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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 -- 3.43 -- 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 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 1,247 754 723 734
Investments 11 9.45 1.43 1.82
Debt financing/disposal 586 411 218 261
Dividends paid -- 4.02 -- 5.29
Other items -- -- -- --
Net in cash 3,463 2,098 1,394 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-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 2,882 2,523 2,317 2,168 2,041
Excise Duty -- -- -- -- --
Net Sales 2,882 2,523 2,317 2,168 2,041
Other Operating Income -- -- -- 4.59 22.10
Other Income 15.30 28.50 31.90 0.67 0.99
Total Income 2,897 2,551 2,349 2,174 2,064
Total Expenditure ** 2,579 2,242 2,053 1,910 1,843
PBIDT 318 309 296 264 222
Interest 89.90 106 118 110 107
PBDT 228 202 178 154 115
Depreciation 47.60 32.60 42 40.60 33.10
Minority Interest Before NP -- -- -- -- --
Tax 65 60.30 47 40.50 27.40
Deferred Tax -- (0.40) (1.90) -- --
Reported Profit After Tax 116 110 91.40 72.80 54
Minority Interest After NP -- -- 6.37 4.98 3.18
Net Profit after Minority Interest 116 110 85 66.60 50.80
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 116 110 85 66.60 50.80
EPS (Unit Curr.) 3.34 3.04 34.30 25.20 19.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 32 36.20 26.70 26.50 26.40
Public Shareholding (Number) -- -- -- -- 8,480,845
Public Shareholding (%) -- -- -- -- 32.10
Pledged/Encumbered - No. of Shares -- -- -- -- 2,500,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 14
Pledged/Encumbered - % in Total Equity -- -- -- -- 9.47
Non Encumbered - No. of Shares -- -- -- -- 15,414,173
Non Encumbered - % in Total Promoters Holding -- -- -- -- 86
Non Encumbered - % in Total Equity -- -- -- -- 58.40
PBIDTM(%) 11 12.20 12.80 12.20 10.90
PBDTM(%) 7.92 8.02 7.70 7.10 5.61
PATM(%) 4.01 4.35 3.94 3.36 2.65