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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 14.70 17.90 3.09 12.70
Op profit growth 33.60 4.18 25.90 30.90
EBIT growth 40.40 3.51 28.60 38
Net profit growth 103 (21) 22.10 38.40
Profitability ratios (%)        
OPM 11.60 10 11.30 9.27
EBIT margin 10.90 8.90 10.10 8.13
Net profit margin 3.98 2.24 3.36 2.83
RoCE 20.40 15.40 16.90 16.40
RoNW 3.26 1.74 2.39 2.30
RoA 1.86 0.97 1.40 1.43
Per share ratios ()        
EPS 5.94 4.14 4.84 3.58
Dividend per share -- -- -- --
Cash EPS 2.69 0.76 2.07 1.50
Book value per share 39.60 39.60 42.70 33.60
Valuation ratios        
P/E 8.57 9.90 9.77 14.90
P/CEPS 18.90 53.80 22.80 35.70
P/B 1.28 1.04 1.11 1.60
EV/EBIDTA 4.14 4.39 4.40 6.80
Payout (%)        
Dividend payout -- -- -- --
Tax payout (38) (33) (38) (35)
Liquidity ratios        
Debtor days 77.30 86.50 101 84.60
Inventory days 85.80 77.60 64.40 56.70
Creditor days (95) (115) (99) (61)
Leverage ratios        
Interest coverage (2.90) (2.20) (3.40) (2.80)
Net debt / equity 0.50 0.46 0.19 0.44
Net debt / op. profit 1.48 1.43 0.65 1.52
Cost breakup ()        
Material costs (61) (60) (62) (67)
Employee costs (6.90) (6.90) (7.20) (6.20)
Other costs (20) (23) (20) (18)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,768 1,541 1,307 1,267
yoy growth (%) 14.70 17.90 3.09 12.70
Raw materials (1,078) (924) (806) (846)
As % of sales 60.90 60 61.70 66.70
Employee costs (123) (107) (93) (78)
As % of sales 6.94 6.92 7.15 6.18
Other costs (362) (356) (259) (226)
As % of sales 20.50 23.10 19.80 17.80
Operating profit 206 154 148 118
OPM 11.60 10 11.30 9.27
Depreciation (29) (25) (19) (18)
Interest expense (67) (62) (38) (36)
Other income 15.90 8.37 3.39 3.33
Profit before tax 125 74.80 94 66.60
Taxes (48) (25) (36) (23)
Tax rate (38) (33) (38) (35)
Minorities and other (20) (15) (14) (7.20)
Adj. profit 57.40 34.60 43.90 35.90
Exceptional items 13 -- -- --
Net profit 70.30 34.60 43.90 35.90
yoy growth (%) 103 (21) 22.10 38.40
NPM 3.98 2.24 3.36 2.83
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 125 74.80 94 66.60
Depreciation (29) (25) (19) (18)
Tax paid (48) (25) (36) (23)
Working capital 281 101 95.80 84.70
Other operating items -- -- -- --
Operating cashflow 329 126 135 110
Capital expenditure 201 233 291 35.30
Free cash flow 530 359 426 145
Equity raised 663 616 679 614
Investments 69.40 35.30 29.90 0.53
Debt financing/disposal 241 187 166 85.60
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 1,502 1,197 1,300 845
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 76.20 76.20 60.20 60.20
Preference capital -- -- -- --
Reserves 591 528 416 454
Net worth 667 604 476 514
Minority interest
Debt 445 355 299 267
Deferred tax liabilities (net) 51.60 45.60 26.90 29.60
Total liabilities 1,165 1,004 884 896
Fixed assets 572 369 453 467
Intangible assets
Investments 52.10 69.40 35.30 33.20
Deferred tax asset (net) 24.80 21.90 8.40 --
Net working capital 478 494 310 225
Inventories 439 433 399 257
Inventory Days -- 89.30 94.40 71.70
Sundry debtors 464 402 347 383
Debtor days -- 83 82.20 107
Other current assets 179 188 172 114
Sundry creditors (449) (370) (439) (433)
Creditor days -- 76.40 104 121
Other current liabilities (155) (159) (169) (96)
Cash 38.40 49.90 78.30 171
Total assets 1,165 1,004 884 896
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 2,107 2,133 1,798 1,711 1,307
Excise Duty -- -- 30.40 170 --
Net Sales 2,107 2,133 1,768 1,541 1,307
Other Operating Income -- -- -- -- --
Other Income 20.30 26.70 28.80 8.37 3.39
Total Income 2,127 2,160 1,797 1,550 1,310
Total Expenditure ** 1,937 1,960 1,562 1,387 1,159
PBIDT 189 200 235 162 151
Interest 83.50 75.20 67.40 62.30 38.40
PBDT 106 125 167 100 113
Depreciation 42.80 27.90 29.30 25.40 18.90
Minority Interest Before NP -- -- -- -- --
Tax 17.70 25.50 40.20 26.40 33.50
Deferred Tax (8) 4.70 7.43 (1.40) 2.28
Reported Profit After Tax 53.40 66.70 90.50 49.80 58.20
Minority Interest After NP 0.35 0.22 1.11 15.20 14.40
Net Profit after Minority Interest 53.10 66.40 89.40 34.60 43.90
Extra-ordinary Items -- -- 8.49 -- --
Adjusted Profit After Extra-ordinary item 53.10 66.40 80.90 34.60 43.90
EPS (Unit Curr.) 3.51 4.36 5.87 4.14 3.64
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 72.60 76.20 76.20 60.20 60.20
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(%) 8.99 9.37 13.30 10.50 11.60
PBDTM(%) 5.03 5.85 9.46 6.50 8.64
PATM(%) 2.53 3.13 5.12 3.23 4.46