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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 8.22 4.77 10.70 13.10
Op profit growth 6.46 7.36 52.30 14.80
EBIT growth 8.88 9.37 65.20 9.97
Net profit growth 11.90 7.12 56.60 14
Profitability ratios (%)        
OPM 22.10 22.40 21.90 15.90
EBIT margin 22.60 22.50 21.50 14.40
Net profit margin 15.80 15.30 15 10.60
RoCE 35.40 38.10 44 31.20
RoNW 6.83 7.04 8.18 6.07
RoA 6.19 6.49 7.64 5.72
Per share ratios ()        
EPS 19 16.80 14.40 9.33
Dividend per share 6 4.75 4.15 2.90
Cash EPS 16.60 14.50 13.70 7.70
Book value per share 70.40 67.70 51.50 44.30
Valuation ratios        
P/E 48.30 41.50 41.10 64.40
P/CEPS 55.40 48.10 43.20 78
P/B 13.10 10.30 11.50 13.60
EV/EBIDTA 31.20 26 24.10 37.70
Payout (%)        
Dividend payout -- -- 8.51 34.90
Tax payout (29) (31) (29) (25)
Liquidity ratios        
Debtor days 51.20 47.80 43.80 41.80
Inventory days 45.80 43.80 43.20 46.70
Creditor days (36) (43) (42) (31)
Leverage ratios        
Interest coverage (88) (91) (87) (45)
Net debt / equity -- -- -- --
Net debt / op. profit -- -- -- --
Cost breakup ()        
Material costs (48) (47) (48) (55)
Employee costs (12) (11) (11) (10)
Other costs (19) (19) (19) (19)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 6,078 5,617 5,361 4,844
yoy growth (%) 8.22 4.77 10.70 13.10
Raw materials (2,888) (2,640) (2,585) (2,669)
As % of sales 47.50 47 48.20 55.10
Employee costs (712) (645) (572) (497)
As % of sales 11.70 11.50 10.70 10.30
Other costs (1,137) (1,072) (1,031) (908)
As % of sales 18.70 19.10 19.20 18.70
Operating profit 1,341 1,260 1,173 771
OPM 22.10 22.40 21.90 15.90
Depreciation (120) (115) (100) (118)
Interest expense (16) (14) (13) (16)
Other income 153 118 81 45.50
Profit before tax 1,359 1,248 1,141 683
Taxes (393) (385) (334) (169)
Tax rate (29) (31) (29) (25)
Minorities and other (3.70) (3.20) (4.40) 4.04
Adj. profit 962 860 803 517
Exceptional items -- -- -- (4.90)
Net profit 962 860 803 513
yoy growth (%) 11.90 7.12 56.60 14
NPM 15.80 15.30 15 10.60
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 1,359 1,248 1,141 683
Depreciation (120) (115) (100) (118)
Tax paid (393) (385) (334) (169)
Working capital 728 251 361 (77)
Other operating items -- -- -- --
Operating cashflow 1,575 999 1,068 319
Capital expenditure 1,280 987 645 364
Free cash flow 2,855 1,986 1,712 683
Equity raised 3,595 3,830 3,384 3,757
Investments 1,075 1,345 411 110
Debt financing/disposal 190 (157) 89.30 89
Dividends paid -- -- -- 149
Other items -- -- -- --
Net in cash 7,715 7,005 5,597 4,787
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 50.80 51.30 51.30 51.30
Preference capital -- -- -- --
Reserves 3,523 3,420 2,587 2,219
Net worth 3,574 3,471 2,638 2,271
Minority interest
Debt 125 97.50 80 58.40
Deferred tax liabilities (net) 111 91.50 80.40 74.90
Total liabilities 3,984 3,787 2,842 2,409
Fixed assets 1,570 1,423 1,296 1,440
Intangible assets
Investments 1,246 1,443 706 370
Deferred tax asset (net) 5.86 3.76 5.09 18.30
Net working capital 999 817 704 505
Inventories 804 721 627 641
Inventory Days 48.30 46.80 42.70 48.30
Sundry debtors 938 769 702 586
Debtor days 56.30 49.90 47.80 44.20
Other current assets 477 315 252 201
Sundry creditors (550) (396) (619) (339)
Creditor days 33 25.80 42.20 25.60
Other current liabilities (670) (591) (258) (585)
Cash 164 99.90 132 76
Total assets 3,984 3,787 2,842 2,409
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 7,079 6,219 6,062 5,702 4,820
Excise Duty -- 140 446 340 --
Net Sales 7,079 6,078 5,617 5,361 4,820
Other Operating Income -- -- -- -- 23.70
Other Income 150 153 118 81 45.50
Total Income 7,229 6,231 5,734 5,442 4,890
Total Expenditure ** 5,729 4,737 4,357 4,188 4,078
PBIDT 1,500 1,494 1,377 1,255 811
Interest 26.10 15.50 13.90 13.30 15.60
PBDT 1,474 1,479 1,363 1,241 796
Depreciation 133 120 115 100 118
Minority Interest Before NP -- -- -- -- --
Tax 407 374 375 310 169
Deferred Tax 6.65 18.60 9.77 23.30 --
Reported Profit After Tax 928 966 863 807 509
Minority Interest After NP 3.48 3.74 3.23 -- 0.98
Net Profit after Minority Interest 925 962 860 807 513
Extra-ordinary Items (12) -- -- -- (3.70)
Adjusted Profit After Extra-ordinary item 937 962 860 807 516
EPS (Unit Curr.) 18.20 19 16.80 15.70 10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 650 600 475 415 290
Equity 50.80 50.80 51.30 51.30 51.30
Public Shareholding (Number) -- -- -- -- 155,139,030
Public Shareholding (%) -- -- -- -- 30.30
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 357,523,800
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 69.70
PBIDTM(%) 21.20 24.60 24.50 23.40 16.80
PBDTM(%) 20.80 24.30 24.30 23.20 16.50
PATM(%) 13.10 15.90 15.40 15.10 10.50