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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (2.60) 14 33.20 3.13
Op profit growth (12) 14.60 20.30 26.10
EBIT growth (0.50) 19.80 19.60 15.70
Net profit growth 28.50 12 17.70 18.20
Profitability ratios (%)        
OPM 47.10 52.10 51.90 57.50
EBIT margin 40.50 39.60 37.70 42
Net profit margin 16.20 12.20 12.50 14.10
RoCE 11.90 11.70 10.30 10.20
RoNW 4.19 3.54 3.47 3.43
RoA 1.19 0.90 0.85 0.86
Per share ratios ()        
EPS 26.20 20 17 14.70
Dividend per share 5 5 4 4
Cash EPS 10.70 (4) (6.10) (4.70)
Book value per share 162 150 138 124
Valuation ratios        
P/E 8.52 11.80 13.70 16.70
P/CEPS 20.90 (60) (38) (53)
P/B 1.38 1.57 1.69 1.98
EV/EBIDTA 7.16 6.61 8 8.44
Payout (%)        
Dividend payout 36.80 11.80 39.70 29.90
Tax payout (41) (27) (27) (21)
Liquidity ratios        
Debtor days 6.51 2.47 0.48 0.49
Inventory days 26.90 20.70 20.20 25
Creditor days (52) (50) (41) (73)
Leverage ratios        
Interest coverage (2.40) (1.70) (1.80) (1.70)
Net debt / equity 2.21 2.40 2.92 2.52
Net debt / op. profit 4.69 4.15 5.31 4.97
Cost breakup ()        
Material costs (1.30) (4.60) (7.20) (11)
Employee costs (5.10) (4.70) (4.80) (4.90)
Other costs (47) (39) (36) (26)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 5,694 5,846 5,128 3,849
yoy growth (%) (2.60) 14 33.20 3.13
Raw materials (73) (268) (371) (434)
As % of sales 1.28 4.59 7.24 11.30
Employee costs (291) (273) (247) (190)
As % of sales 5.12 4.66 4.81 4.93
Other costs (2,650) (2,257) (1,850) (1,013)
As % of sales 46.50 38.60 36.10 26.30
Operating profit 2,679 3,048 2,660 2,212
OPM 47.10 52.10 51.90 57.50
Depreciation (544) (855) (853) (707)
Interest expense (967) (1,333) (1,064) (931)
Other income 169 123 127 113
Profit before tax 1,337 984 870 686
Taxes (544) (269) (231) (144)
Tax rate (41) (27) (27) (21)
Minorities and other -- 0.05 (0.40) 0.55
Adj. profit 793 715 639 543
Exceptional items 127 -- -- --
Net profit 920 715 639 543
yoy growth (%) 28.50 12 17.70 18.20
NPM 16.20 12.20 12.50 14.10
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1,337 984 870 686
Depreciation (544) (855) (853) (707)
Tax paid (544) (269) (231) (144)
Working capital (4,178) (1,246) (105) (29)
Other operating items -- -- -- --
Operating cashflow (3,929) (1,386) (319) (194)
Capital expenditure 27,415 18,477 28,862 23,837
Free cash flow 23,486 17,091 28,543 23,643
Equity raised 6,822 6,818 6,999 6,851
Investments 890 132 (26) (5.70)
Debt financing/disposal 10,545 7,786 6,870 1,495
Dividends paid 281 70.30 211 137
Other items -- -- -- --
Net in cash 42,025 31,898 42,597 32,120
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 351 351 351 351
Preference capital -- -- -- --
Reserves 5,964 5,341 4,920 4,485
Net worth 6,315 5,693 5,272 4,836
Minority interest
Debt 16,599 13,832 13,963 15,626
Deferred tax liabilities (net) 939 25.30 10.40 12.20
Total liabilities 23,853 19,549 19,245 20,510
Fixed assets 36,740 36,719 31,194 39,169
Intangible assets
Investments 645 945 146 36.30
Deferred tax asset (net) 1,074 346 396 346
Net working capital (16,166) (19,729) (13,799) (20,541)
Inventories 442 487 353 309
Inventory Days -- 31.20 22 22
Sundry debtors 114 133 70.50 8.66
Debtor days -- 8.50 4.40 0.62
Other current assets 827 516 13,185 805
Sundry creditors (717) (406) (451) (314)
Creditor days -- 26 28.10 22.40
Other current liabilities (16,832) (20,459) (26,956) (21,350)
Cash 1,560 1,268 1,308 1,501
Total assets 23,853 19,549 19,245 20,510
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 6,707 5,694 5,846 5,128 3,849
Excise Duty -- -- -- -- --
Net Sales 6,707 5,694 5,846 5,128 3,849
Other Operating Income -- -- -- 127 --
Other Income 196 295 123 -- 113
Total Income 6,903 5,989 5,969 5,255 3,962
Total Expenditure ** 3,770 3,015 2,798 2,468 1,637
PBIDT 3,133 2,975 3,171 2,787 2,325
Interest 1,120 967 1,333 1,064 931
PBDT 2,013 2,008 1,839 1,724 1,394
Depreciation 540 544 855 853 707
Minority Interest Before NP -- -- -- -- --
Tax 619 571 367 231 144
Deferred Tax 4.10 (27) (99) -- --
Reported Profit After Tax 850 920 715 640 542
Minority Interest After NP -- -- (0.10) 0.45 (0.60)
Net Profit after Minority Interest 850 920 715 639 543
Extra-ordinary Items -- 77.30 -- -- --
Adjusted Profit After Extra-ordinary item 850 842 715 639 543
EPS (Unit Curr.) 24.20 26.20 20.40 18.20 16.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 25 50 50 40 40
Equity 351 351 351 351 351
Public Shareholding (Number) -- -- -- -- 148,332,195
Public Shareholding (%) -- -- -- -- 42.20
Pledged/Encumbered - No. of Shares -- -- -- -- 1,500,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 0.74
Pledged/Encumbered - % in Total Equity -- -- -- -- 0.43
Non Encumbered - No. of Shares -- -- -- -- 201,617,805
Non Encumbered - % in Total Promoters Holding -- -- -- -- 99.30
Non Encumbered - % in Total Equity -- -- -- -- 57.40
PBIDTM(%) 46.70 52.20 54.30 54.40 60.40
PBDTM(%) 30 35.30 31.50 33.60 36.20
PATM(%) 12.70 16.20 12.20 12.50 14.10