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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (6) 28.50 (13) (18)
Op profit growth (5.80) 39.30 (19) 17.20
EBIT growth 23.20 157 (48) 48
Net profit growth (22) (72) 44.40 24.20
Profitability ratios (%)        
OPM 72.30 72.10 66.50 71.30
EBIT margin 49.40 37.70 18.80 31.30
Net profit margin (20) (25) (114) (69)
RoCE 7.14 5.29 1.90 3.32
RoNW (3.20) (3.50) (11) (6.20)
RoA (0.70) (0.90) (2.90) (1.80)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- --
Cash EPS (2.60) (3.10) (6.60) (6.60)
Book value per share 7.08 8.04 10 14.50
Valuation ratios        
P/E -- -- -- --
P/CEPS (3.40) (3.10) (1.80) (2.20)
P/B 1.28 1.21 1.18 1.01
EV/EBIDTA 7.60 9.54 13.90 12
Payout (%)        
Dividend payout -- -- -- --
Tax payout 5.59 3.34 (0.80) (1)
Liquidity ratios        
Debtor days 109 106 120 104
Inventory days 9.19 13.70 19.20 17.20
Creditor days (205) (284) (355) (345)
Leverage ratios        
Interest coverage (0.80) (0.60) (0.20) (0.40)
Net debt / equity 3.01 3.27 2.75 2.60
Net debt / op. profit 6.20 7.10 10.40 8.86
Cost breakup ()        
Material costs -- -- -- --
Employee costs (3.80) (3.70) (4.60) (3.60)
Other costs (24) (24) (29) (25)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 357 380 296 340
yoy growth (%) (6) 28.50 (13) (18)
Raw materials -- -- -- --
As % of sales -- -- -- 0.01
Employee costs (14) (14) (14) (12)
As % of sales 3.78 3.70 4.58 3.64
Other costs (85) (92) (85) (85)
As % of sales 23.90 24.20 28.90 25
Operating profit 258 274 197 242
OPM 72.30 72.10 66.50 71.30
Depreciation (124) (137) (153) (143)
Interest expense (211) (225) (225) (262)
Other income 41.70 5.55 12.30 6.40
Profit before tax (35) (82) (169) (156)
Taxes (2) (2.70) 1.32 1.61
Tax rate 5.59 3.34 (0.80) (1)
Minorities and other (36) (10) (169) (79)
Adj. profit (73) (94) (337) (233)
Exceptional items -- -- -- --
Net profit (73) (94) (337) (233)
yoy growth (%) (22) (72) 44.40 24.20
NPM (20) (25) (114) (69)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (35) (82) (169) (156)
Depreciation (124) (137) (153) (143)
Tax paid (2) (2.70) 1.32 1.61
Working capital 117 772 136 (100)
Other operating items -- -- -- --
Operating cashflow (44) 551 (186) (397)
Capital expenditure 1,296 746 523 117
Free cash flow 1,252 1,297 337 (280)
Equity raised 926 941 1,383 979
Investments (293) -- 0.29 --
Debt financing/disposal 975 883 1,132 666
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 2,861 3,121 2,852 1,365
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 751 740 740 568
Preference capital -- -- -- --
Reserves (219) (145) 1.43 258
Net worth 532 595 741 826
Minority interest
Debt 1,617 1,960 2,059 2,158
Deferred tax liabilities (net) 197 22.50 24.80 41.80
Total liabilities 2,352 2,580 2,829 3,034
Fixed assets 1,887 2,351 2,552 2,861
Intangible assets
Investments -- 0.03 0.58 0.29
Deferred tax asset (net) 197 22.50 23.30 38.30
Net working capital 250 193 232 124
Inventories 2.72 15.30 13.40 17.80
Inventory Days 2.78 14.70 16.50 19.10
Sundry debtors 96.50 117 104 91.30
Debtor days 98.60 112 128 98.10
Other current assets 368 342 342 284
Sundry creditors (38) (73) (92) (101)
Creditor days 39 70.10 113 108
Other current liabilities (179) (209) (136) (168)
Cash 17.50 14 21.30 10.30
Total assets 2,352 2,580 2,829 3,034
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 323 357 380 296 435
Excise Duty -- -- -- -- --
Net Sales 323 357 380 296 435
Other Operating Income -- -- -- -- 57.60
Other Income 47.50 41.70 5.55 12.30 7.78
Total Income 371 399 385 308 500
Total Expenditure ** 113 133 118 271 278
PBIDT 258 265 268 36.80 222
Interest 193 211 225 225 286
PBDT 65.20 54.10 43.40 (188) (64)
Depreciation 114 124 137 153 179
Minority Interest Before NP -- -- -- -- --
Tax 0.14 1.97 2.72 -- 0.90
Deferred Tax -- -- -- (1.30) --
Reported Profit After Tax (49) (71) (96) (340) (244)
Minority Interest After NP 0.25 1.69 (1.70) -- (11)
Net Profit after Minority Interest (49) (73) (94) (340) (233)
Extra-ordinary Items -- -- -- -- (21)
Adjusted Profit After Extra-ordinary item (49) (73) (94) (340) (212)
EPS (Unit Curr.) (0.70) (1) (1.30) (2.50) (4.10)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 751 751 740 740 568
Public Shareholding (Number) -- -- -- -- 142,019,653
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 426,058,596
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 75
PBIDTM(%) 79.80 74.40 70.50 12.50 51.10
PBDTM(%) 20.20 15.20 11.40 (64) (15)
PATM(%) (15) (20) (25) (115) (56)