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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (3.40) (0.80) 0.32 23.60
Op profit growth (17) (1.70) 55.50 50.30
EBIT growth (41) 20.50 136 (1,154)
Net profit growth (52) 32 (857) (77)
Profitability ratios (%)        
OPM 8.45 9.84 9.93 6.40
EBIT margin 5.24 8.53 7.02 2.98
Net profit margin 1.97 3.98 2.99 (0.40)
RoCE 6.80 12.60 12.20 5.56
RoNW 1.20 2.69 2.25 (0.30)
RoA 0.64 1.47 1.31 (0.20)
Per share ratios ()        
EPS 5.07 13.50 7.88 --
Dividend per share 2.50 2.50 2.50 1
Cash EPS (9.10) 0.50 (2.20) (17)
Book value per share 164 147 143 119
Valuation ratios        
P/E 39.30 14.20 25.90 --
P/CEPS (22) 384 (91) (7.30)
P/B 1.22 1.30 1.62 1.06
EV/EBIDTA 8.39 6.06 6.19 7.12
Payout (%)        
Dividend payout 33.50 16 34.30 (77)
Tax payout (68) (49) (53) (358)
Liquidity ratios        
Debtor days 60.50 37.40 21.70 22.70
Inventory days 77.90 69.40 59.30 54.90
Creditor days (29) (28) (29) (32)
Leverage ratios        
Interest coverage (3) (4.80) (3.60) (1.10)
Net debt / equity 0.65 0.70 0.38 0.59
Net debt / op. profit 3.31 2.67 1.39 2.79
Cost breakup ()        
Material costs (51) (52) (55) (56)
Employee costs (11) (9.30) (8.80) (7.80)
Other costs (30) (28) (26) (30)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 344 356 359 357
yoy growth (%) (3.40) (0.80) 0.32 23.60
Raw materials (175) (187) (197) (200)
As % of sales 51.10 52.50 55.10 56
Employee costs (37) (33) (31) (28)
As % of sales 10.80 9.32 8.75 7.84
Other costs (102) (101) (94) (106)
As % of sales 29.70 28.40 26.30 29.80
Operating profit 29 35 35.60 22.90
OPM 8.45 9.84 9.93 6.40
Depreciation (15) (14) (13) (14)
Interest expense (6) (6.40) (7) (9.30)
Other income 4 9.05 2.33 2.11
Profit before tax 12 24 18.10 1.39
Taxes (8.10) (12) (9.60) (5)
Tax rate (68) (49) (53) (358)
Minorities and other 2.91 1.93 2.17 2.17
Adj. profit 6.78 14.20 10.70 (1.40)
Exceptional items -- -- -- --
Net profit 6.78 14.20 10.70 (1.40)
yoy growth (%) (52) 32 (857) (77)
NPM 1.97 3.98 2.99 (0.40)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 12 24 18.10 1.39
Depreciation (15) (14) (13) (14)
Tax paid (8.10) (12) (9.60) (5)
Working capital 60.20 74.20 27.40 4.49
Other operating items -- -- -- --
Operating cashflow 49 72.80 23.20 (13)
Capital expenditure (36) (99) 44.30 5.59
Free cash flow 12.80 (27) 67.50 (7.80)
Equity raised 231 209 219 201
Investments 0.39 0.08 (0.10) --
Debt financing/disposal 56.40 52.80 24.30 4.34
Dividends paid 2.27 2.27 2.27 0.91
Other items -- -- -- --
Net in cash 302 237 313 198
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 9.08 9.08 9.08 9.08
Preference capital -- -- -- 15.80
Reserves 141 139 124 105
Net worth 151 149 134 130
Minority interest
Debt 108 104 109 76.50
Deferred tax liabilities (net) 16.70 16.50 14.90 11.20
Total liabilities 278 270 260 222
Fixed assets 126 124 123 129
Intangible assets
Investments 0.92 0.89 0.90 0.74
Deferred tax asset (net) 14.70 14.30 3.04 4.65
Net working capital 131 124 118 60.60
Inventories 70 72.80 73.90 61.50
Inventory Days -- 77.30 75.80 62.60
Sundry debtors 63.50 61.50 52.40 20.40
Debtor days -- 65.30 53.80 20.80
Other current assets 47.40 40.20 35.50 18.10
Sundry creditors (22) (25) (25) (23)
Creditor days -- 26.90 26 23.90
Other current liabilities (28) (26) (19) (16)
Cash 5.77 7.33 15.10 27.20
Total assets 278 270 260 222
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 342 303 342 356 349
Excise Duty -- -- 1.97 11.70 --
Net Sales 342 303 340 344 349
Other Operating Income -- -- -- -- 9.91
Other Income 1.61 0.92 4.59 9.05 2.33
Total Income 344 304 345 353 361
Total Expenditure ** 307 273 312 309 323
PBIDT 36.80 30.50 33 44.10 37.90
Interest 7.78 8.17 6.05 6.36 7.02
PBDT 29 22.30 26.90 37.70 30.90
Depreciation 15.60 15 15 13.70 12.80
Minority Interest Before NP -- -- -- -- --
Tax (1) 3.41 0.03 9.38 9.09
Deferred Tax 2.09 (1) 7.25 2.36 0.49
Reported Profit After Tax 12.40 4.92 4.60 12.20 8.56
Minority Interest After NP 1.11 1.45 0.14 -- (2.20)
Net Profit after Minority Interest 11.20 3.47 4.46 12.20 10.70
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 11.20 3.47 4.46 12.20 10.70
EPS (Unit Curr.) 12.40 3.82 4.91 16.20 10.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 25 15 25 25 25
Equity 9.08 9.08 9.08 9.08 9.08
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(%) 10.80 10.10 9.69 12.80 10.90
PBDTM(%) 8.49 7.37 7.91 11 8.86
PATM(%) 3.61 1.62 1.35 3.56 2.46