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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 5.85 7.69 4.34 7.54
Op profit growth 11.90 5.17 (4.10) 5.61
EBIT growth 13.50 3.84 (5.50) 0.98
Net profit growth 19.30 9.64 (3.30) 3.17
Profitability ratios (%)        
OPM 13.40 12.70 13 14.20
EBIT margin 12.30 11.50 11.90 13.10
Net profit margin 7.45 6.61 6.50 7.01
RoCE 24.30 23.40 22.20 24.20
RoNW 4.59 4.48 4.74 5.55
RoA 3.69 3.38 3.04 3.23
Per share ratios ()        
EPS 10.80 9.08 8.28 8.56
Dividend per share 3 2.75 2.75 2.75
Cash EPS 8.83 7.03 6.36 6.65
Book value per share 62.60 55.10 46.10 41.10
Valuation ratios        
P/E 34.40 36 33.10 24.90
P/CEPS 42.20 46.40 43.20 32
P/B 5.95 5.93 5.95 5.18
EV/EBIDTA 19.40 18.90 17.10 13.30
Payout (%)        
Dividend payout 5.16 -- 39.90 38.60
Tax payout (36) (37) (35) (35)
Liquidity ratios        
Debtor days 88.70 64 64 65
Inventory days 98.90 99.70 120 126
Creditor days (49) (36) (38) (41)
Leverage ratios        
Interest coverage (18) (12) (6.40) (5.40)
Net debt / equity 0.21 0.16 0.38 0.63
Net debt / op. profit 0.69 0.51 1.05 1.49
Cost breakup ()        
Material costs (45) (46) (48) (47)
Employee costs (4) (3.50) (2.90) (2.70)
Other costs (38) (38) (36) (36)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,157 1,093 1,015 973
yoy growth (%) 5.85 7.69 4.34 7.54
Raw materials (519) (498) (486) (462)
As % of sales 44.80 45.50 47.80 47.50
Employee costs (47) (38) (30) (26)
As % of sales 4.03 3.50 2.92 2.67
Other costs (436) (418) (368) (347)
As % of sales 37.70 38.30 36.20 35.70
Operating profit 155 139 132 138
OPM 13.40 12.70 13 14.20
Depreciation (16) (16) (15) (15)
Interest expense (8.10) (11) (19) (24)
Other income 2.45 2.55 3.78 5.04
Profit before tax 134 115 102 104
Taxes (48) (42) (36) (36)
Tax rate (36) (37) (35) (35)
Minorities and other -- -- -- --
Adj. profit 86.20 72.30 65.90 68.20
Exceptional items -- -- -- --
Net profit 86.20 72.30 65.90 68.20
yoy growth (%) 19.30 9.64 (3.30) 3.17
NPM 7.45 6.61 6.50 7.01
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 134 115 102 104
Depreciation (16) (16) (15) (15)
Tax paid (48) (42) (36) (36)
Working capital 194 88.70 12.60 49.40
Other operating items -- -- -- --
Operating cashflow 264 145 63.30 102
Capital expenditure 66.90 40.10 55.10 7.34
Free cash flow 331 185 118 110
Equity raised 565 549 551 552
Investments 0.10 0.09 -- --
Debt financing/disposal (68) (92) (69) 13.90
Dividends paid -- -- 21.90 21.90
Other items -- -- -- --
Net in cash 828 641 622 698
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 7.96 7.96 7.96 7.96
Preference capital -- -- -- --
Reserves 537 491 431 359
Net worth 545 499 439 367
Minority interest
Debt 210 116 84.10 148
Deferred tax liabilities (net) 15.90 15.20 15.10 15
Total liabilities 771 630 539 531
Fixed assets 185 175 169 165
Intangible assets
Investments -- 0.11 0.10 0.01
Deferred tax asset (net) 13.40 6.29 0.74 0.07
Net working capital 565 440 355 357
Inventories 382 332 295 302
Inventory Days -- 105 98.50 109
Sundry debtors 397 351 211 172
Debtor days -- 111 70.40 62
Other current assets 45.80 32.10 27.70 32.90
Sundry creditors (144) (165) (101) (88)
Creditor days -- 52.20 33.80 31.70
Other current liabilities (116) (110) (77) (62)
Cash 7.59 8.31 13.10 9.23
Total assets 771 630 539 531
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,144 1,153 1,087 1,010 968
Excise Duty -- -- -- -- --
Net Sales 1,144 1,153 1,087 1,010 968
Other Operating Income 4.77 4.13 5.54 4.60 5.02
Other Income 1.98 2.45 2.55 3.78 5.04
Total Income 1,151 1,159 1,095 1,019 978
Total Expenditure ** 998 1,001 954 883 835
PBIDT 153 158 141 136 143
Interest 18.60 8.10 10.60 18.80 23.50
PBDT 134 150 131 117 119
Depreciation 15 15.80 16.20 15.20 15.10
Minority Interest Before NP -- -- -- -- --
Tax 51.70 53.20 42.80 36.30 35.90
Deferred Tax (6.40) (5.40) (0.40) (0.40) --
Reported Profit After Tax 74.20 86.20 72.30 65.90 68.20
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 74.20 86.20 72.30 65.90 68.20
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 74.20 86.20 72.30 65.90 68.20
EPS (Unit Curr.) 9.33 10.80 9.09 8.29 8.57
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 300 300 275 275 275
Equity 7.95 7.95 7.95 7.95 7.95
Public Shareholding (Number) -- -- -- -- 19,938,170
Public Shareholding (%) -- -- -- -- 25.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 59,586,390
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 74.90
PBIDTM(%) 13.40 13.70 13 13.40 14.80
PBDTM(%) 11.80 13 12 11.60 12.30
PATM(%) 6.49 7.48 6.65 6.53 7.05