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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 3.40 2.03 3.49 6.33
RoNW (13) (7.20) (2.70) 0.24
RoA (1.20) (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 11.10 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 (22) (17) (30) (52)
Leverage ratios        
Interest coverage (0.50) (0.30) (0.60) (1)
Net debt / equity 12.20 6.68 5.03 5.09
Net debt / op. profit 15.10 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 40 34.10 18.70 21
Other operating items -- -- -- --
Operating cashflow 26.20 15 3.96 11.20
Capital expenditure 70.10 (36) 6.03 0.46
Free cash flow 96.20 (22) 9.99 11.60
Equity raised 39.80 44.50 51.40 52
Investments 5.56 0.03 -- --
Debt financing/disposal 128 96.80 161 198
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 270 120 222 261
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 5.81 5.81 5.81 5.81
Preference capital -- -- -- --
Reserves 7.19 12.20 22.50 25.80
Net worth 13 18 28.40 31.60
Minority interest
Debt 159 122 146 164
Deferred tax liabilities (net) 6.30 6.87 7.21 7.55
Total liabilities 188 147 187 210
Fixed assets 86 51.50 109 119
Intangible assets
Investments 5.56 0.03 -- --
Deferred tax asset (net) 5.84 5.56 5.46 5.36
Net working capital 89.50 87.90 69.10 83.40
Inventories 30.60 30.90 35.50 46.70
Inventory Days 103 79 89.70 101
Sundry debtors 44 43 40.20 45.40
Debtor days 148 110 102 98.20
Other current assets 35.40 29.90 17.20 17.80
Sundry creditors (5.50) (6) (6.10) (15)
Creditor days 18.60 15.40 15.40 31.90
Other current liabilities (15) (9.90) (18) (12)
Cash 1.03 1.95 3.61 2.87
Total assets 188 147 187 210
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Particulars ( Rupees In Crores.) Mar-2012 Sep-2011 Mar-2011 Sep-2010 Mar-2010
Gross Sales 85.20 68.40 68.70 72.30 62.50
Excise Duty -- -- -- -- --
Net Sales 85.20 68.40 68.70 72.30 62.50
Other Operating Income (0.20) 0.31 0.07 0.03 0.21
Other Income 0.79 0.03 0.28 0.11 0.14
Total Income 85.80 68.80 69.10 72.40 62.90
Total Expenditure ** 73.40 60 59.90 63.20 56.60
PBIDT 12.30 8.71 9.13 9.23 6.30
Interest 7.46 4.66 4.74 4.22 2.16
PBDT 4.87 4.05 4.39 5.01 4.14
Depreciation 3.84 2.78 2.75 2.83 2.14
Minority Interest Before NP (0.10) 0.11 (0.40) 0.36 0.20
Tax 0.69 -- 0.80 -- 0.42
Deferred Tax -- -- (0.10) -- 0.41
Reported Profit After Tax 0.45 1.16 1.26 1.82 0.97
Minority Interest After NP 0.19 -- 0.52 -- --
Net Profit after Minority Interest 0.26 1.16 0.74 1.82 0.97
Extra-ordinary Items 0.06 (0.10) -- -- (0.10)
Adjusted Profit After Extra-ordinary item 0.20 1.22 0.74 1.82 1.03
EPS (Unit Curr.) 0.45 2 1.27 3.13 1.67
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 5.81 5.81 5.81 5.81 5.81
Public Shareholding (Number) 1,452,583 1,452,683 1,452,683 1,452,683 1,452,683
Public Shareholding (%) 25 25 25 25 25
Pledged/Encumbered - No. of Shares -- 600,000 1,133,000 533,000 533,000
Pledged/Encumbered - % in Total Promoters Holding -- 13.80 26 12.20 12.20
Pledged/Encumbered - % in Total Equity -- 10.30 19.50 9.18 9.18
Non Encumbered - No. of Shares 4,355,417 3,755,317 3,222,317 3,822,317 3,822,317
Non Encumbered - % in Total Promoters Holding 100 86.20 74 87.80 87.80
Non Encumbered - % in Total Equity 75 64.70 55.50 65.80 65.80
PBIDTM(%) 14.50 12.70 13.30 12.80 10.10
PBDTM(%) -- -- -- -- --
PATM(%) 0.53 1.70 1.83 2.52 1.55