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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 20.40 3.50 0.13 --
Op profit growth 15.60 24.40 (2.30) --
EBIT growth 21.30 29.90 3.23 --
Net profit growth 19 32.40 2.18 --
Profitability ratios (%)        
OPM 24.30 25.30 21 21.50
EBIT margin 23.90 23.70 18.90 18.30
Net profit margin 15.70 15.90 12.40 12.20
RoCE 30.70 30.20 27.10 --
RoNW 5.42 5.43 4.89 --
RoA 5.05 5.06 4.44 --
Per share ratios ()        
EPS 10.30 43.30 32.70 29.70
Dividend per share 2 8.50 6 6
Cash EPS 7.72 31.40 21.50 21.40
Book value per share 52.10 215 184 151
Valuation ratios        
P/E 27 4.68 3.48 2.83
P/CEPS 36.10 6.46 5.29 3.92
P/B 5.35 0.94 0.62 0.56
EV/EBIDTA 14.80 12.70 8.81 7.02
Payout (%)        
Dividend payout -- -- -- 22.80
Tax payout (34) (33) (33) (33)
Liquidity ratios        
Debtor days 17 21.60 24.10 --
Inventory days 4.47 5.60 5.15 --
Creditor days (51) (41) (26) --
Leverage ratios        
Interest coverage (649) (748) (70) (23)
Net debt / equity (0.20) (0.20) (0.20) --
Net debt / op. profit (0.50) (0.60) (0.60) (0.10)
Cost breakup ()        
Material costs (54) (55) (62) (64)
Employee costs (2.30) (2.40) (2.10) (1.80)
Other costs (19) (18) (15) (13)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 4,592 3,815 3,686 3,681
yoy growth (%) 20.40 3.50 0.13 --
Raw materials (2,491) (2,084) (2,276) (2,341)
As % of sales 54.30 54.60 61.80 63.60
Employee costs (106) (92) (78) (66)
As % of sales 2.31 2.40 2.13 1.79
Other costs (880) (676) (557) (481)
As % of sales 19.20 17.70 15.10 13.10
Operating profit 1,114 964 775 793
OPM 24.30 25.30 21 21.50
Depreciation (181) (167) (156) (149)
Interest expense (1.70) (1.20) (9.90) (30)
Other income 165 108 78.40 30.80
Profit before tax 1,096 904 687 645
Taxes (374) (298) (229) (211)
Tax rate (34) (33) (33) (33)
Minorities and other -- -- -- 14.20
Adj. profit 722 606 458 448
Exceptional items -- -- -- --
Net profit 722 606 458 448
yoy growth (%) 19 32.40 2.18 --
NPM 15.70 15.90 12.40 12.20
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1,096 904 687 645
Depreciation (181) (167) (156) (149)
Tax paid (374) (298) (229) (211)
Working capital (152) (172) 172 --
Other operating items -- -- -- --
Operating cashflow 389 267 474 --
Capital expenditure (288) 252 (252) --
Free cash flow 101 519 222 --
Equity raised 4,761 4,696 4,844 --
Investments 1,008 457 (457) --
Debt financing/disposal (145) -- -- --
Dividends paid -- -- -- 84
Other items -- -- -- --
Net in cash 5,724 5,672 4,609 --
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 140 140 140 140
Preference capital -- -- -- --
Reserves 4,176 3,507 2,872 2,430
Net worth 4,316 3,647 3,012 2,570
Minority interest
Debt -- -- -- --
Deferred tax liabilities (net) 329 268 226 188
Total liabilities 4,645 3,915 3,237 2,758
Fixed assets 3,355 2,818 2,469 2,286
Intangible assets
Investments 1,778 1,316 784 327
Deferred tax asset (net) 13.50 8.72 23.20 8.71
Net working capital (1,108) (786) (647) (318)
Inventories 54.60 56 56.50 60.60
Inventory Days -- 4.45 5.41 6
Sundry debtors 221 226 201 251
Debtor days -- 18 19.30 24.90
Other current assets 171 126 78.50 73.50
Sundry creditors (784) (563) (417) (218)
Creditor days -- 44.70 39.90 21.50
Other current liabilities (771) (631) (567) (485)
Cash 607 558 609 454
Total assets 4,645 3,915 3,237 2,758
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 6,362 5,015 4,223 4,064 3,670
Excise Duty 597 479 408 378 --
Net Sales 5,765 4,535 3,815 3,686 3,670
Other Operating Income -- -- -- -- 11.10
Other Income 215 162 108 78.40 30.80
Total Income 5,980 4,698 3,923 3,764 3,712
Total Expenditure ** 4,508 3,419 2,851 2,911 2,888
PBIDT 1,472 1,279 1,072 853 824
Interest 2.05 1.69 1.21 9.92 29.80
PBDT 1,470 1,277 1,071 843 794
Depreciation 201 181 167 156 149
Minority Interest Before NP -- -- -- -- --
Tax 370 317 274 181 211
Deferred Tax 56.90 57.30 24 48 --
Reported Profit After Tax 842 722 606 458 434
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 842 722 606 458 448
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 842 722 606 458 448
EPS (Unit Curr.) 12 10.30 43.30 32.70 32
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 120 100 85 60 60
Equity 140 140 140 140 140
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 25.50 28.20 28.10 23.10 22.40
PBDTM(%) 25.50 28.20 28.10 22.90 21.60
PATM(%) 14.60 15.90 15.90 12.40 11.80