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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-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 28.20 20.70 18 18
Preference capital -- -- -- --
Reserves 17.50 15.30 6.90 10.90
Net worth 45.60 36 24.90 28.90
Minority interest
Debt 124 108 102 103
Deferred tax liabilities (net) 10.90 8.66 6.76 5.35
Total liabilities 181 153 134 137
Fixed assets 102 85.10 69.60 56.90
Intangible assets
Investments -- -- -- --
Deferred tax asset (net) 13.80 13.70 12.70 8.78
Net working capital 62.30 51.90 50.40 70
Inventories 44.80 38.30 30.40 12.70
Inventory Days 115 167 104 68.40
Sundry debtors 22.90 30.30 39.50 29.30
Debtor days 58.80 132 136 158
Other current assets 29.30 23.10 16.60 45.90
Sundry creditors (17) (18) (18) (8.70)
Creditor days 44.40 79.10 61.70 47.10
Other current liabilities (17) (22) (18) (9.10)
Cash 2.41 2.37 1.07 1.55
Total assets 181 153 134 137
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 142 91.30 106 67.50 110
Excise Duty -- 7.82 -- -- --
Net Sales 142 83.50 106 67.50 110
Other Operating Income -- -- -- 0.31 0.29
Other Income 2.69 1.61 0.30 22.30 --
Total Income 145 85.10 106 90 110
Total Expenditure ** 120 66.20 95.80 79.90 97.80
PBIDT 24.80 19 10.60 10.10 12.20
Interest 14.50 13.40 13.70 11.40 10.60
PBDT 10.30 5.56 (3.10) (1.30) 1.61
Depreciation 6.37 4.53 3.96 3.78 7.01
Minority Interest Before NP -- -- -- -- --
Tax (0.40) -- (0.50) -- 0.67
Deferred Tax 2.11 0.96 (2.50) (1.70) 2.84
Reported Profit After Tax 2.23 0.07 (4) (3.40) (8.90)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 2.23 0.07 (4) (3.40) (8.90)
Extra-ordinary Items (6.70) 0.03 (9.40) (1.40) (1.20)
Adjusted Profit After Extra-ordinary item 8.95 0.04 5.38 (2) (7.70)
EPS (Unit Curr.) 1.17 0.35 (2.20) (1.90) (5.20)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 18.60 18.60 18 18 17.10
Public Shareholding (Number) -- 7,739,103 7,113,088 7,113,098 6,363,098
Public Shareholding (%) -- 41.60 39.60 39.60 37.30
Pledged/Encumbered - No. of Shares -- 7,419,000 7,419,000 7,419,000 4,794,000
Pledged/Encumbered - % in Total Promoters Holding -- 68.30 68.30 68.30 44.70
Pledged/Encumbered - % in Total Equity -- 41.30 41.30 41.30 28.10
Non Encumbered - No. of Shares -- 3,450,012 3,450,012 3,450,002 5,926,002
Non Encumbered - % in Total Promoters Holding -- 31.70 31.70 31.70 55.30
Non Encumbered - % in Total Equity -- 19.20 19.20 19.20 34.70
PBIDTM(%) 17.40 22.70 9.98 15 11.10
PBDTM(%) 7.24 6.66 (2.90) (1.90) 1.47
PATM(%) 1.57 0.08 (3.80) (5.10) (8.10)