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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 28.30 11.50 (27) (14)
Op profit growth 38.90 10.80 11.60 7.37
EBIT growth 31 3.43 23.20 5.62
Net profit growth 20.60 0.52 26.20 4.77
Profitability ratios (%)        
OPM 16.40 15.10 15.20 9.95
EBIT margin 14.70 14.40 15.50 9.17
Net profit margin 9.21 9.79 10.90 6.28
RoCE 10.60 9.10 9.84 9.01
RoNW 3.24 3.02 3.30 2.82
RoA 1.66 1.55 1.73 1.54
Per share ratios ()        
EPS 60.90 101 99.20 78.20
Dividend per share 6 11 10.50 10
Cash EPS 32.70 61.70 61.70 40.80
Book value per share 496 891 785 742
Valuation ratios        
P/E 14.50 6.54 5.27 5.27
P/CEPS 27 10.70 8.47 10.10
P/B 1.78 0.74 0.67 0.56
EV/EBIDTA 10.70 11.60 9.68 9.19
Payout (%)        
Dividend payout -- -- 12.40 15.10
Tax payout (27) (25) (23) (24)
Liquidity ratios        
Debtor days 12 7.56 6.51 7.16
Inventory days 51.20 57 66.40 53.50
Creditor days (102) (96) (94) (65)
Leverage ratios        
Interest coverage (7.10) (11) (11) (10)
Net debt / equity 0.80 0.81 0.79 0.71
Net debt / op. profit 3.67 4.64 4.40 4.17
Cost breakup ()        
Material costs (68) (70) (69) (78)
Employee costs (2.40) (2.70) (2.70) (1.70)
Other costs (13) (13) (13) (10)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 391,677 305,382 273,999 375,435
yoy growth (%) 28.30 11.50 (27) (14)
Raw materials (267,466) (212,300) (188,814) (294,046)
As % of sales 68.30 69.50 68.90 78.30
Employee costs (9,523) (8,388) (7,407) (6,262)
As % of sales 2.43 2.75 2.70 1.67
Other costs (50,512) (38,500) (36,074) (37,763)
As % of sales 12.90 12.60 13.20 10.10
Operating profit 64,176 46,194 41,704 37,364
OPM 16.40 15.10 15.20 9.95
Depreciation (16,706) (11,646) (11,565) (11,547)
Interest expense (8,052) (3,849) (3,691) (3,316)
Other income 10,008 9,335 12,289 8,613
Profit before tax 49,426 40,034 38,737 31,114
Taxes (13,346) (10,201) (8,876) (7,474)
Tax rate (27) (25) (23) (24)
Minorities and other (5) 68 (116) (74)
Adj. profit 36,075 29,901 29,745 23,566
Exceptional items -- -- -- --
Net profit 36,075 29,901 29,745 23,566
yoy growth (%) 20.60 0.52 26.20 4.77
NPM 9.21 9.79 10.90 6.28
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 49,426 40,034 38,737 31,114
Depreciation (16,706) (11,646) (11,565) (11,547)
Tax paid (13,346) (10,201) (8,876) (7,474)
Working capital (147,843) (165,737) (127,145) (52,824)
Other operating items -- -- -- --
Operating cashflow (128,469) (147,550) (108,849) (40,731)
Capital expenditure 342,991 127,818 94,528 27,847
Free cash flow 214,522 (19,732) (14,321) (12,884)
Equity raised 405,572 397,296 381,089 390,684
Investments 61,266 44,303 41,167 15,849
Debt financing/disposal 302,747 289,630 288,521 277,746
Dividends paid -- -- 3,095 2,944
Other items -- -- -- --
Net in cash 984,107 711,497 699,551 674,339
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 5,937 2,963 2,956 2,960
Preference capital -- -- -- --
Reserves 287,569 260,746 228,600 215,539
Net worth 293,506 263,709 231,556 218,499
Minority interest
Debt 239,843 217,475 194,714 168,251
Deferred tax liabilities (net) 37,177 27,930 22,711 19,983
Total liabilities 574,065 512,031 452,337 409,771
Fixed assets 590,907 523,363 413,607 322,920
Intangible assets
Investments 82,862 82,899 84,015 76,451
Deferred tax asset (net) 12,634 6,732 2,217 7,009
Net working capital (116,593) (103,986) (58,530) (9,154)
Inventories 60,837 48,951 46,486 53,248
Inventory Days 56.70 58.50 61.90 51.80
Sundry debtors 17,555 8,177 4,465 5,315
Debtor days 16.40 9.77 5.95 5.17
Other current assets 54,857 40,389 39,396 34,007
Sundry creditors (106,861) (76,595) (60,296) (59,407)
Creditor days 99.60 91.50 80.30 57.80
Other current liabilities (142,981) (124,908) (88,581) (42,317)
Cash 4,255 3,023 11,028 12,545
Total assets 574,065 512,031 452,337 409,771
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Particulars ( Rupees In Crores.) Mar-2019 Dec-2018 Sep-2018 Jun-2018 Mar-2018
Gross Sales 141,634 160,299 146,018 133,069 120,143
Excise Duty 2,975 3,902 2,695 4,313 3,228
Net Sales 138,659 156,397 143,323 128,756 116,915
Other Operating Income -- -- -- -- --
Other Income 3,215 2,484 1,251 1,788 2,203
Total Income 141,874 158,881 144,574 130,544 119,118
Total Expenditure ** 117,827 135,080 122,215 108,095 98,446
PBIDT 24,047 23,801 22,359 22,449 20,672
Interest 4,894 4,119 3,932 3,550 2,566
PBDT 19,153 19,682 18,427 18,899 18,106
Depreciation 5,295 5,237 5,229 5,173 4,852
Minority Interest Before NP -- -- -- -- --
Tax 2,804 2,955 2,917 3,007 2,690
Deferred Tax 627 1,114 732 1,234 1,097
Reported Profit After Tax 10,427 10,376 9,549 9,485 9,467
Minority Interest After NP 65 125 33 26 29
Net Profit after Minority Interest 10,362 10,251 9,516 9,459 9,438
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 10,362 10,251 9,516 9,459 9,438
EPS (Unit Curr.) 17.50 17.30 16.10 16 15.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 5,926 5,927 5,926 5,924 5,922
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 17.30 15.20 15.60 17.40 17.70
PBDTM(%) 13.80 12.60 12.90 14.70 15.50
PATM(%) 7.52 6.63 6.66 7.37 8.10