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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 20.50 (5) 9.12 12
Op profit growth 16.10 (7.60) 41.80 31.90
EBIT growth 16.50 (14) 45 33.10
Net profit growth 16.90 (18) 85.30 46.10
Profitability ratios (%)        
OPM 17.20 17.80 18.30 14.10
EBIT margin 13.10 13.50 15 11.30
Net profit margin 6.03 6.22 7.20 4.24
RoCE 13 12.10 15.70 11.70
RoNW 3.17 2.97 4.07 2.43
RoA 1.50 1.40 1.89 1.10
Per share ratios ()        
EPS 8.66 7.49 9 5.02
Dividend per share 1 2 1 0.75
Cash EPS 1.47 1.08 3.49 0.17
Book value per share 57.10 52.40 47.70 41.30
Valuation ratios        
P/E 15.10 13.90 9.21 11.70
P/CEPS 88.70 96 23.70 351
P/B 2.29 1.98 1.74 1.43
EV/EBIDTA 8.36 7.75 6.20 6.09
Payout (%)        
Dividend payout -- -- 15.80 37.30
Tax payout (21) (17) (16) (16)
Liquidity ratios        
Debtor days 19.30 33.40 29.20 24.60
Inventory days 78 73.40 63.40 76.40
Creditor days (27) (28) (24) (27)
Leverage ratios        
Interest coverage (4.60) (3.30) (3.70) (2.60)
Net debt / equity 0.71 0.64 0.71 0.66
Net debt / op. profit 2.06 1.98 1.83 2.09
Cost breakup ()        
Material costs (32) (37) (45) (46)
Employee costs (7.70) (7.90) (6.80) (6)
Other costs (43) (37) (30) (34)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,483 1,231 1,296 1,188
yoy growth (%) 20.50 (5) 9.12 12
Raw materials (479) (460) (586) (547)
As % of sales 32.30 37.40 45.20 46
Employee costs (114) (97) (88) (71)
As % of sales 7.71 7.90 6.81 6
Other costs (635) (454) (385) (402)
As % of sales 42.80 36.90 29.70 33.90
Operating profit 255 219 237 167
OPM 17.20 17.80 18.30 14.10
Depreciation (71) (63) (48) (48)
Interest expense (42) (50) (52) (51)
Other income 9.57 9.47 4.75 14.50
Profit before tax 151 116 142 82.30
Taxes (31) (19) (23) (13)
Tax rate (21) (17) (16) (16)
Minorities and other (22) (20) (24) (18)
Adj. profit 98.20 76.60 94.20 51.60
Exceptional items (8.70) -- (0.80) (1.20)
Net profit 89.50 76.60 93.40 50.40
yoy growth (%) 16.90 (18) 85.30 46.10
NPM 6.03 6.22 7.20 4.24
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 151 116 142 82.30
Depreciation (71) (63) (48) (48)
Tax paid (31) (19) (23) (13)
Working capital 66 65.10 (51) --
Other operating items -- -- -- --
Operating cashflow 116 99.40 19 21
Capital expenditure 371 89.20 45.50 --
Free cash flow 487 189 64.50 21
Equity raised 1,031 1,035 998 1,004
Investments 14.40 9.52 0.02 --
Debt financing/disposal 408 349 221 211
Dividends paid -- -- 13.30 16
Other items -- -- -- --
Net in cash 1,940 1,582 1,297 1,252
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 12.90 12.90 12.90 12.90
Preference capital -- -- -- --
Reserves 798 723 663 602
Net worth 811 736 675 615
Minority interest
Debt 596 556 516 479
Deferred tax liabilities (net) 124 107 106 86.70
Total liabilities 1,697 1,541 1,438 1,303
Fixed assets 1,228 1,164 981 973
Intangible assets
Investments 15.30 14.60 14.30 4.80
Deferred tax asset (net) 62.30 49.30 56.50 --
Net working capital 266 282 304 280
Inventories 349 360 275 220
Inventory Days -- 88.50 81.50 61.90
Sundry debtors 80.50 73.10 83.70 141
Debtor days -- 18 24.80 39.80
Other current assets 158 164 210 211
Sundry creditors (95) (103) (82) (72)
Creditor days -- 25.30 24.20 20.30
Other current liabilities (227) (213) (183) (220)
Cash 126 31.60 82.20 45
Total assets 1,697 1,541 1,438 1,303
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,661 1,513 1,362 1,393 1,264
Excise Duty -- 36.60 131 114 90.10
Net Sales 1,661 1,476 1,231 1,279 1,174
Other Operating Income -- -- -- 16.90 13.10
Other Income 8.70 10.40 9.47 4.75 15.40
Total Income 1,669 1,486 1,240 1,301 1,203
Total Expenditure ** 1,431 1,231 1,012 1,059 1,022
PBIDT 238 256 229 242 180
Interest 38.70 42.30 49.90 52.30 51.50
PBDT 199 213 179 189 129
Depreciation 75.60 70.50 62.60 48.30 48.20
Minority Interest Before NP -- -- -- -- --
Tax 2.18 31.50 11 23.60 13.10
Deferred Tax 13.10 (0.40) 8.50 -- --
Reported Profit After Tax 108 112 96.60 117 67.40
Minority Interest After NP -- 23.20 21.10 24.10 17.10
Net Profit after Minority Interest 110 89.50 76.60 93.40 50.40
Extra-ordinary Items -- (6.80) -- (0.60) (1.70)
Adjusted Profit After Extra-ordinary item 110 96.30 76.60 93.90 52
EPS (Unit Curr.) 6.38 6.94 5.94 7.28 5.21
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 100 100 200 100 75
Equity 12.90 12.90 12.90 12.90 12.90
Public Shareholding (Number) -- -- -- -- 67,894,336
Public Shareholding (%) -- -- -- -- 52.70
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 61,026,824
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 47.30
PBIDTM(%) 14.30 17.30 18.60 18.90 15.40
PBDTM(%) 12 14.40 14.50 14.80 11
PATM(%) 6.52 7.56 7.85 9.18 5.74