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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.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 33,953 30,721 30,321 24,955 23,344
Excise Duty -- -- -- -- --
Net Sales 33,953 30,721 30,321 24,955 23,344
Other Operating Income -- -- -- 0.20 0.02
Other Income 36.30 27 21.80 29.90 57.30
Total Income 33,990 30,748 30,343 24,985 23,402
Total Expenditure ** 33,381 30,138 29,729 24,406 22,869
PBIDT 608 610 614 578 532
Interest 147 120 119 132 118
PBDT 462 490 495 447 415
Depreciation 48.10 42.90 40.90 34.10 30.40
Minority Interest Before NP -- -- -- -- --
Tax 114 109 126 107 96
Deferred Tax (12) (2.10) 5.02 -- --
Reported Profit After Tax 312 341 323 306 288
Minority Interest After NP -- -- 11.90 14.80 24.20
Net Profit after Minority Interest 312 341 312 291 264
Extra-ordinary Items (52) -- -- -- 9.11
Adjusted Profit After Extra-ordinary item 364 341 312 291 255
EPS (Unit Curr.) 8.49 8.46 7.79 7.29 6.61
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 77.80 80 80 80 79.90
Public Shareholding (Number) -- -- -- -- 346,380,643
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(%) 1.79 1.98 2.03 2.32 2.28
PBDTM(%) 1.36 1.60 1.63 1.79 1.78
PATM(%) 0.92 1.11 1.07 1.23 1.23