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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-2018 Dec-2017 Sep-2017 Jun-2017 Mar-2017
Gross Sales 120,143 102,500 95,085 90,537 92,889
Excise Duty 3,228 2,690 3,604 7,066 8,066
Net Sales 116,915 99,810 91,481 83,471 84,823
Other Operating Income -- -- -- -- --
Other Income 2,203 2,257 2,331 3,225 1,936
Total Income 119,118 102,067 93,812 86,696 86,759
Total Expenditure ** 98,454 82,222 75,916 70,917 72,595
PBIDT 20,664 19,845 17,896 15,779 14,164
Interest 2,566 2,095 2,272 1,119 556
PBDT 18,098 17,750 15,624 14,660 13,608
Depreciation 4,852 4,530 4,287 3,037 3,354
Minority Interest Before NP -- -- -- -- --
Tax 2,690 2,634 2,453 2,321 1,795
Deferred Tax 1,097 1,141 787 223 406
Reported Profit After Tax 9,459 9,445 8,097 9,079 8,053
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 9,459 9,445 8,097 9,079 8,053
Extra-ordinary Items -- -- -- 849 --
Adjusted Profit After Extra-ordinary item 9,459 9,445 8,097 8,230 8,053
EPS (Unit Curr.) 15.90 16 13.70 30.80 27.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 5,922 5,921 5,920 2,959 2,959
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(%) 17.70 19.90 19.60 18.90 16.70
PBDTM(%) 15.50 17.80 17.10 17.60 16
PATM(%) 8.09 9.46 8.85 10.90 9.49