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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 1.73 (23) 8.46 (0.30)
Op profit growth 56.30 9.36 523 (66)
EBIT growth 80.90 11.80 (1,471) (126)
Net profit growth 324 53.20 (112) 296
Profitability ratios (%)        
OPM 13.40 8.72 6.11 1.06
EBIT margin 11.20 6.31 4.33 (0.30)
Net profit margin 3.60 0.86 0.43 (3.80)
RoCE 9.72 5.71 6.01 (0.50)
RoNW 1.59 0.53 0.53 (4)
RoA 0.78 0.19 0.15 (1.30)
Per share ratios ()        
EPS 19.90 4.62 2.80 --
Dividend per share 6 2.50 1 --
Cash EPS 2.51 (13) (14) (41)
Book value per share 328 303 147 145
Valuation ratios        
P/E 3.31 4.13 9.36 --
P/CEPS 26.30 (1.40) (1.90) (0.30)
P/B 0.20 0.06 0.18 0.08
EV/EBIDTA 6.76 7.15 10 27.20
Payout (%)        
Dividend payout 29.80 52.80 38.90 --
Tax payout (58) (66) (14) (1.30)
Liquidity ratios        
Debtor days 85.60 92.50 76.70 83
Inventory days 46.20 52.10 53.60 74.40
Creditor days (77) (46) (48) (96)
Leverage ratios        
Interest coverage (4.20) (1.70) (1.10) 0.10
Net debt / equity 0.65 0.93 2.38 2.15
Net debt / op. profit 2.84 5.87 7.99 44.40
Cost breakup ()        
Material costs (64) (71) (79) (80)
Employee costs (4.30) (3.80) (2.80) (2.80)
Other costs (18) (16) (12) (16)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 1,927 1,894 2,470 2,277
yoy growth (%) 1.73 (23) 8.46 (0.30)
Raw materials (1,237) (1,345) (1,940) (1,831)
As % of sales 64.20 71 78.60 80.40
Employee costs (82) (73) (70) (63)
As % of sales 4.25 3.84 2.85 2.78
Other costs (350) (312) (308) (359)
As % of sales 18.20 16.50 12.50 15.80
Operating profit 258 165 151 24.20
OPM 13.40 8.72 6.11 1.06
Depreciation (61) (62) (58) (55)
Interest expense (51) (72) (95) (80)
Other income 18.60 16.50 14.20 22.50
Profit before tax 165 47.40 12.10 (88)
Taxes (96) (31) (1.70) 1.16
Tax rate (58) (66) (14) (1.30)
Minorities and other 0.60 0.41 0.29 0.32
Adj. profit 69.30 16.30 10.70 (87)
Exceptional items -- -- -- --
Net profit 69.30 16.30 10.70 (87)
yoy growth (%) 324 53.20 (112) 296
NPM 3.60 0.86 0.43 (3.80)
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 165 47.40 12.10 (88)
Depreciation (61) (62) (58) (55)
Tax paid (96) (31) (1.70) 1.16
Working capital 124 54.50 251 --
Other operating items -- -- -- --
Operating cashflow 132 8.29 203 (141)
Capital expenditure 640 420 178 --
Free cash flow 771 428 381 (141)
Equity raised 1,531 1,575 1,016 1,020
Investments 252 190 47.90 --
Debt financing/disposal 361 640 553 522
Dividends paid 20.70 8.62 3.45 --
Other items -- -- -- --
Net in cash 2,937 2,842 2,002 1,401
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 34.50 34.50 34.50 34.50
Preference capital -- -- -- --
Reserves 1,615 1,343 1,096 1,010
Net worth 1,650 1,378 1,131 1,045
Minority interest
Debt 793 717 758 1,022
Deferred tax liabilities (net) 298 297 211 267
Total liabilities 2,748 2,398 2,105 2,340
Fixed assets 1,675 1,466 1,467 1,496
Intangible assets
Investments 362 316 291 228
Deferred tax asset (net) 41.70 69.30 6.04 120
Net working capital 553 374 317 445
Inventories 460 310 244 244
Inventory Days -- -- 46.10 47.10
Sundry debtors 653 522 466 438
Debtor days -- -- 88.20 84.40
Other current assets 121 85.20 88.40 132
Sundry creditors (535) (412) (424) (279)
Creditor days -- -- 80.30 53.80
Other current liabilities (146) (131) (57) (90)
Cash 115 173 24.50 51.90
Total assets 2,748 2,398 2,105 2,340
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 3,529 2,611 2,131 2,115 2,467
Excise Duty -- 53.30 204 221 --
Net Sales 3,529 2,558 1,927 1,894 2,467
Other Operating Income -- -- -- 16.50 2.95
Other Income 19.90 28.80 18.60 -- 14.20
Total Income 3,548 2,587 1,946 1,911 2,484
Total Expenditure ** 2,912 2,181 1,669 1,729 2,319
PBIDT 636 406 277 182 165
Interest 36.80 41.40 51.50 72.10 94.80
PBDT 599 364 225 110 70.40
Depreciation 66.40 60.50 60.60 62.20 58.40
Minority Interest Before NP -- -- -- -- --
Tax 151 91.80 36.10 13.20 1.70
Deferred Tax (0.60) (18) 59.90 18.30 --
Reported Profit After Tax 383 230 68.70 15.90 10.40
Minority Interest After NP (1) -- -- (0.40) (0.30)
Net Profit after Minority Interest 384 230 68.70 16.30 10.70
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 384 230 68.70 16.30 10.70
EPS (Unit Curr.) 22.20 66.60 19.90 4.62 3.09
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 175 120 60 25 10
Equity 34.50 34.50 34.50 34.50 34.50
Public Shareholding (Number) -- -- -- -- 16,006,015
Public Shareholding (%) -- -- -- -- 46.40
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 18,461,557
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 53.60
PBIDTM(%) 18 15.90 14.40 9.59 6.70
PBDTM(%) 17 14.20 11.70 5.78 2.86
PATM(%) 10.80 8.98 3.56 0.84 0.42