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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 32 34 13.20 30.80
Op profit growth 42.70 57.30 54.10 98.30
EBIT growth 59.90 58.10 81.20 147
Net profit growth 87.80 48.60 63.50 847
Profitability ratios (%)        
OPM 11.90 11 9.41 6.91
EBIT margin 9 7.43 6.30 3.94
Net profit margin 6.94 4.88 4.40 3.05
RoCE 20.30 18.60 19.40 13.70
RoNW 6.28 5.39 6.64 5.02
RoA 3.91 3.05 3.39 2.66
Per share ratios ()        
EPS 35.40 20.90 68.40 36.20
Dividend per share 2.80 2.20 7 6
Cash EPS 16.70 3.66 11.70 (9.80)
Book value per share 162 134 297 230
Valuation ratios        
P/E 10.10 7.08 0.98 1.05
P/CEPS 21.50 40.40 5.71 (3.90)
P/B 2.24 1.11 0.23 0.17
EV/EBIDTA 17.20 9.41 7.64 6.49
Payout (%)        
Dividend payout 3.34 5.83 12.10 17
Tax payout (27) (22) (21) (31)
Liquidity ratios        
Debtor days 52.60 46.50 47.20 45
Inventory days 26.70 22.70 23.40 21.70
Creditor days (62) (53) (51) (46)
Leverage ratios        
Interest coverage (11) (6.30) (6.20) (3.50)
Net debt / equity 0.31 0.13 0.71 0.56
Net debt / op. profit 0.81 0.36 1.41 1.32
Cost breakup ()        
Material costs (62) (62) (64) (66)
Employee costs (13) (13) (13) (13)
Other costs (13) (13) (14) (14)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 4,471 3,386 2,527 2,232
yoy growth (%) 32 34 13.20 30.80
Raw materials (2,763) (2,116) (1,610) (1,483)
As % of sales 61.80 62.50 63.70 66.40
Employee costs (587) (451) (326) (288)
As % of sales 13.10 13.30 12.90 12.90
Other costs (587) (444) (353) (307)
As % of sales 13.10 13.10 14 13.70
Operating profit 534 374 238 154
OPM 11.90 11 9.41 6.91
Depreciation (165) (136) (93) (83)
Interest expense (35) (40) (26) (25)
Other income 33.40 13.80 14 17
Profit before tax 367 212 134 62.80
Taxes (98) (46) (28) (19)
Tax rate (27) (22) (21) (31)
Minorities and other 2.41 (0.30) 0.18 8.56
Adj. profit 272 165 106 52
Exceptional items 38.20 -- 5.20 16
Net profit 310 165 111 68
yoy growth (%) 87.80 48.60 63.50 847
NPM 6.94 4.88 4.40 3.05
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 367 212 134 62.80
Depreciation (165) (136) (93) (83)
Tax paid (98) (46) (28) (19)
Working capital 433 426 96.10 13.70
Other operating items -- -- -- --
Operating cashflow 537 455 109 (26)
Capital expenditure 1,250 503 831 77.80
Free cash flow 1,787 958 940 51.40
Equity raised 1,197 1,151 642 580
Investments 136 88.30 21.80 (19)
Debt financing/disposal 547 394 314 68.70
Dividends paid 10.40 9.63 11.10 9.52
Other items -- -- -- --
Net in cash 3,678 2,602 1,928 690
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 52.40 17.40 316 15.90
Preference capital 3 19.70 -- 3.50
Reserves 1,652 1,374 744 452
Net worth 1,707 1,411 1,059 472
Minority interest
Debt 1,080 594 510 393
Deferred tax liabilities (net) 77.90 45.20 23.50 24.20
Total liabilities 3,131 2,262 1,710 998
Fixed assets 2,011 1,561 1,002 703
Intangible assets
Investments 356 155 111 43.60
Deferred tax asset (net) 77.30 63.80 53.20 31.40
Net working capital 577 322 169 164
Inventories 561 418 238 184
Inventory Days -- 34.10 25.60 26.60
Sundry debtors 899 790 500 364
Debtor days -- 64.50 53.80 52.60
Other current assets 294 263 144 129
Sundry creditors (850) (836) (502) (374)
Creditor days -- 68.20 54.10 54.10
Other current liabilities (327) (313) (209) (139)
Cash 110 159 374 56.70
Total assets 3,131 2,262 1,710 998
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 5,908 4,548 3,665 2,527 2,206
Excise Duty -- 77.70 279 -- --
Net Sales 5,908 4,471 3,386 2,527 2,206
Other Operating Income -- -- -- -- 26.30
Other Income 27 103 13.80 19.20 33
Total Income 5,935 4,574 3,400 2,547 2,265
Total Expenditure ** 5,183 3,969 3,012 2,290 2,078
PBIDT 752 605 388 257 187
Interest 63.20 35.10 39.80 25.70 25
PBDT 689 570 348 231 162
Depreciation 234 165 136 92.60 83.50
Minority Interest Before NP -- -- -- -- --
Tax 115 84.60 49.60 27.70 19.40
Deferred Tax 18.60 13.10 (3.20) -- --
Reported Profit After Tax 321 308 165 111 59.40
Minority Interest After NP 53.90 20.70 20 11.50 (0.30)
Net Profit after Minority Interest 286 310 165 111 68
Extra-ordinary Items -- 29 -- 4.16 12
Adjusted Profit After Extra-ordinary item 286 281 165 107 55.90
EPS (Unit Curr.) 10.90 12 20.80 70 42.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 55 140 110 70 60
Equity 52.40 17.40 15.90 15.90 15.90
Public Shareholding (Number) -- -- -- -- 4,616,657
Public Shareholding (%) -- -- -- -- 29.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 11,248,699
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 70.90
PBIDTM(%) 12.70 13.50 11.50 10.20 8.49
PBDTM(%) 11.70 12.80 10.30 9.15 7.36
PATM(%) 5.43 6.88 4.89 4.39 2.69