1,778 1,696 1,829 1,646 1,494
PBIDT 166 262 428 465 288
Interest 35.60 34.70 42.10 55.10 65
PBDT 131 227 386 409 223
Depreciation 35.30 33.10 33.10 30.10 16
Minority Interest Before NP -- -- -- -- --
Tax 31.50 66.80 89.80 121 10.40
Deferred Tax 3.98 2.24 31.40 6.99 50.60
Reported Profit After Tax 59.80 125 232 251 146
Minority Interest After NP (0.40) -- -- -- 0.22
Net Profit after Minority Interest 60.20 125 232 251 146
Extra-ordinary Items -- -- -- -- (18)
Adjusted Profit After Extra-ordinary item 60.20 125 232 251 164
EPS (Unit Curr.) 3.05 6.38 11.80 12.70 39
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 60 20 40 20 --
Equity 39.50 39.50 39.50 39.50 39.50
Public Shareholding (Number) -- -- -- -- 16,205,429
Public Shareholding (%) -- -- -- -- 41.10
Pledged/Encumbered - No. of Shares -- -- -- -- 7,395,495
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 31.80
Pledged/Encumbered - % in Total Equity -- -- -- -- 18.70
Non Encumbered - No. of Shares -- -- -- -- 15,879,010
Non Encumbered - % in Total Promoters Holding -- -- -- -- 68.20
Non Encumbered - % in Total Equity -- -- -- -- 40.20
PBIDTM(%) 8.59 14.10 19.90 22.50 16.80
PBDTM(%) 6.75 12.20 17.90 19.80 13
PATM(%) 3.09 6.74 10.80 12.20 8.50