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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 0.92 9.80 17.50 3.94
Op profit growth (8.80) 8.31 32.30 21.80
EBIT growth (11) 6.44 38.30 7.03
Net profit growth (14) (0.90) 13.90 36.20
Profitability ratios (%)        
OPM 25.30 28 28.40 25.20
EBIT margin 21.40 24.20 24.90 21.20
Net profit margin 13 15.20 16.90 17.40
RoCE 17.60 20.50 24.10 22
RoNW 3.57 4.59 6.34 7.35
RoA 2.68 3.23 4.07 4.52
Per share ratios ()        
EPS 9.99 10.70 10.70 8.71
Dividend per share 3 3 -- 3.50
Cash EPS 5.26 6.69 7 6.25
Book value per share 65.50 65.90 49.90 34.70
Valuation ratios        
P/E 17.20 17.90 14.90 14.80
P/CEPS 32.60 28.60 22.90 20.60
P/B 2.62 2.90 3.21 3.71
EV/EBIDTA 8.52 9.12 9.02 9.11
Payout (%)        
Dividend payout -- -- -- 44.70
Tax payout (33) (32) (34) (33)
Liquidity ratios        
Debtor days 88.90 77 71.20 72.80
Inventory days 12.70 12.80 14 19.90
Creditor days (30) (26) (24) (33)
Leverage ratios        
Interest coverage (18) (16) (9.50) (10)
Net debt / equity 0.01 -- 0.33 0.14
Net debt / op. profit 0.05 (0.10) 0.92 0.35
Cost breakup ()        
Material costs (29) (29) (30) (35)
Employee costs (17) (16) (16) (15)
Other costs (28) (27) (26) (25)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,304 2,283 2,079 1,770
yoy growth (%) 0.92 9.80 17.50 3.94
Raw materials (664) (652) (629) (626)
As % of sales 28.80 28.60 30.20 35.30
Employee costs (400) (374) (323) (263)
As % of sales 17.40 16.40 15.50 14.90
Other costs (656) (617) (537) (434)
As % of sales 28.50 27 25.80 24.50
Operating profit 583 640 590 446
OPM 25.30 28 28.40 25.20
Depreciation (136) (129) (122) (104)
Interest expense (27) (35) (55) (37)
Other income 46.70 41.20 49.90 32.10
Profit before tax 467 517 464 338
Taxes (156) (168) (157) (110)
Tax rate (33) (32) (34) (33)
Minorities and other (11) (1.80) -- (0.10)
Adj. profit 300 348 307 228
Exceptional items -- -- 44 80.30
Net profit 300 348 351 308
yoy growth (%) (14) (0.90) 13.90 36.20
NPM 13 15.20 16.90 17.40
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 467 517 464 338
Depreciation (136) (129) (122) (104)
Tax paid (156) (168) (157) (110)
Working capital 456 547 164 356
Other operating items -- -- -- --
Operating cashflow 631 767 349 480
Capital expenditure 1,126 523 346 81.40
Free cash flow 1,757 1,290 695 562
Equity raised 2,316 2,433 2,086 1,778
Investments 323 282 140 25.30
Debt financing/disposal (44) 443 297 348
Dividends paid -- -- -- 114
Other items -- -- -- --
Net in cash 4,352 4,449 3,219 2,828
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 59.30 62.30 65.40 76.30
Preference capital -- -- -- --
Reserves 1,816 1,977 2,090 1,555
Net worth 1,876 2,040 2,155 1,631
Minority interest
Debt 406 148 308 591
Deferred tax liabilities (net) 276 241 226 194
Total liabilities 2,784 2,676 2,925 2,449
Fixed assets 1,497 1,488 1,568 1,567
Intangible assets
Investments 506 523 535 363
Deferred tax asset (net) 56.40 60.70 55.70 48.90
Net working capital 603 486 418 421
Inventories 168 66.40 93.50 66.90
Inventory Days -- 10.50 15 11.70
Sundry debtors 633 607 516 448
Debtor days -- 96.10 82.50 78.60
Other current assets 171 170 151 169
Sundry creditors (164) (134) (147) (84)
Creditor days -- 21.20 23.50 14.80
Other current liabilities (205) (223) (195) (179)
Cash 122 118 349 50.20
Total assets 2,784 2,676 2,925 2,449
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 2,363 2,304 2,283 2,032 1,725
Excise Duty -- -- -- -- --
Net Sales 2,363 2,304 2,283 2,032 1,725
Other Operating Income -- -- -- 47.60 44.40
Other Income 41.30 46.70 41.20 93.80 108
Total Income 2,404 2,351 2,324 2,173 1,878
Total Expenditure ** 1,829 1,721 1,643 1,489 1,319
PBIDT 575 630 681 684 559
Interest 25.90 27.10 35 54.50 36.90
PBDT 549 603 646 630 522
Depreciation 128 136 129 122 104
Minority Interest Before NP -- -- -- -- --
Tax 107 146 142 157 110
Deferred Tax 39.80 10 25.50 -- --
Reported Profit After Tax 274 311 349 351 308
Minority Interest After NP 13.70 11.10 1.80 1.03 0.15
Net Profit after Minority Interest 261 300 348 350 308
Extra-ordinary Items -- -- -- 44 79.40
Adjusted Profit After Extra-ordinary item 261 300 348 306 229
EPS (Unit Curr.) 8.65 9.60 10.70 10.70 9.87
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 175 150 150 -- --
Equity 59.30 62.30 65.40 65.40 63.50
Public Shareholding (Number) -- -- -- -- 128,282,038
Public Shareholding (%) -- -- -- -- 40.40
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 188,985,819
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 59.60
PBIDTM(%) 24.30 27.30 29.80 33.70 32.40
PBDTM(%) 23.20 26.20 28.30 31 30.20
PATM(%) 11.60 13.50 15.30 17.30 17.90