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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-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 21.70 21.70 21.70 21.70
Preference capital -- -- -- --
Reserves 448 373 359 323
Net worth 470 395 380 345
Minority interest
Debt 333 315 253 217
Deferred tax liabilities (net) 17.50 15.20 11.40 8.52
Total liabilities 832 735 656 579
Fixed assets 346 282 272 221
Intangible assets
Investments 32.80 37.40 13.40 19.30
Deferred tax asset (net) 15.10 18.30 13.40 12.40
Net working capital 327 301 250 196
Inventories 236 210 216 174
Inventory Days -- 51.20 51.20 45.50
Sundry debtors 222 142 159 191
Debtor days -- 34.60 37.80 50.10
Other current assets 152 165 147 85.20
Sundry creditors (190) (110) (120) (179)
Creditor days -- 26.80 28.60 46.80
Other current liabilities (94) (107) (151) (76)
Cash 111 96.70 106 131
Total assets 832 735 656 579
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Particulars ( Rupees In Crores.) Mar-2019 Sep-2018 Mar-2018 Sep-2017 Mar-2017
Gross Sales 896 861 761 735 892
Excise Duty -- -- -- 0.02 (0.20)
Net Sales 896 861 761 735 893
Other Operating Income -- -- -- -- (27)
Other Income 31.80 19.30 34.30 21.50 16
Total Income 928 881 795 757 881
Total Expenditure ** 837 834 750 721 835
PBIDT 90.50 47 44.80 35.80 45.90
Interest 15.10 13.60 13.50 12 11.30
PBDT 75.40 33.50 31.30 23.80 34.60
Depreciation 12.20 13.70 11.40 11.20 10.90
Minority Interest Before NP -- -- -- -- --
Tax 8.59 5.09 4.26 2.48 1.97
Deferred Tax 4.18 (2) 2.20 0.38 2.13
Reported Profit After Tax 50.40 16.70 13.40 9.72 19.60
Minority Interest After NP -- -- (1) -- 0.31
Net Profit after Minority Interest 50.40 16.70 14.40 9.72 19.30
Extra-ordinary Items 17.60 (0.40) 2.33 3.84 0.03
Adjusted Profit After Extra-ordinary item 32.90 17 12 5.88 19.30
EPS (Unit Curr.) 23.30 7.62 6.63 4.20 8.92
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 21.70 21.70 21.70 21.70 21.70
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(%) 10.10 5.46 5.89 4.87 5.14
PBDTM(%) -- -- -- -- --
PATM(%) 5.63 1.94 1.76 1.32 2.20