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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 3.67 12.80 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 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 8.19 5.97 6.25
Payout (%)        
Dividend payout 3.56 3.43 5.57 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 36.20 48.10 6.26 45.20
Profit before tax 218 194 164 111
Taxes (71) (65) (47) (35)
Tax rate (33) (33) (29) (31)
Minorities and other (9.80) (12) (0.40) (3.90)
Adj. profit 136 118 116 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 218 194 164 111
Depreciation (50) (55) (52) (47)
Tax paid (71) (65) (47) (35)
Working capital 935 584 234 237
Other operating items -- -- -- --
Operating cashflow 1,031 658 299 267
Capital expenditure 589 261 152 69.10
Free cash flow 1,620 919 451 336
Equity raised 1,251 754 727 734
Investments 11 9.45 1.43 1.82
Debt financing/disposal 586 411 218 261
Dividends paid 4.80 4.02 4.02 5.29
Other items -- -- -- --
Net in cash 3,473 2,098 1,402 1,338
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 32 32 26.70 26.70
Preference capital -- -- -- --
Reserves 1,297 1,147 638 510
Net worth 1,329 1,179 665 537
Minority interest
Debt 1,690 1,548 1,610 1,597
Deferred tax liabilities (net) 14 10.80 0.75 0.75
Total liabilities 3,139 2,793 2,323 2,169
Fixed assets 643 594 413 386
Intangible assets
Investments 36.10 14.30 14.30 6.42
Deferred tax asset (net) 22.60 17.40 12.10 8.02
Net working capital 2,399 2,139 1,842 1,737
Inventories 1,891 1,729 1,447 1,300
Inventory Days -- 175 163 160
Sundry debtors 535 468 463 376
Debtor days -- 47.30 52.10 46.10
Other current assets 421 416 345 357
Sundry creditors (275) (339) (215) (144)
Creditor days -- 34.20 24.20 17.70
Other current liabilities (173) (135) (198) (152)
Cash 37.70 29.10 41.50 32.30
Total assets 3,139 2,793 2,323 2,169
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Particulars ( Rupees In Crores.) Dec-2019 Sep-2019 Jun-2019 Mar-2019 Dec-2018
Gross Sales 996 972 980 1,009 1,114
Excise Duty -- -- -- -- --
Net Sales 996 972 980 1,009 1,114
Other Operating Income -- -- -- -- --
Other Income 1.36 12.70 5.05 9.46 2.87
Total Income 998 984 985 1,018 1,117
Total Expenditure ** 881 873 860 924 1,005
PBIDT 117 111 125 94.40 112
Interest 28.10 31.20 37.30 43.90 30
PBDT 88.60 79.90 88 50.50 82.20
Depreciation 21.50 20.80 19.70 17.50 16.60
Minority Interest Before NP -- -- -- -- --
Tax 19.90 16.40 22.60 5.24 27.10
Deferred Tax (1) (4.60) 0.25 5.96 0.23
Reported Profit After Tax 48.20 47.40 45.40 21.80 38.20
Minority Interest After NP 2.78 4.94 2.72 2.13 3.23
Net Profit after Minority Interest 45.40 42.40 42.70 19.70 35
Extra-ordinary Items -- (2.80) -- -- --
Adjusted Profit After Extra-ordinary item 45.40 45.20 42.70 19.70 35
EPS (Unit Curr.) 1.42 1.33 1.34 0.62 1.09
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 32 32 32 32 32
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 11.70 11.40 12.80 9.35 10.10
PBDTM(%) 8.89 8.23 8.97 5 7.37
PATM(%) 4.84 4.87 4.63 2.17 3.43