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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 21.40 16.40 18.30 --
Op profit growth (7.20) 31.10 43 --
EBIT growth (20) 73.40 48.80 --
Net profit growth (38) 291 (227) --
Profitability ratios (%)        
OPM 9.31 12.20 10.80 8.95
EBIT margin 5.55 8.44 5.66 4.50
Net profit margin 2.25 4.42 1.32 (1.20)
RoCE 7.90 13.20 7.76 --
RoNW 1.28 2.26 0.65 --
RoA 0.80 1.73 0.45 --
Per share ratios ()        
EPS 2.52 4.06 1.02 0.30
Dividend per share -- -- -- --
Cash EPS (2.40) 0.15 (2.70) (4.30)
Book value per share 50.70 47.10 42.90 38.40
Valuation ratios        
P/E 111 77.20 280 --
P/CEPS (117) 2,046 (106) --
P/B 5.50 6.65 6.67 --
EV/EBIDTA 28.50 27.60 36.20 --
Payout (%)        
Dividend payout -- -- -- --
Tax payout (36) (38) (49) (71)
Liquidity ratios        
Debtor days 34.90 30 33.30 --
Inventory days 11.10 10.10 11.60 --
Creditor days (50) (48) (42) --
Leverage ratios        
Interest coverage (2.70) (7.30) (3.10) (1.50)
Net debt / equity 0.74 0.19 0.27 0.43
Net debt / op. profit 3.61 0.80 1.34 2.72
Cost breakup ()        
Material costs (24) (23) (24) (25)
Employee costs (20) (20) (21) (20)
Other costs (46) (45) (45) (46)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,281 1,878 1,614 1,364
yoy growth (%) 21.40 16.40 18.30 --
Raw materials (557) (436) (387) (341)
As % of sales 24.40 23.20 24 25
Employee costs (466) (375) (334) (277)
As % of sales 20.40 20 20.70 20.30
Other costs (1,046) (838) (718) (624)
As % of sales 45.90 44.60 44.50 45.80
Operating profit 212 229 175 122
OPM 9.31 12.20 10.80 8.95
Depreciation (100) (80) (76) (68)
Interest expense (47) (22) (29) (41)
Other income 14.30 9.55 (7.10) 7.74
Profit before tax 79.80 137 62 20.50
Taxes (29) (52) (30) (15)
Tax rate (36) (38) (49) (71)
Minorities and other (0.10) 0.08 0.41 (23)
Adj. profit 50.80 84.40 32.20 (17)
Exceptional items 0.54 (1.30) (11) --
Net profit 51.30 83.10 21.20 (17)
yoy growth (%) (38) 291 (227) --
NPM 2.25 4.42 1.32 (1.20)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 79.80 137 62 20.50
Depreciation (100) (80) (76) (68)
Tax paid (29) (52) (30) (15)
Working capital 2.31 (25) 25.20 --
Other operating items -- -- -- --
Operating cashflow (47) (21) (19) --
Capital expenditure 1,166 105 (105) --
Free cash flow 1,119 84 (124) --
Equity raised 1,353 1,347 1,409 --
Investments (43) 8.93 (8.90) --
Debt financing/disposal 640 (0.80) 40.80 --
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 3,068 1,439 1,317 --
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 202 202 204 200
Preference capital -- -- -- --
Reserves 833 761 672 568
Net worth 1,036 963 876 768
Minority interest
Debt 802 217 258 362
Deferred tax liabilities (net) 141 44.80 41.70 49.90
Total liabilities 1,978 1,225 1,176 1,181
Fixed assets 1,883 1,135 1,068 934
Intangible assets
Investments 8.78 96.10 87.20 52.20
Deferred tax asset (net) 109 20 18.60 14
Net working capital (58) (60) (23) 152
Inventories 85 53.20 50.50 52.20
Inventory Days 13.60 10.30 11.40 14
Sundry debtors 279 157 152 143
Debtor days 44.60 30.50 34.30 38.30
Other current assets 238 173 175 161
Sundry creditors (315) (248) (185) (145)
Creditor days 50.40 48.20 41.70 38.80
Other current liabilities (345) (195) (216) (59)
Cash 35.30 34.10 24.10 29.50
Total assets 1,978 1,225 1,176 1,181
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Particulars ( Rupees In Crores.) Mar-2018 Sep-2017 Mar-2017 Sep-2016 Mar-2016
Gross Sales 1,201 1,080 956 939 834
Excise Duty -- -- -- -- --
Net Sales 1,201 1,080 956 939 834
Other Operating Income -- -- (18) -- (6.60)
Other Income 8.50 10.90 9.62 7.86 7.27
Total Income 1,209 1,091 948 947 835
Total Expenditure ** 1,098 976 835 828 768
PBIDT 111 116 113 120 66.90
Interest 28.70 18.10 11.10 10.80 12.30
PBDT 82.80 97.50 102 109 54.60
Depreciation 49.60 50.40 41.30 38.70 40.30
Minority Interest Before NP -- -- -- -- --
Tax (20) 19.70 24.50 26.40 21.60
Deferred Tax 29 -- 1.45 -- (5)
Reported Profit After Tax 23.90 27.50 34.80 43.70 (2.30)
Minority Interest After NP -- -- 0.04 -- 0.41
Net Profit after Minority Interest 23.90 27.50 39.20 43.70 10.40
Extra-ordinary Items 1.70 (0.70) (1.30) -- (11)
Adjusted Profit After Extra-ordinary item 22.20 28.20 40.60 43.70 21.40
EPS (Unit Curr.) 1.17 1.36 1.92 2.16 0.51
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 204 204 204 204 204
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(%) 9.29 10.70 11.80 12.70 8.02
PBDTM(%) -- -- -- -- --
PATM(%) 1.99 2.54 3.64 4.66 (0.30)