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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (2.70) 10.40 36.10 (78)
Op profit growth (60) 3.23 22 (16)
EBIT growth (32) 6.51 19.10 (39)
Net profit growth (41) 10.80 46.30 (35)
Profitability ratios (%)        
OPM 1.66 4.07 4.35 4.85
EBIT margin 3.32 4.77 4.95 5.65
Net profit margin 1.61 2.64 2.63 2.45
RoCE 7.15 11.90 12.70 6.25
RoNW 1.55 2.80 2.77 1.24
RoA 0.87 1.64 1.69 0.68
Per share ratios ()        
EPS 10.70 19.40 16.30 10.80
Dividend per share 2 3 3 2.25
Cash EPS 0.67 9.87 9.14 4.26
Book value per share 182 176 159 147
Valuation ratios        
P/E 9.94 6.12 14 22.70
P/CEPS 159 12 25 57.40
P/B 0.58 0.68 1.43 1.67
EV/EBIDTA 6.20 4.36 6.76 8.17
Payout (%)        
Dividend payout -- -- 21.30 23.30
Tax payout (39) (15) (22) (29)
Liquidity ratios        
Debtor days 36.80 41.60 40.70 141
Inventory days 51.90 46.20 45.70 83.60
Creditor days (29) (37) (47) (119)
Leverage ratios        
Interest coverage (1.90) (3) (3.40) (2.50)
Net debt / equity 0.55 0.39 0.25 0.23
Net debt / op. profit 8.83 2.34 1.42 1.46
Cost breakup ()        
Material costs (55) (55) (57) (52)
Employee costs (16) (14) (15) (16)
Other costs (27) (26) (24) (27)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,496 1,538 1,393 1,024
yoy growth (%) (2.70) 10.40 36.10 (78)
Raw materials (825) (847) (793) (536)
As % of sales 55.20 55.10 56.90 52.40
Employee costs (237) (221) (206) (166)
As % of sales 15.90 14.40 14.80 16.20
Other costs (409) (407) (333) (272)
As % of sales 27.30 26.50 23.90 26.50
Operating profit 24.80 62.50 60.60 49.60
OPM 1.66 4.07 4.35 4.85
Depreciation (23) (19) (17) (16)
Interest expense (26) (24) (21) (23)
Other income 47.60 30.10 25.20 24.10
Profit before tax 24.20 49.20 48.40 34.40
Taxes (9.30) (7.20) (11) (9.90)
Tax rate (39) (15) (22) (29)
Minorities and other 0.99 (1.40) 0.13 0.76
Adj. profit 15.80 40.60 37.80 25.20
Exceptional items 8.24 0.05 (1.10) (0.10)
Net profit 24.10 40.60 36.70 25.10
yoy growth (%) (41) 10.80 46.30 (35)
NPM 1.61 2.64 2.63 2.45
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 24.20 49.20 48.40 34.40
Depreciation (23) (19) (17) (16)
Tax paid (9.30) (7.20) (11) (9.90)
Working capital (266) (440) (544) --
Other operating items -- -- -- --
Operating cashflow (274) (417) (523) 8.61
Capital expenditure (126) (201) (212) --
Free cash flow (400) (618) (735) 8.61
Equity raised 876 911 966 571
Investments 27.50 (13) (22) --
Debt financing/disposal (116) (252) (381) 0.14
Dividends paid -- -- 6.50 4.87
Other items -- -- -- --
Net in cash 387 28.20 (165) 585
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 21.70 21.70 21.70 21.70
Preference capital -- -- -- --
Reserves 373 359 323 296
Net worth 395 380 345 317
Minority interest
Debt 315 253 217 167
Deferred tax liabilities (net) 15.20 11.40 8.52 9.12
Total liabilities 735 656 579 503
Fixed assets 282 272 221 216
Intangible assets
Investments 37.40 13.40 19.30 11.20
Deferred tax asset (net) 18.30 13.40 12.40 11.80
Net working capital 301 250 196 170
Inventories 210 216 174 175
Inventory Days 51.20 51.20 45.50 62.30
Sundry debtors 142 159 191 119
Debtor days 34.60 37.80 50.10 42.50
Other current assets 165 147 85.20 116
Sundry creditors (110) (120) (179) (166)
Creditor days 26.80 28.60 46.80 59.10
Other current liabilities (107) (151) (76) (75)
Cash 96.70 106 131 94.40
Total assets 735 656 579 503
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 1,496 1,538 1,393 979 4,625
Excise Duty 0.02 0.29 -- -- --
Net Sales 1,496 1,538 1,393 979 4,625
Other Operating Income -- -- -- 45.10 76.50
Other Income 55.80 30.10 25.20 24.10 63.20
Total Income 1,552 1,568 1,419 1,048 4,764
Total Expenditure ** 1,471 1,475 1,334 974 4,644
PBIDT 80.60 92.70 84.70 73.60 120
Interest 25.50 24.20 20.60 23.50 40.70
PBDT 55 68.50 64.10 50.10 79.70
Depreciation 22.60 19.20 16.90 15.90 28.90
Minority Interest Before NP -- -- -- -- --
Tax 6.74 4.90 11.90 7.30 6.70
Deferred Tax 2.58 2.32 (1.20) 2.60 --
Reported Profit After Tax 23.10 42 36.50 24.30 44.10
Minority Interest After NP (1) 1.37 (0.10) (0.80) 5.42
Net Profit after Minority Interest 24.10 40.60 36.70 25.10 38.60
Extra-ordinary Items 5.87 0.05 (0.80) (0.10) (4.20)
Adjusted Profit After Extra-ordinary item 18.20 40.60 37.50 25.20 42.80
EPS (Unit Curr.) 11.10 18.80 16.90 11.60 17.80
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 20 30 30 22.50 20
Equity 21.70 21.70 21.70 21.70 21.70
Public Shareholding (Number) -- -- -- 7,239,028 7,239,028
Public Shareholding (%) -- -- -- 33.40 33.40
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 14,424,909 14,424,909
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 66.60 66.60
PBIDTM(%) 5.39 6.03 6.08 7.52 2.60
PBDTM(%) 3.68 4.45 4.60 5.12 1.72
PATM(%) 1.54 2.73 2.62 2.48 0.95