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Y/e 31 Mar Mar-2016 Mar-2015 Mar-2014 Mar-2013
Growth matrix (%)        
Revenue growth 8.73 10.50 12.10 55.30
Op profit growth 35.20 0.18 21.80 31.90
EBIT growth 18.70 7.33 22.70 38.60
Net profit growth (0.50) (7.50) 39.70 (4,710)
Profitability ratios (%)        
OPM 12 9.64 10.60 9.79
EBIT margin 10.50 9.59 9.88 9.02
Net profit margin 2.43 2.65 3.17 2.54
RoCE 14.30 12.70 13.30 12.20
RoNW 3.61 4.25 5.58 4.96
RoA 0.83 0.88 1.06 0.86
Per share ratios ()        
EPS 27.20 28.50 31.90 22.60
Dividend per share 1.50 2 2.25 2
Cash EPS 7.72 9.80 15.60 6.58
Book value per share 201 175 149 119
Valuation ratios        
P/E 0.83 0.35 0.29 0.21
P/CEPS 2.93 1.01 0.59 0.71
P/B 0.11 0.06 0.06 0.04
EV/EBIDTA 5.97 6.25 6.06 6.29
Payout (%)        
Dividend payout -- 8.76 8.85 10.90
Tax payout (29) (31) (35) (28)
Liquidity ratios        
Debtor days 42.60 43 51.50 52.90
Inventory days 163 181 178 156
Creditor days (17) (18) (25) (21)
Leverage ratios        
Interest coverage (2.10) (1.70) (2.20) (1.70)
Net debt / equity 2.92 3.61 3.75 4.43
Net debt / op. profit 4.39 6.33 5.57 6.36
Cost breakup ()        
Material costs (71) (75) (74) (74)
Employee costs (3) (2.70) (2.60) (2.20)
Other costs (14) (12) (12) (14)
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Y/e 31 Mar( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Revenue 2,973 2,735 2,474 2,208
yoy growth (%) 8.73 10.50 12.10 55.30
Raw materials (2,105) (2,062) (1,842) (1,628)
As % of sales 70.80 75.40 74.40 73.80
Employee costs (90) (74) (64) (49)
As % of sales 3.02 2.71 2.58 2.24
Other costs (422) (334) (305) (314)
As % of sales 14.20 12.20 12.30 14.20
Operating profit 357 264 263 216
OPM 12 9.64 10.60 9.79
Depreciation (52) (47) (37) (39)
Interest expense (148) (151) (113) (117)
Other income 6.26 45.20 18.60 21.90
Profit before tax 164 111 131 82.10
Taxes (47) (35) (46) (23)
Tax rate (29) (31) (35) (28)
Minorities and other (0.40) (3.90) (6.50) (4)
Adj. profit 116 72.50 78.30 55.30
Exceptional items (44) -- 0.04 0.72
Net profit 72.10 72.50 78.30 56.10
yoy growth (%) (0.50) (7.50) 39.70 (4,710)
NPM 2.43 2.65 3.17 2.54
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Y/e 31 Mar ( In .Cr) Mar-2016 Mar-2015 Mar-2014 Mar-2013
Profit before tax 164 111 131 82.10
Depreciation (52) (47) (37) (39)
Tax paid (47) (35) (46) (23)
Working capital 547 628 160 (160)
Other operating items -- -- -- --
Operating cashflow 612 658 208 (140)
Capital expenditure 291 159 45.50 (45)
Free cash flow 903 817 253 (185)
Equity raised 666 598 577 598
Investments 3.13 2.13 0.13 (0.10)
Debt financing/disposal 635 493 123 (18)
Dividends paid -- 5.29 5.92 5.23
Other items -- -- -- --
Net in cash 2,208 1,916 959 400
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 26.70 26.70 26.50 26.30
Preference capital -- -- -- --
Reserves 630 510 436 365
Net worth 656 537 463 391
Minority interest
Debt 1,612 1,597 1,692 1,502
Deferred tax liabilities (net) 4.92 0.75 5.09 8.36
Total liabilities 2,318 2,169 2,194 1,932
Fixed assets 410 386 385 368
Intangible assets
Investments 5.28 6.42 6.94 5.12
Deferred tax asset (net) 13.40 8.02 6.29 7.08
Net working capital 1,848 1,737 1,775 1,517
Inventories 1,448 1,300 1,362 1,349
Inventory Days -- 160 182 199
Sundry debtors 463 376 318 326
Debtor days -- 46.10 42.40 48.10
Other current assets 347 357 351 109
Sundry creditors (215) (144) (98) (148)
Creditor days -- 17.70 13 21.90
Other current liabilities (194) (152) (159) (119)
Cash 41.20 32.30 21.20 35.10
Total assets 2,318 2,169 2,194 1,932
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Particulars ( Rupees In Crores.) Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Gross Sales 3,287 2,973 2,735 2,462 2,214
Excise Duty -- -- -- -- --
Net Sales 3,287 2,973 2,735 2,462 2,214
Other Operating Income -- -- 44 29.90 13.40
Other Income 35.60 6.26 1.17 1.09 2.50
Total Income 3,322 2,980 2,780 2,493 2,230
Total Expenditure ** 2,920 2,661 2,471 2,211 1,991
PBIDT 402 319 309 282 239
Interest 155 148 151 113 117
PBDT 247 171 158 168 122
Depreciation 54.20 51.50 46.60 37.40 38.80
Minority Interest Before NP -- -- -- -- --
Tax 68.90 49.90 34.80 46.30 22.70
Deferred Tax (4.50) (2.80) -- -- --
Reported Profit After Tax 129 72.50 76.40 84.80 60.10
Minority Interest After NP 10.50 (0.20) 3.93 6.48 4.02
Net Profit after Minority Interest 117 72.10 72.50 78.30 56
Extra-ordinary Items -- (27) -- -- --
Adjusted Profit After Extra-ordinary item 117 98.80 72.50 78.30 56
EPS (Unit Curr.) 4.40 27.20 27.50 29.80 21.50
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 15 15 20 22.50 20
Equity 26.70 26.70 26.50 26.30 26.20
Public Shareholding (Number) -- -- 8,539,409 8,813,782 9,957,427
Public Shareholding (%) -- -- 32.30 33.50 38
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 16,210,968
Non Encumbered - % in Total Promoters Holding -- -- 86 100 100
Non Encumbered - % in Total Equity -- -- 58.30 66.50 62
PBIDTM(%) 12.20 10.70 11.30 11.50 10.80
PBDTM(%) 7.52 5.75 5.77 6.84 5.49
PATM(%) 3.92 2.44 2.79 3.44 2.71