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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 16.10 25 74.10 14
Op profit growth 28.30 11.50 153 (29)
EBIT growth 21.40 22.40 78.60 3.23
Net profit growth 35 12.60 64.70 20.10
Profitability ratios (%)        
OPM 1.26 1.14 1.28 0.88
EBIT margin 1.49 1.43 1.46 1.42
Net profit margin 1.08 0.93 1.03 1.09
RoCE 22.80 20.10 18.60 12.20
RoNW 6.24 6.57 7.24 5.36
RoA 4.12 3.27 3.28 2.34
Per share ratios ()        
EPS 23 22.10 19.30 12.30
Dividend per share 1 1 1 1
Cash EPS 22.80 21.70 19.20 11.40
Book value per share 114 91.60 76.50 59
Valuation ratios        
P/E 0.62 0.29 0.33 0.16
P/CEPS 0.62 0.30 0.33 0.18
P/B 0.12 0.07 0.08 0.03
EV/EBIDTA 4.12 3.65 4.30 4.69
Payout (%)        
Dividend payout -- -- 5.21 8.37
Tax payout (16) (19) (14) (16)
Liquidity ratios        
Debtor days 51.90 62 57.60 57.80
Inventory days 9.24 7.19 5.65 8.28
Creditor days (40) (45) (42) (37)
Leverage ratios        
Interest coverage (7.40) (5) (5.20) (15)
Net debt / equity (0.10) 0.66 0.75 0.94
Net debt / op. profit (0.40) 2.23 2.35 5.74
Cost breakup ()        
Material costs (94) (96) (94) (94)
Employee costs (0.20) (0.20) (0.20) (0.30)
Other costs (4.40) (2.50) (4.90) (4.90)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 4,546 3,915 3,133 1,800
yoy growth (%) 16.10 25 74.10 14
Raw materials (4,280) (3,762) (2,931) (1,691)
As % of sales 94.10 96.10 93.60 93.90
Employee costs (9.30) (8.60) (7) (5.10)
As % of sales 0.20 0.22 0.22 0.28
Other costs (199) (99) (155) (88)
As % of sales 4.39 2.53 4.93 4.90
Operating profit 57.30 44.70 40.10 15.90
OPM 1.26 1.14 1.28 0.88
Depreciation (0.50) (0.60) (0.70) (0.80)
Interest expense (9.20) (11) (8.70) (1.70)
Other income 11 11.80 6.29 10.50
Profit before tax 58.60 44.60 36.90 23.90
Taxes (9.60) (8.30) (5.10) (3.70)
Tax rate (16) (19) (14) (16)
Minorities and other -- -- 0.46 (0.50)
Adj. profit 49 36.30 32.30 19.60
Exceptional items -- -- -- --
Net profit 49 36.30 32.30 19.60
yoy growth (%) 35 12.60 64.70 20.10
NPM 1.08 0.93 1.03 1.09
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 58.60 44.60 36.90 23.90
Depreciation (0.50) (0.60) (0.70) (0.80)
Tax paid (9.60) (8.30) (5.10) (3.70)
Working capital 183 207 82.70 --
Other operating items -- -- -- --
Operating cashflow 231 243 114 19.30
Capital expenditure (6.10) (6.40) 0.31 --
Free cash flow 225 237 114 19.30
Equity raised 220 149 148 143
Investments (0.10) (0.10) 0.02 --
Debt financing/disposal (15) 111 33 2.92
Dividends paid -- -- 1.64 1.64
Other items -- -- -- --
Net in cash 430 496 297 167
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 21.30 21.30 16.40 16.40
Preference capital -- -- -- --
Reserves 286 221 134 109
Net worth 307 242 150 126
Minority interest
Debt 25 45.70 131 136
Deferred tax liabilities (net) 21.30 15.40 10.80 0.47
Total liabilities 354 303 292 264
Fixed assets 2.44 2.20 2.63 3.09
Intangible assets
Investments 0.03 0.03 0.03 0.03
Deferred tax asset (net) 0.64 -- -- --
Net working capital 303 235 258 219
Inventories 36 138 92.30 61.90
Inventory Days -- 11.10 8.61 7.21
Sundry debtors 813 537 756 573
Debtor days -- 43.10 70.50 66.80
Other current assets 44.10 55.20 30.50 87.80
Sundry creditors (522) (447) (548) (413)
Creditor days -- 35.90 51.10 48.10
Other current liabilities (68) (48) (72) (91)
Cash 47.90 66 30.90 41.70
Total assets 354 303 292 264
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 4,363 4,546 3,915 3,133 1,800
Excise Duty -- -- -- -- --
Net Sales 4,363 4,546 3,915 3,133 1,800
Other Operating Income 0.19 0.01 0.43 -- --
Other Income 7.13 11 11.80 6.29 10.50
Total Income 4,370 4,557 3,927 3,139 1,810
Total Expenditure ** 4,272 4,480 3,871 3,093 1,784
PBIDT 98.10 76.40 56.40 46.30 26.40
Interest 9.10 17.30 11.20 8.75 1.69
PBDT 89 59.10 45.20 37.60 24.70
Depreciation 0.60 0.47 0.60 0.71 0.84
Minority Interest Before NP -- -- -- -- --
Tax 18.60 9.62 8.29 5.19 3.86
Deferred Tax -- -- -- (0.10) (0.10)
Reported Profit After Tax 69.80 49 36.30 31.80 20.10
Minority Interest After NP -- -- -- (0.50) 0.55
Net Profit after Minority Interest 69.80 49 36.30 32.30 19.60
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 69.80 49 36.30 32.30 19.60
EPS (Unit Curr.) 3.27 26.30 22.10 19.60 11.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 10 10 10 10 10
Equity 21.30 21.30 16.40 16.40 16.40
Public Shareholding (Number) -- -- -- -- 5,155,019
Public Shareholding (%) -- -- -- -- 31.40
Pledged/Encumbered - No. of Shares -- -- -- -- 1,220,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 10.80
Pledged/Encumbered - % in Total Equity -- -- -- -- 7.43
Non Encumbered - No. of Shares -- -- -- -- 10,050,924
Non Encumbered - % in Total Promoters Holding -- -- -- -- 89.20
Non Encumbered - % in Total Equity -- -- -- -- 61.20
PBIDTM(%) 2.25 1.68 1.44 1.48 1.47
PBDTM(%) 2.04 1.30 1.15 1.20 1.37
PATM(%) 1.60 1.08 0.93 1.01 1.12