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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 4.55 6.02 10.70 --
Op profit growth (2.20) 10.70 27.20 --
EBIT growth 1.29 21 15.50 --
Net profit growth (10) 43.50 3.78 --
Profitability ratios (%)        
OPM 15.80 16.90 16.20 14.10
EBIT margin 15.60 16.10 14.10 13.50
Net profit margin 9.19 10.70 7.90 8.43
RoCE 16.50 18.50 16.60 --
RoNW 2.82 3.43 2.98 --
RoA 2.43 3.07 2.33 --
Per share ratios ()        
EPS 6.40 7.25 5.05 5.09
Dividend per share 1.75 1.75 1.50 1.50
Cash EPS 4.86 5.90 3 3.11
Book value per share 59.30 56.10 49.50 38.50
Valuation ratios        
P/E 40.40 41.10 44.90 --
P/CEPS 53.10 50.50 75.50 --
P/B 4.36 5.31 4.57 --
EV/EBIDTA 21.10 24.40 20.50 --
Payout (%)        
Dividend payout 26.90 24.10 29.70 25.60
Tax payout (32) (31) (34) (26)
Liquidity ratios        
Debtor days 87.90 83 83.50 --
Inventory days 124 128 129 --
Creditor days (57) (62) (62) --
Leverage ratios        
Interest coverage (40) (31) (6.50) (6.10)
Net debt / equity 0.17 0.02 -- 0.33
Net debt / op. profit 0.92 0.11 0.02 1.42
Cost breakup ()        
Material costs (55) (55) (55) (55)
Employee costs (12) (12) (12) (13)
Other costs (17) (16) (16) (17)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,025 981 925 836
yoy growth (%) 4.55 6.02 10.70 --
Raw materials (563) (535) (513) (460)
As % of sales 54.90 54.60 55.50 55.10
Employee costs (125) (122) (112) (112)
As % of sales 12.20 12.50 12.10 13.40
Other costs (175) (157) (150) (146)
As % of sales 17 16 16.30 17.40
Operating profit 162 166 150 118
OPM 15.80 16.90 16.20 14.10
Depreciation (24) (19) (30) (29)
Interest expense (4) (5.20) (20) (19)
Other income 21.60 11.60 10.50 24.60
Profit before tax 156 153 110 94.50
Taxes (51) (48) (37) (24)
Tax rate (32) (31) (34) (26)
Minorities and other 1.61 -- -- --
Adj. profit 107 105 73.10 70.40
Exceptional items (13) -- -- --
Net profit 94.20 105 73.10 70.40
yoy growth (%) (10) 43.50 3.78 --
NPM 9.19 10.70 7.90 8.43
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 156 153 110 94.50
Depreciation (24) (19) (30) (29)
Tax paid (51) (48) (37) (24)
Working capital 17.80 (15) 14.90 --
Other operating items -- -- -- --
Operating cashflow 99.40 70.50 58.20 --
Capital expenditure (88) 75.90 (76) --
Free cash flow 11.30 146 (18) --
Equity raised 1,015 1,159 1,187 --
Investments 96.20 14.30 (14) --
Debt financing/disposal (70) (11) 66.50 --
Dividends paid 25.30 25.30 21.70 15
Other items -- -- -- --
Net in cash 1,077 1,334 1,243 --
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 145 145 145 145
Preference capital -- -- -- --
Reserves 719 712 667 571
Net worth 863 857 812 716
Minority interest
Debt 342 173 74.40 85.50
Deferred tax liabilities (net) 17.90 8.22 14.40 5.67
Total liabilities 1,234 1,038 900 807
Fixed assets 500 412 304 245
Intangible assets
Investments 97.40 96.20 49.70 35.40
Deferred tax asset (net) 25.50 4.44 11.10 4.67
Net working capital 570 501 480 439
Inventories 374 348 350 335
Inventory Days -- 124 130 132
Sundry debtors 284 277 217 229
Debtor days -- 98.50 80.80 90.30
Other current assets 123 119 97.10 75.80
Sundry creditors (136) (158) (112) (164)
Creditor days -- 56.20 41.70 64.70
Other current liabilities (76) (84) (72) (36)
Cash 40.90 23.90 55.50 82.20
Total assets 1,234 1,038 900 807
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Particulars ( Rupees In Crores.) Sep-2019 Mar-2019 Sep-2018 Mar-2018 Sep-2017
Gross Sales 548 523 518 565 473
Excise Duty -- -- -- -- 17.90
Net Sales 548 523 518 565 455
Other Operating Income 5.95 3.14 3.83 0.99 0.76
Other Income 1.99 16 7.32 18.80 6.94
Total Income 556 542 529 584 462
Total Expenditure ** 469 461 450 496 379
PBIDT 86.60 81 79 87.90 83.10
Interest 14.10 10.60 3.40 2.30 1.67
PBDT 72.50 70.40 75.60 85.60 81.40
Depreciation 25.30 16.80 14.40 12.30 11.50
Minority Interest Before NP -- -- -- -- --
Tax 12.50 8.24 27 22.80 23.60
Deferred Tax 0.72 3.89 (12) 3.54 0.62
Reported Profit After Tax 34 41.50 46.40 46.90 45.70
Minority Interest After NP 0.21 (0.20) -- -- --
Net Profit after Minority Interest 33.90 41 47.50 48.20 45.70
Extra-ordinary Items -- -- -- (13) --
Adjusted Profit After Extra-ordinary item 33.90 41 47.50 61.10 45.70
EPS (Unit Curr.) 2.40 2.83 3.32 3.33 3.16
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 141 145 145 145 145
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(%) 15.80 15.50 15.20 15.60 18.30
PBDTM(%) -- -- -- -- --
PATM(%) 6.20 7.93 8.95 8.31 10