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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-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 25.40 25.40 152 25.40
Preference capital -- -- -- --
Reserves 845 693 606 526
Net worth 871 718 758 552
Minority interest
Debt 386 461 578 644
Deferred tax liabilities (net) 50.60 33.70 (28) 58.80
Total liabilities 1,528 1,368 1,308 1,348
Fixed assets 898 797 827 804
Intangible assets
Investments 72 29.10 0.59 23.90
Deferred tax asset (net) 7.52 5.22 (54) 11.70
Net working capital 541 526 523 493
Inventories 268 242 313 216
Inventory Days 54.20 62.10 85.90 60.90
Sundry debtors 375 331 327 317
Debtor days 75.80 85.10 89.80 89.30
Other current assets 188 171 115 165
Sundry creditors (207) (175) (193) (151)
Creditor days 42 45.10 53.10 42.60
Other current liabilities (83) (42) (38) (54)
Cash 9.92 10.20 11 15.60
Total assets 1,528 1,368 1,308 1,348
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Particulars ( Rupees In Crores.) Sep-2018 Jun-2018 Mar-2018 Dec-2017 Sep-2017
Gross Sales 501 476 471 450 461
Excise Duty -- -- -- -- --
Net Sales 501 476 471 450 461
Other Operating Income -- -- -- -- --
Other Income 17.20 14.10 13.80 1.53 10.60
Total Income 519 491 485 452 471
Total Expenditure ** 385 352 352 333 358
PBIDT 134 138 133 119 113
Interest 16.80 13.50 9.18 9.91 10.10
PBDT 117 125 123 109 103
Depreciation 24.50 24.30 23.80 24.40 23.60
Minority Interest Before NP -- -- -- -- --
Tax 18.50 33.70 9.66 22.60 22.30
Deferred Tax 12.40 (10) 13.10 (0.80) 2.31
Reported Profit After Tax 61.80 77.10 76.90 62.60 55.10
Minority Interest After NP 6.92 13.40 26.70 19.10 10.30
Net Profit after Minority Interest 54.80 63.70 50.20 43.50 44.80
Extra-ordinary Items -- -- (0.90) -- --
Adjusted Profit After Extra-ordinary item 54.80 63.70 51.10 43.50 44.80
EPS (Unit Curr.) 2.16 2.50 1.97 1.71 1.76
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(%) 26.70 29 28.10 26.40 24.60
PBDTM(%) 23.40 26.20 26.20 24.20 22.40
PATM(%) 12.30 16.20 16.30 13.90 12