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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 2.71 (12) 4.97 17.10
Op profit growth (36) (12) (44) 49.40
EBIT growth (44) (16) (38) 32.40
Net profit growth (56) 6.02 (51) 43.40
Profitability ratios (%)        
OPM 3.66 5.87 5.84 10.90
EBIT margin 2.62 4.83 5.02 8.49
Net profit margin 1.08 2.52 2.09 4.48
RoCE 3.95 6.14 7.29 13.60
RoNW 0.67 1.56 1.53 3.32
RoA 0.41 0.80 0.76 1.80
Per share ratios ()        
EPS 1.43 3.25 3.06 5.90
Dividend per share 0.60 1.10 1.10 1.80
Cash EPS (1.10) 0.69 0.39 1.49
Book value per share 53.10 53 51.10 49.20
Valuation ratios        
P/E 51.20 25.20 12.70 9.54
P/CEPS (69) 118 99.90 37.70
P/B 1.38 1.54 0.76 1.14
EV/EBIDTA 16.40 13 9.26 5.47
Payout (%)        
Dividend payout -- -- -- 34.60
Tax payout (39) (28) (35) (35)
Liquidity ratios        
Debtor days 163 205 172 143
Inventory days 39.60 51.20 49.20 43
Creditor days (35) (35) (30) (31)
Leverage ratios        
Interest coverage (3.10) (3.60) (2.80) (5.40)
Net debt / equity 0.45 0.60 1.06 0.70
Net debt / op. profit 4.97 4.21 6.33 2.27
Cost breakup ()        
Material costs (44) (45) (45) (47)
Employee costs (7.90) (7.10) (6.10) (6.80)
Other costs (44) (42) (43) (35)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 7,292 7,099 8,099 7,716
yoy growth (%) 2.71 (12) 4.97 17.10
Raw materials (3,224) (3,198) (3,640) (3,631)
As % of sales 44.20 45 44.90 47.10
Employee costs (574) (504) (496) (528)
As % of sales 7.87 7.09 6.12 6.84
Other costs (3,227) (2,981) (3,490) (2,713)
As % of sales 44.30 42 43.10 35.20
Operating profit 267 417 473 844
OPM 3.66 5.87 5.84 10.90
Depreciation (137) (141) (148) (263)
Interest expense (63) (94) (145) (122)
Other income 61.30 67 81.50 74.50
Profit before tax 128 249 262 533
Taxes (49) (69) (93) (188)
Tax rate (39) (28) (35) (35)
Minorities and other -- -- -- --
Adj. profit 78.90 179 169 346
Exceptional items (0.10) -- -- --
Net profit 78.80 179 169 346
yoy growth (%) (56) 6.02 (51) 43.40
NPM 1.08 2.52 2.09 4.48
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 128 249 262 533
Depreciation (137) (141) (148) (263)
Tax paid (49) (69) (93) (188)
Working capital 1,205 1,210 1,619 510
Other operating items -- -- -- --
Operating cashflow 1,147 1,248 1,640 593
Capital expenditure (918) (1,666) (2,093) 46.70
Free cash flow 229 (419) (453) 639
Equity raised 3,758 3,812 3,890 3,857
Investments 62.30 44.80 48.20 --
Debt financing/disposal 1,075 2,268 2,498 1,297
Dividends paid -- -- -- 99.30
Other items -- -- -- --
Net in cash 5,124 5,706 5,983 5,892
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 552 552 552 552
Preference capital -- -- -- --
Reserves 2,478 2,378 2,373 2,265
Net worth 3,030 2,930 2,925 2,817
Minority interest
Debt 3,462 1,331 1,769 2,997
Deferred tax liabilities (net) 426 378 329 327
Total liabilities 6,918 4,638 5,023 6,141
Fixed assets 2,226 2,062 1,654 1,657
Intangible assets
Investments 81.30 62.40 44.90 48.60
Deferred tax asset (net) 146 158 110 111
Net working capital 4,460 2,350 3,201 4,321
Inventories 1,506 766 817 1,174
Inventory Days -- 38.40 42 52.90
Sundry debtors 4,550 2,860 3,642 4,328
Debtor days -- 143 187 195
Other current assets 575 591 389 461
Sundry creditors (1,206) (713) (637) (630)
Creditor days -- 35.70 32.80 28.40
Other current liabilities (965) (1,154) (1,009) (1,012)
Cash 4.86 5.96 13 3.15
Total assets 6,918 4,638 5,023 6,141
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 8,885 7,282 7,224 8,219 7,686
Excise Duty -- -- -- -- --
Net Sales 8,885 7,282 7,224 8,219 7,686
Other Operating Income -- -- -- 22.40 29.90
Other Income 103 61.30 67 85.10 74.50
Total Income 8,989 7,343 7,291 8,326 7,790
Total Expenditure ** 8,448 7,015 6,807 7,772 6,872
PBIDT 541 328 484 555 918
Interest 156 62.60 94 145 122
PBDT 385 265 390 409 797
Depreciation 156 137 141 148 263
Minority Interest Before NP -- -- -- -- --
Tax 39.90 53.50 67.50 92.60 188
Deferred Tax 56.20 (4.10) 1.94 -- --
Reported Profit After Tax 133 78.80 179 169 346
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 133 78.80 179 169 346
Extra-ordinary Items 13.70 (0.10) -- -- --
Adjusted Profit After Extra-ordinary item 119 78.90 179 169 346
EPS (Unit Curr.) 2.41 1.43 3.25 3.06 6.27
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 7.70 6 11 11 18
Equity 552 552 552 552 552
Public Shareholding (Number) -- -- -- -- 110,334,212
Public Shareholding (%) -- -- -- -- 20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 441,353,888
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 80
PBIDTM(%) 6.08 4.50 6.70 6.75 11.90
PBDTM(%) 4.33 3.64 5.40 4.98 10.40
PATM(%) 1.50 1.08 2.48 2.06 4.50