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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 5.70 16 12.30 12.90
Op profit growth (1) 5.26 13.10 5.11
EBIT growth (1.60) 5.29 7.95 4.84
Net profit growth 3.75 9.61 9.57 14.80
Profitability ratios (%)        
OPM 1.88 2.01 2.21 2.20
EBIT margin 1.84 1.97 2.17 2.26
Net profit margin 1.11 1.13 1.19 1.22
RoCE 15.40 15.20 15.20 16.90
RoNW 3.61 3.81 3.98 4.40
RoA 2.32 2.17 2.09 2.29
Per share ratios ()        
EPS 12.10 11.90 11.10 9.91
Dividend per share 2.40 4.30 2.10 1.90
Cash EPS 10.60 10.20 9.42 8.60
Book value per share 88.20 78.70 73.80 59.40
Valuation ratios        
P/E 12.10 9.26 10.30 13.30
P/CEPS 13.80 10.80 12.10 15.30
P/B 1.66 1.40 1.55 2.22
EV/EBIDTA 7.93 6.01 7.77 8.72
Payout (%)        
Dividend payout -- 17.20 -- 23.40
Tax payout (23) (27) (25) (26)
Liquidity ratios        
Debtor days 46.70 46.30 50.30 48.30
Inventory days 27.20 31.70 34.10 29.70
Creditor days (39) (39) (39) (36)
Leverage ratios        
Interest coverage (4.80) (5.20) (4.30) (4.50)
Net debt / equity 0.26 0.25 0.61 0.56
Net debt / op. profit 1.12 0.96 2.30 1.93
Cost breakup ()        
Material costs (94) (94) (94) (94)
Employee costs (1.50) (1.50) (1.50) (1.50)
Other costs (2.10) (2.10) (2.10) (2.10)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 43,459 41,115 35,442 31,559
yoy growth (%) 5.70 16 12.30 12.90
Raw materials (41,057) (38,798) (33,372) (29,733)
As % of sales 94.50 94.40 94.20 94.20
Employee costs (653) (627) (540) (468)
As % of sales 1.50 1.53 1.52 1.48
Other costs (933) (865) (747) (665)
As % of sales 2.15 2.10 2.11 2.11
Operating profit 816 825 784 693
OPM 1.88 2.01 2.21 2.20
Depreciation (57) (55) (47) (43)
Interest expense (168) (157) (180) (159)
Other income 39.10 41.40 34 63.50
Profit before tax 631 655 590 555
Taxes (146) (178) (146) (145)
Tax rate (23) (27) (25) (26)
Minorities and other (2.80) (13) (21) (24)
Adj. profit 482 464 424 387
Exceptional items -- -- -- --
Net profit 482 464 424 387
yoy growth (%) 3.75 9.61 9.57 14.80
NPM 1.11 1.13 1.19 1.22
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 631 655 590 555
Depreciation (57) (55) (47) (43)
Tax paid (146) (178) (146) (145)
Working capital 1,849 1,307 1,585 497
Other operating items -- -- -- --
Operating cashflow 2,276 1,729 1,982 865
Capital expenditure 285 182 24.40 43
Free cash flow 2,561 1,911 2,006 908
Equity raised 4,146 3,927 4,007 3,925
Investments 3.52 4.74 -- --
Debt financing/disposal 183 (183) 918 466
Dividends paid -- 80 -- 76
Other items -- -- -- --
Net in cash 6,894 5,739 6,932 5,375
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 77.80 80 80 80
Preference capital -- -- -- --
Reserves 3,828 3,451 3,068 2,869
Net worth 3,906 3,531 3,148 2,949
Minority interest
Debt 1,307 1,458 1,516 2,349
Deferred tax liabilities (net) 1.53 1.49 -- 1.19
Total liabilities 5,560 5,349 5,025 5,667
Fixed assets 492 490 477 512
Intangible assets
Investments 7.03 3.52 4.77 --
Deferred tax asset (net) 40.10 25.10 13.80 18.60
Net working capital 4,143 4,288 3,809 4,586
Inventories 3,859 3,107 3,375 3,768
Inventory Days -- 26.10 30 38.80
Sundry debtors 6,279 6,042 5,087 5,345
Debtor days -- 50.70 45.20 55
Other current assets 866 656 472 332
Sundry creditors (5,905) (4,765) (4,433) (4,209)
Creditor days -- 40 39.40 43.30
Other current liabilities (956) (751) (692) (650)
Cash 877 541 721 551
Total assets 5,560 5,349 5,025 5,667
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 46,536 41,603 41,115 35,442 31,555
Excise Duty -- -- -- -- --
Net Sales 46,536 41,603 41,115 35,442 31,555
Other Operating Income -- -- -- -- 0.13
Other Income 63.20 39.10 41.40 34 67.80
Total Income 46,599 41,642 41,156 35,476 31,623
Total Expenditure ** 45,709 40,786 40,290 34,659 30,866
PBIDT 891 856 866 818 757
Interest 204 168 157 180 159
PBDT 687 688 709 637 598
Depreciation 63.40 56.90 54.70 46.80 42.60
Minority Interest Before NP -- -- -- -- --
Tax 158 150 171 160 145
Deferred Tax (19) (4.10) 6.43 (14) --
Reported Profit After Tax 484 484 477 444 410
Minority Interest After NP (23) 2.78 12.50 -- 23.80
Net Profit after Minority Interest 508 482 464 444 387
Extra-ordinary Items (53) -- -- -- (3.90)
Adjusted Profit After Extra-ordinary item 561 482 464 444 390
EPS (Unit Curr.) 12.80 12 11.60 10.60 9.67
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 165 120 215 105 95
Equity 77.80 80 80 80 79.90
Public Shareholding (Number) -- -- -- -- 346,419,858
Public Shareholding (%) -- -- -- -- 87
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 53,282,932
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 13
PBIDTM(%) 1.91 2.06 2.11 2.31 2.40
PBDTM(%) 1.48 1.65 1.72 1.80 1.90
PATM(%) 1.04 1.16 1.16 1.25 1.30