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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (24) (1.10) (14) (1.20)
Op profit growth (17) (23) (26) (3.20)
EBIT growth 67.90 (51) (46) (1.10)
Net profit growth 25.40 102 (1,155) (67)
Profitability ratios (%)        
OPM 9.64 8.82 11.30 13.10
EBIT margin 5.25 2.37 4.79 7.65
Net profit margin (7.70) (4.60) (2.30) 0.18
RoCE 3.45 2.03 3.49 6.33
RoNW (13) (7.20) (2.70) 0.24
RoA (1.30) (1) (0.40) 0.04
Per share ratios ()        
EPS -- -- -- 0.73
Dividend per share -- -- -- --
Cash EPS (30) (28) (23) (17)
Book value per share 22.40 31 48.80 54.50
Valuation ratios        
P/E -- -- -- 17.60
P/CEPS (0.30) (0.60) (0.90) (0.70)
P/B 0.47 0.50 0.40 0.24
EV/EBIDTA 10.80 10 9.16 7.28
Payout (%)        
Dividend payout -- -- -- --
Tax payout (1.70) 1.02 28.30 79.20
Liquidity ratios        
Debtor days 146 106 108 117
Inventory days 104 84.90 104 87.50
Creditor days (32) (17) (30) (52)
Leverage ratios        
Interest coverage (0.50) (0.30) (0.60) (1)
Net debt / equity 11.70 6.68 5.03 5.09
Net debt / op. profit 14.60 9.53 8.70 7.30
Cost breakup ()        
Material costs (72) (78) (74) (72)
Employee costs (7.20) (5.10) (6.20) (5.30)
Other costs (11) (7.80) (8.10) (9.70)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 108 143 145 169
yoy growth (%) (24) (1.10) (14) (1.20)
Raw materials (78) (112) (107) (121)
As % of sales 71.80 78.30 74.30 72
Employee costs (7.80) (7.30) (9) (8.90)
As % of sales 7.20 5.10 6.24 5.26
Other costs (12) (11) (12) (16)
As % of sales 11.30 7.82 8.12 9.69
Operating profit 10.50 12.60 16.40 22.10
OPM 9.64 8.82 11.30 13.10
Depreciation (9) (9.50) (9.90) (10)
Interest expense (11) (13) (11) (13)
Other income 4.28 0.31 0.41 1.08
Profit before tax (4.90) (9.50) (3.80) 0.25
Taxes 0.09 (0.10) (1.10) 0.20
Tax rate (1.70) 1.02 28.30 79.20
Minorities and other (1.90) (0.40) 1.59 (0.10)
Adj. profit (6.70) (10) (3.30) 0.33
Exceptional items (1.60) 3.39 -- --
Net profit (8.30) (6.60) (3.30) 0.31
yoy growth (%) 25.40 102 (1,155) (67)
NPM (7.70) (4.60) (2.30) 0.18
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (4.90) (9.50) (3.80) 0.25
Depreciation (9) (9.50) (9.90) (10)
Tax paid 0.09 (0.10) (1.10) 0.20
Working capital 46.10 34.10 18.70 21
Other operating items -- -- -- --
Operating cashflow 32.20 15 3.96 11.20
Capital expenditure 70 (36) 6.03 0.46
Free cash flow 102 (22) 9.99 11.60
Equity raised 39.80 44.50 51.40 52
Investments 5.56 0.03 -- --
Debt financing/disposal 123 96.80 161 198
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 271 120 222 261
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 5.81 5.81 5.81 5.81
Preference capital -- -- -- --
Reserves 0.91 7.19 12.20 22.50
Net worth 6.72 13 18 28.40
Minority interest
Debt 107 154 122 146
Deferred tax liabilities (net) 6.01 6.30 6.87 7.21
Total liabilities 120 183 147 187
Fixed assets 45.70 90.20 51.50 109
Intangible assets
Investments 3.76 5.56 0.03 --
Deferred tax asset (net) 5.44 5.84 5.56 5.46
Net working capital 63.70 79.90 87.90 69.10
Inventories 30.10 30.60 30.90 35.50
Inventory Days -- 103 79 89.70
Sundry debtors 42.80 44 43 40.20
Debtor days -- 148 110 102
Other current assets 20.50 31.20 29.90 17.20
Sundry creditors (16) (11) (6) (6.10)
Creditor days -- 36.80 15.40 15.40
Other current liabilities (14) (15) (9.90) (18)
Cash 1.19 1.03 1.95 3.61
Total assets 120 183 147 187
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 77.60 108 143 145 169
Excise Duty -- -- -- -- --
Net Sales 77.60 108 143 145 169
Other Operating Income -- -- -- -- 0.19
Other Income 1.42 4.28 3.69 0.41 0.89
Total Income 79.10 113 147 145 170
Total Expenditure ** 76.50 99.60 130 128 147
PBIDT 2.54 13.10 16.30 16.80 23.10
Interest 4.04 10.60 12.90 10.70 12.70
PBDT (1.50) 2.51 3.39 6.05 10.50
Depreciation 4.90 9.04 9.52 9.85 10.30
Minority Interest Before NP -- -- -- -- --
Tax -- 0.82 0.55 1.07 (0.20)
Deferred Tax (0.20) (0.90) (0.50) -- --
Reported Profit After Tax (6.20) (6.50) (6.20) (4.90) 0.42
Minority Interest After NP -- -- -- (1.60) 0.11
Net Profit after Minority Interest (6.20) (6.50) (6.20) (3.30) 0.31
Extra-ordinary Items -- (1.40) 3.09 -- --
Adjusted Profit After Extra-ordinary item (6.20) (5) (9.30) (3.30) 0.33
EPS (Unit Curr.) (11) (14) (11) (5.70) 0.54
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 5.81 5.81 5.81 5.81 5.81
Public Shareholding (Number) -- -- -- -- 1,452,583
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 4,355,417
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 75
PBIDTM(%) 3.27 12.10 11.40 11.60 13.70
PBDTM(%) (1.90) 2.31 2.37 4.19 6.22
PATM(%) (8) (5.90) (4.40) (3.40) 0.25