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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 70.60 (21) 57.20 (38)
Op profit growth 78.10 (12) (291) (167)
EBIT growth 93.60 (12) 88.30 (2.30)
Net profit growth 2,989 (102) 47.70 (70)
Profitability ratios (%)        
OPM 21.70 20.80 18.50 (15)
EBIT margin 19.10 16.90 15.10 12.60
Net profit margin 1.56 0.09 (3.80) (4)
RoCE 16.30 9.81 11.80 6.55
RoNW 1.36 0.06 (3.70) (2.30)
RoA 0.33 0.01 (0.70) (0.50)
Per share ratios ()        
EPS 1.20 0.04 -- --
Dividend per share -- -- -- --
Cash EPS (2.20) (2.40) (4.40) (3.60)
Book value per share 24.50 19.30 13.80 16.10
Valuation ratios        
P/E 62.20 3,273 -- --
P/CEPS (33) (55) (22) (35)
P/B 3.04 6.77 7.13 7.95
EV/EBIDTA 7.76 18.80 14 27
Payout (%)        
Dividend payout -- -- -- --
Tax payout (13) (146) 109 (56)
Liquidity ratios        
Debtor days 68.20 153 118 155
Inventory days 107 150 74 101
Creditor days (58) (100) (56) (47)
Leverage ratios        
Interest coverage (1.90) (1) (1.20) (0.70)
Net debt / equity 2.67 2.94 4.07 3.52
Net debt / op. profit 3.95 6.10 5.14 (9.90)
Cost breakup ()        
Material costs (58) (47) (59) (49)
Employee costs (8.50) (11) (7.60) (12)
Other costs (12) (21) (14) (54)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 142 83.40 106 67.50
yoy growth (%) 70.60 (21) 57.20 (38)
Raw materials (82) (39) (63) (33)
As % of sales 57.60 47 59.40 49.40
Employee costs (12) (9.40) (8.10) (8)
As % of sales 8.53 11.30 7.64 11.90
Other costs (17) (17) (15) (36)
As % of sales 12.10 20.90 14.40 53.90
Operating profit 30.90 17.40 19.70 (10)
OPM 21.70 20.80 18.50 (15)
Depreciation (6.40) (4.50) (4) (3.80)
Interest expense (14) (13) (14) (11)
Other income 2.69 1.24 0.30 22.60
Profit before tax 12.80 0.66 2.32 (2.90)
Taxes (1.70) (1) 2.52 1.65
Tax rate (13) (146) 109 (56)
Minorities and other -- -- -- --
Adj. profit 11.10 (0.30) 4.84 (1.30)
Exceptional items (8.80) 0.38 (8.80) (1.40)
Net profit 2.23 0.07 (4) (2.70)
yoy growth (%) 2,989 (102) 47.70 (70)
NPM 1.56 0.09 (3.80) (4)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 12.80 0.66 2.32 (2.90)
Depreciation (6.40) (4.50) (4) (3.80)
Tax paid (1.70) (1) 2.52 1.65
Working capital 7.12 (5.80) (9.10) 9.40
Other operating items -- -- -- --
Operating cashflow 11.80 (11) (8.20) 4.35
Capital expenditure 73.20 51.10 13.50 2.07
Free cash flow 85 40.40 5.30 6.42
Equity raised 56 41.10 32.40 26.20
Investments -- -- -- --
Debt financing/disposal 65.10 36.40 59.10 54.40
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 206 118 96.80 86.90
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 19.20 28.20 20.70 18
Preference capital -- -- -- --
Reserves 39 17.50 15.30 6.90
Net worth 58.20 45.60 36 24.90
Minority interest
Debt 122 124 108 102
Deferred tax liabilities (net) 11.50 10.90 8.66 6.76
Total liabilities 192 181 153 134
Fixed assets 116 102 85.10 69.60
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 9.52 13.80 13.70 12.70
Net working capital 64.20 62.30 51.90 50.40
Inventories 52.10 44.80 38.30 30.40
Inventory Days -- 115 167 104
Sundry debtors 18.30 22.90 30.30 39.50
Debtor days -- 58.80 132 136
Other current assets 30.10 29 23.10 16.60
Sundry creditors (13) (17) (18) (18)
Creditor days -- 44.40 79.10 61.70
Other current liabilities (24) (17) (22) (18)
Cash 2.47 2.41 2.37 1.07
Total assets 192 181 153 134
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 157 142 91.30 106 67.50
Excise Duty -- -- 7.82 -- --
Net Sales 157 142 83.50 106 67.50
Other Operating Income -- -- -- -- 0.31
Other Income 0.99 2.69 1.61 0.30 22.30
Total Income 158 145 85.10 106 90
Total Expenditure ** 119 120 66.20 95.80 79.90
PBIDT 38.40 24.80 19 10.60 10.10
Interest 16.40 14.50 13.40 13.70 11.40
PBDT 22.10 10.30 5.56 (3.10) (1.30)
Depreciation 7.98 6.37 4.53 3.96 3.78
Minority Interest Before NP -- -- -- -- --
Tax 3 (0.40) -- (0.50) --
Deferred Tax 4.86 2.11 0.96 (2.50) (1.70)
Reported Profit After Tax 6.25 2.23 0.07 (4) (3.40)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 6.25 2.23 0.07 (4) (3.40)
Extra-ordinary Items (2) (6.70) 0.03 (9.40) (1.40)
Adjusted Profit After Extra-ordinary item 8.26 8.95 0.04 5.38 (2)
EPS (Unit Curr.) 3.26 1.17 0.35 (2.20) (1.90)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 19.20 18.60 18.60 18 18
Public Shareholding (Number) -- -- 7,739,103 7,113,088 7,113,098
Public Shareholding (%) -- -- 41.60 39.60 39.60
Pledged/Encumbered - No. of Shares -- -- 7,419,000 7,419,000 7,419,000
Pledged/Encumbered - % in Total Promoters Holding -- -- 68.30 68.30 68.30
Pledged/Encumbered - % in Total Equity -- -- 41.30 41.30 41.30
Non Encumbered - No. of Shares -- -- 3,450,012 3,450,012 3,450,002
Non Encumbered - % in Total Promoters Holding -- -- 31.70 31.70 31.70
Non Encumbered - % in Total Equity -- -- 19.20 19.20 19.20
PBIDTM(%) 24.50 17.40 22.70 9.98 15
PBDTM(%) 14.10 7.24 6.66 (2.90) (1.90)
PATM(%) 3.99 1.57 0.08 (3.80) (5.10)