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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 27 6.82 2.68 9.83
Op profit growth 49.30 10.70 28.40 3.70
EBIT growth 74.20 0.45 55.40 10.70
Net profit growth 95.30 6.30 88 92.50
Profitability ratios (%)        
OPM 23.90 20.30 19.60 15.70
EBIT margin 20.30 14.80 15.80 10.40
Net profit margin 9.50 6.18 6.21 3.39
RoCE 25.30 15.70 15.80 9.75
RoNW 5.39 2.97 3.15 2.05
RoA 2.96 1.64 1.55 0.79
Per share ratios ()        
EPS 9.36 4.57 4.38 1.64
Dividend per share 0.40 0.40 0.30 0.40
Cash EPS 3.01 (0.10) 0.23 (1.20)
Book value per share 34.20 28.30 29.80 21.70
Valuation ratios        
P/E 9.03 8.16 5.21 9.09
P/CEPS 28.10 (314) 101 (12)
P/B 2.47 1.32 0.77 0.69
EV/EBIDTA 5.47 4.65 4.01 4.81
Payout (%)        
Dividend payout -- -- 11.10 57.90
Tax payout (27) (25) (24) (23)
Liquidity ratios        
Debtor days 71.40 84.60 88.40 94.30
Inventory days 51.60 71.30 72.60 65.60
Creditor days (51) (60) (59) (56)
Leverage ratios        
Interest coverage (9.20) (4.10) (3.30) (1.80)
Net debt / equity 0.43 0.63 0.75 1.14
Net debt / op. profit 0.87 1.56 2.17 3.09
Cost breakup ()        
Material costs (50) (56) (53) (59)
Employee costs (5.50) (4.60) (4.40) (5.60)
Other costs (20) (19) (23) (20)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,803 1,420 1,329 1,294
yoy growth (%) 27 6.82 2.68 9.83
Raw materials (910) (794) (707) (764)
As % of sales 50.50 55.90 53.20 59
Employee costs (100) (65) (58) (73)
As % of sales 5.53 4.56 4.36 5.60
Other costs (362) (272) (303) (255)
As % of sales 20.10 19.20 22.80 19.70
Operating profit 431 289 261 203
OPM 23.90 20.30 19.60 15.70
Depreciation (95) (91) (77) (75)
Interest expense (40) (51) (63) (75)
Other income 30.30 12.40 25.50 6.41
Profit before tax 327 160 146 60.20
Taxes (88) (40) (35) (14)
Tax rate (27) (25) (24) (23)
Minorities and other (67) (29) (29) (2.50)
Adj. profit 172 91.50 82.50 43.70
Exceptional items (1.10) (3.80) -- 0.24
Net profit 171 87.70 82.50 43.90
yoy growth (%) 95.30 6.30 88 92.50
NPM 9.50 6.18 6.21 3.39
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 327 160 146 60.20
Depreciation (95) (91) (77) (75)
Tax paid (88) (40) (35) (14)
Working capital (34) (38) 46.60 (83)
Other operating items -- -- -- --
Operating cashflow 110 (9) 81.20 (112)
Capital expenditure 169 (19) (194) 155
Free cash flow 279 (28) (113) 42.90
Equity raised 1,143 1,056 1,134 996
Investments 36.10 9.54 (24) 23.30
Debt financing/disposal 50.20 (56) 49.90 (27)
Dividends paid -- -- 7.63 21.10
Other items -- -- -- --
Net in cash 1,508 981 1,055 1,057
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 25.40 25.40 25.40 152
Preference capital -- -- -- --
Reserves 978 845 693 606
Net worth 1,004 871 718 758
Minority interest
Debt 716 386 461 578
Deferred tax liabilities (net) 50.40 50.60 33.70 (28)
Total liabilities 1,920 1,528 1,368 1,308
Fixed assets 1,254 898 797 827
Intangible assets
Investments 0.57 72 29.10 0.59
Deferred tax asset (net) 0.28 7.52 5.22 (54)
Net working capital 530 541 526 523
Inventories 411 268 242 313
Inventory Days -- 54.20 62.10 85.90
Sundry debtors 431 375 331 327
Debtor days -- 75.80 85.10 89.80
Other current assets 145 188 171 115
Sundry creditors (318) (207) (175) (193)
Creditor days -- 42 45.10 53.10
Other current liabilities (140) (83) (42) (38)
Cash 135 9.92 10.20 11
Total assets 1,919 1,528 1,368 1,308
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 2,088 1,843 1,543 1,453 1,268
Excise Duty -- 39.90 123 121 --
Net Sales 2,088 1,803 1,420 1,332 1,268
Other Operating Income -- -- -- -- 26.40
Other Income 33.20 30.30 12.40 25.50 6.41
Total Income 2,121 1,834 1,432 1,358 1,301
Total Expenditure ** 1,559 1,373 1,135 1,071 1,091
PBIDT 562 460 297 286 209
Interest 56 39.90 50.90 63.10 74.60
PBDT 506 420 246 223 135
Depreciation 97.30 94.80 90.70 76.80 74.70
Minority Interest Before NP -- -- -- -- --
Tax 106 73.40 40.30 32.70 14
Deferred Tax 7.26 14.40 (0.70) 2.43 --
Reported Profit After Tax 295 238 116 111 46
Minority Interest After NP 44.10 66.60 28.50 -- 2.09
Net Profit after Minority Interest 251 171 87.70 111 43.90
Extra-ordinary Items (16) (0.80) (2.80) -- (0.20)
Adjusted Profit After Extra-ordinary item 267 172 90.50 111 44
EPS (Unit Curr.) 9.88 6.74 3.45 3.24 1.73
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 100 40 40 30 40
Equity 25.40 25.40 25.40 25.40 25.40
Public Shareholding (Number) -- -- -- -- 126,246,816
Public Shareholding (%) -- -- -- -- 49.60
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 128,067,395
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 50.40
PBIDTM(%) 26.90 25.50 20.90 21.50 16.50
PBDTM(%) 24.20 23.30 17.40 16.80 10.60
PATM(%) 14.10 13.20 8.19 8.35 3.63