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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 11.40 9.13 8.73 10.50
Op profit growth 5.53 0.45 35.20 0.18
EBIT growth 3.26 12.70 18.70 7.33
Net profit growth 14.90 62.50 (0.50) (7.50)
Profitability ratios (%)        
OPM 10.50 11 12 9.64
EBIT margin 10 10.80 10.50 9.59
Net profit margin 3.73 3.61 2.43 2.65
RoCE 14.20 15.60 14.30 12.70
RoNW 3.65 4.88 3.61 4.25
RoA 1.32 1.30 0.83 0.88
Per share ratios ()        
EPS 4.52 4.85 27.20 28.50
Dividend per share 0.15 0.15 1.50 2
Cash EPS 2.64 2.33 7.72 9.80
Book value per share 36.90 24.90 201 175
Valuation ratios        
P/E 19 13.60 0.83 0.35
P/CEPS 32.40 28.40 2.93 1.01
P/B 2.33 2.65 0.11 0.06
EV/EBIDTA 10.30 8.20 5.97 6.25
Payout (%)        
Dividend payout 2.97 3.43 -- 8.76
Tax payout (33) (33) (29) (31)
Liquidity ratios        
Debtor days 47 47.20 42.60 43
Inventory days 160 154 163 181
Creditor days (31) (23) (17) (18)
Leverage ratios        
Interest coverage (2.50) (2.20) (2.10) (1.70)
Net debt / equity 1.29 2.36 2.92 3.61
Net debt / op. profit 4.02 4.38 4.39 6.33
Cost breakup ()        
Material costs (74) (74) (71) (75)
Employee costs (3.70) (3.60) (3) (2.70)
Other costs (12) (11) (14) (12)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 3,614 3,245 2,973 2,735
yoy growth (%) 11.40 9.13 8.73 10.50
Raw materials (2,671) (2,410) (2,105) (2,062)
As % of sales 73.90 74.30 70.80 75.40
Employee costs (135) (117) (90) (74)
As % of sales 3.74 3.60 3.02 2.71
Other costs (429) (360) (422) (334)
As % of sales 11.90 11.10 14.20 12.20
Operating profit 378 358 357 264
OPM 10.50 11 12 9.64
Depreciation (50) (55) (52) (47)
Interest expense (147) (157) (148) (151)
Other income 34.40 47.80 6.26 45.20
Profit before tax 216 194 164 111
Taxes (71) (65) (47) (35)
Tax rate (33) (33) (29) (31)
Minorities and other (9.80) (12) (0.40) (3.90)
Adj. profit 135 117 116 72.50
Exceptional items -- -- (44) --
Net profit 135 117 72.10 72.50
yoy growth (%) 14.90 62.50 (0.50) (7.50)
NPM 3.73 3.61 2.43 2.65
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 216 194 164 111
Depreciation (50) (55) (52) (47)
Tax paid (71) (65) (47) (35)
Working capital 935 584 234 237
Other operating items -- -- -- --
Operating cashflow 1,029 658 299 267
Capital expenditure 589 261 152 69.10
Free cash flow 1,618 919 451 336
Equity raised 1,251 754 723 734
Investments 11 9.45 1.43 1.82
Debt financing/disposal 586 411 218 261
Dividends paid 4 4.02 -- 5.29
Other items -- -- -- --
Net in cash 3,469 2,098 1,394 1,338
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 32 26.70 26.70 26.50
Preference capital -- -- -- --
Reserves 1,147 638 510 436
Net worth 1,179 665 537 463
Minority interest
Debt 1,548 1,610 1,597 1,692
Deferred tax liabilities (net) 10.80 0.75 0.75 5.09
Total liabilities 2,793 2,323 2,169 2,194
Fixed assets 594 413 386 385
Intangible assets
Investments 14.30 14.30 6.42 6.94
Deferred tax asset (net) 17.40 12.10 8.02 6.29
Net working capital 2,139 1,842 1,737 1,775
Inventories 1,729 1,447 1,300 1,362
Inventory Days 175 163 160 182
Sundry debtors 468 463 376 318
Debtor days 47.30 52.10 46.10 42.40
Other current assets 416 345 357 351
Sundry creditors (339) (215) (144) (98)
Creditor days 34.20 24.20 17.70 13
Other current liabilities (135) (198) (152) (159)
Cash 29.10 41.50 32.30 21.20
Total assets 2,793 2,323 2,169 2,194
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 3,614 3,245 2,973 2,735 2,462
Excise Duty -- -- -- -- --
Net Sales 3,614 3,245 2,973 2,735 2,462
Other Operating Income -- -- -- 44 29.90
Other Income 36.20 48.10 6.26 1.17 1.09
Total Income 3,650 3,293 2,980 2,780 2,493
Total Expenditure ** 3,237 2,887 2,661 2,471 2,211
PBIDT 412 406 319 309 282
Interest 147 157 148 151 113
PBDT 266 249 171 158 168
Depreciation 50.10 55.10 51.50 46.60 37.40
Minority Interest Before NP -- -- -- -- --
Tax 67.40 71.60 49.90 34.80 46.30
Deferred Tax 4.01 (6.70) (2.80) -- --
Reported Profit After Tax 144 129 72.50 76.40 84.80
Minority Interest After NP -- -- (0.20) 3.93 6.48
Net Profit after Minority Interest 144 129 72.10 72.50 78.30
Extra-ordinary Items -- -- (27) -- --
Adjusted Profit After Extra-ordinary item 144 129 98.80 72.50 78.30
EPS (Unit Curr.) 4.80 4.40 27.20 27.50 29.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 15 15 20 22.50
Equity 32 26.70 26.70 26.50 26.30
Public Shareholding (Number) -- -- -- 8,539,409 8,813,782
Public Shareholding (%) -- -- -- 32.30 33.50
Pledged/Encumbered - No. of Shares -- -- -- 2,500,000 --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- 14 --
Pledged/Encumbered - % in Total Equity -- -- -- 9.45 --
Non Encumbered - No. of Shares -- -- -- 15,414,173 17,491,828
Non Encumbered - % in Total Promoters Holding -- -- -- 86 100
Non Encumbered - % in Total Equity -- -- -- 58.30 66.50
PBIDTM(%) 11.40 12.50 10.70 11.30 11.50
PBDTM(%) 7.36 7.68 5.75 5.77 6.84
PATM(%) 4 3.98 2.44 2.79 3.44