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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 7.39 2.68 9.83 11.30
Op profit growth 10.70 28.40 3.70 5.76
EBIT growth 0.45 55.40 10.70 (1.30)
Net profit growth 6.30 88 92.50 32.50
Profitability ratios (%)        
OPM 20.20 19.60 15.70 16.60
EBIT margin 14.70 15.80 10.40 10.30
Net profit margin 6.15 6.21 3.39 1.94
RoCE 16.20 15.80 9.75 8.79
RoNW 2.69 3.15 2.05 1.12
RoA 1.69 1.55 0.79 0.41
Per share ratios ()        
EPS 4.57 4.31 1.64 1.38
Dividend per share 0.40 0.30 0.40 0.10
Cash EPS (0.10) 0.23 (1.20) (2.30)
Book value per share 34.30 29.80 21.70 20.40
Valuation ratios        
P/E 8.16 5.29 9.09 6.14
P/CEPS (314) 101 (12) (3.80)
P/B 1.09 0.77 0.69 0.42
EV/EBIDTA 4.65 4.01 4.81 4.62
Payout (%)        
Dividend payout -- 11.10 57.90 13
Tax payout (25) (24) (23) (34)
Liquidity ratios        
Debtor days 84.10 88.40 94.30 107
Inventory days 70.90 72.60 65.60 66.70
Creditor days (59) (59) (56) (64)
Leverage ratios        
Interest coverage (4.10) (3.30) (1.80) (1.80)
Net debt / equity 0.52 0.75 1.14 1.38
Net debt / op. profit 1.56 2.17 3.09 3.66
Cost breakup ()        
Material costs (56) (53) (59) (59)
Employee costs (4.50) (4.40) (5.60) (4.90)
Other costs (20) (23) (20) (20)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 1,427 1,329 1,294 1,178
yoy growth (%) 7.39 2.68 9.83 11.30
Raw materials (794) (707) (764) (691)
As % of sales 55.60 53.20 59 58.70
Employee costs (65) (58) (73) (58)
As % of sales 4.54 4.36 5.60 4.88
Other costs (280) (303) (255) (234)
As % of sales 19.60 22.80 19.70 19.80
Operating profit 289 261 203 196
OPM 20.20 19.60 15.70 16.60
Depreciation (91) (77) (75) (80)
Interest expense (51) (63) (75) (68)
Other income 12.40 25.50 6.41 6.13
Profit before tax 160 146 60.20 54.20
Taxes (40) (35) (14) (18)
Tax rate (25) (24) (23) (34)
Minorities and other (29) (29) (2.50) (13)
Adj. profit 91.50 82.50 43.70 23.30
Exceptional items (3.80) -- 0.24 (0.50)
Net profit 87.70 82.50 43.90 22.80
yoy growth (%) 6.30 88 92.50 32.50
NPM 6.15 6.21 3.39 1.94
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 160 146 60.20 54.20
Depreciation (91) (77) (75) (80)
Tax paid (40) (35) (14) (18)
Working capital 8.42 (18) 7.76 --
Other operating items -- -- -- --
Operating cashflow 37.70 16.70 (21) (44)
Capital expenditure 57.20 (152) 298 --
Free cash flow 94.90 (135) 277 (44)
Equity raised 1,229 1,108 980 965
Investments (6.80) (19) (0.70) --
Debt financing/disposal 125 60.80 115 84
Dividends paid -- 7.63 21.10 2.54
Other items -- -- -- --
Net in cash 1,442 1,022 1,392 1,007
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Equity capital 180 152 25.40 25.40
Preference capital -- -- -- --
Reserves 693 606 526 493
Net worth 873 758 552 518
Minority interest
Debt 461 578 644 754
Deferred tax liabilities (net) (48) (28) 58.80 51.80
Total liabilities 1,286 1,308 1,348 1,417
Fixed assets 797 827 804 815
Intangible assets
Investments 29.10 0.59 23.90 0.56
Deferred tax asset (net) (77) (54) 11.70 14.80
Net working capital 526 523 493 549
Inventories 242 313 216 250
Inventory Days 61.80 85.90 60.90 77.30
Sundry debtors 331 327 317 352
Debtor days 84.60 89.80 89.30 109
Other current assets 170 115 165 208
Sundry creditors (176) (193) (151) (185)
Creditor days 44.90 53.10 42.60 57.40
Other current liabilities (41) (38) (54) (76)
Cash 10.20 11 15.60 37.30
Total assets 1,286 1,308 1,348 1,417
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Particulars ( Rupees In Crores.) Dec-2017 Sep-2017 Jun-2017 Mar-2017 Dec-2016
Gross Sales 450 461 461 387 352
Excise Duty -- -- 39.90 33.50 30.70
Net Sales 450 461 421 354 321
Other Operating Income -- -- -- -- --
Other Income 1.53 10.60 4.48 (1.40) 7.40
Total Income 452 471 426 352 328
Total Expenditure ** 333 358 330 281 260
PBIDT 119 113 95.70 71 68
Interest 9.91 10.10 10.70 10.50 12.80
PBDT 109 103 85 60.50 55.30
Depreciation 24.40 23.60 23 22.40 19
Minority Interest Before NP -- -- -- -- --
Tax 22.60 22.30 18.90 14.10 10.20
Deferred Tax (0.80) 2.31 (0.20) (4.70) (1)
Reported Profit After Tax 62.60 55.10 43.30 28.60 27.10
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 62.60 55.10 43.30 28.60 27.10
Extra-ordinary Items -- -- -- (1.40) --
Adjusted Profit After Extra-ordinary item 62.60 55.10 43.30 30.10 27.10
EPS (Unit Curr.) 1.71 1.76 1.29 0.93 0.78
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 25.40 25.40 25.40 25.40 25.40
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(%) 26.40 24.60 22.70 20.10 21.20
PBDTM(%) 24.20 22.40 20.20 17.10 17.20
PATM(%) 13.90 12 10.30 8.10 8.45