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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 17.40 7.08 2.76 5.57
Op profit growth 12.30 14.90 4.95 1.27
EBIT growth 10.70 25.90 (3.30) (5.70)
Net profit growth 29.40 250 (13) (239)
Profitability ratios (%)        
OPM 13.30 13.90 12.90 12.70
EBIT margin 9.79 10.40 8.82 9.37
Net profit margin 2.76 2.50 0.77 0.90
RoCE 8.42 8.28 7.54 8.75
RoNW 1.29 1.03 0.39 0.64
RoA 0.59 0.50 0.16 0.21
Per share ratios ()        
EPS 4.29 3.68 1.02 1.08
Dividend per share 1 0.75 0.50 0.50
Cash EPS (2.30) (2.80) (5.20) (4.10)
Book value per share 84.40 86.70 85.30 46.30
Valuation ratios        
P/E 24.80 25.50 59.10 57
P/CEPS (46) (34) (12) (15)
P/B 1.26 1.08 0.71 1.33
EV/EBIDTA 8.35 8.05 7.61 8.11
Payout (%)        
Dividend payout -- -- -- 50.20
Tax payout (26) (27) (27) 21.90
Liquidity ratios        
Debtor days 110 120 119 111
Inventory days 108 111 108 110
Creditor days (94) (91) (90) (93)
Leverage ratios        
Interest coverage (1.60) (1.50) (1.10) (1.20)
Net debt / equity 0.93 0.91 0.92 1.84
Net debt / op. profit 3.82 4.01 4.58 5.04
Cost breakup ()        
Material costs (53) (53) (55) (56)
Employee costs (11) (11) (11) (11)
Other costs (23) (22) (21) (21)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 7,947 6,770 6,322 6,153
yoy growth (%) 17.40 7.08 2.76 5.57
Raw materials (4,195) (3,595) (3,489) (3,446)
As % of sales 52.80 53.10 55.20 56
Employee costs (889) (738) (666) (666)
As % of sales 11.20 10.90 10.50 10.80
Other costs (1,808) (1,497) (1,348) (1,261)
As % of sales 22.70 22.10 21.30 20.50
Operating profit 1,055 940 818 780
OPM 13.30 13.90 12.90 12.70
Depreciation (339) (301) (297) (244)
Interest expense (479) (459) (491) (469)
Other income 60.90 63.50 36.50 41
Profit before tax 299 243 66.70 107
Taxes (78) (67) (18) 23.50
Tax rate (26) (27) (27) 21.90
Minorities and other (2) (6.80) (0.30) 0.84
Adj. profit 219 169 48.40 132
Exceptional items -- -- -- (76)
Net profit 219 169 48.40 55.40
yoy growth (%) 29.40 250 (13) (239)
NPM 2.76 2.50 0.77 0.90
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 299 243 66.70 107
Depreciation (339) (301) (297) (244)
Tax paid (78) (67) (18) 23.50
Working capital 741 540 439 --
Other operating items -- -- -- --
Operating cashflow 623 415 190 (113)
Capital expenditure 4,314 3,065 2,434 --
Free cash flow 4,938 3,480 2,624 (113)
Equity raised 5,723 5,974 6,006 4,063
Investments 61.20 77.30 104 --
Debt financing/disposal 2,314 1,958 1,159 1,171
Dividends paid -- -- -- 23.10
Other items -- -- -- --
Net in cash 13,036 11,490 9,894 5,144
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 103 103 368 95.30
Preference capital -- -- -- --
Reserves 4,310 4,248 3,790 3,969
Net worth 4,413 4,351 4,158 4,064
Minority interest
Debt 5,247 4,453 4,033 4,124
Deferred tax liabilities (net) 729 708 526 (146)
Total liabilities 10,530 9,643 8,826 8,145
Fixed assets 5,704 5,406 4,867 4,893
Intangible assets
Investments 82.80 84.70 81.10 106
Deferred tax asset (net) 370 361 186 (465)
Net working capital 4,228 3,373 3,425 3,231
Inventories 2,484 2,457 2,258 1,875
Inventory Days -- 113 122 108
Sundry debtors 2,995 2,527 2,282 2,174
Debtor days -- 116 123 126
Other current assets 1,347 1,259 1,252 1,189
Sundry creditors (1,779) (2,007) (1,555) (1,348)
Creditor days -- 92.20 83.90 77.80
Other current liabilities (819) (863) (812) (659)
Cash 145 419 266 380
Total assets 10,530 9,643 8,826 8,145
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Particulars ( Rupees In Crores.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 5,994 5,148 4,674 4,350 4,137
Excise Duty -- 52.30 115 109 95.10
Net Sales 5,994 5,095 4,559 4,241 4,042
Other Operating Income -- -- -- 50.40 73.70
Other Income 210 142 30.30 24.10 17.60
Total Income 6,204 5,238 4,589 4,315 4,133
Total Expenditure ** 5,317 4,514 3,943 3,788 3,680
PBIDT 887 724 647 527 453
Interest 401 346 345 365 354
PBDT 486 378 301 162 99.70
Depreciation 241 252 217 197 183
Minority Interest Before NP -- -- -- -- --
Tax 65.50 38.70 22.10 (19) (41)
Deferred Tax (19) (41) (36) -- --
Reported Profit After Tax 198 129 98.60 (16) (43)
Minority Interest After NP -- -- 5.88 -- 0.40
Net Profit after Minority Interest 198 129 92.70 (14) (43)
Extra-ordinary Items -- -- -- -- (71)
Adjusted Profit After Extra-ordinary item 198 129 92.70 (14) 28
EPS (Unit Curr.) 3.59 2.37 1.80 (0.30) (0.90)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 103 103 95.90 92.50 92.50
Public Shareholding (Number) -- -- -- -- 316,005,567
Public Shareholding (%) -- -- -- -- 71.30
Pledged/Encumbered - No. of Shares -- -- -- -- 45,935,555
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 36.10
Pledged/Encumbered - % in Total Equity -- -- -- -- 10.40
Non Encumbered - No. of Shares -- -- -- -- 81,178,856
Non Encumbered - % in Total Promoters Holding -- -- -- -- 63.90
Non Encumbered - % in Total Equity -- -- -- -- 18.30
PBIDTM(%) 14.80 14.20 14.20 12.40 11.20
PBDTM(%) 8.10 7.41 6.61 3.82 2.47
PATM(%) 3.30 2.52 2.16 (0.40) (1.10)