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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 51.60 (3.50) (16) 10.60
Op profit growth 85 11.10 (48) 14.80
EBIT growth 84.80 38.40 (55) 24.10
Net profit growth 53.90 758 (72) (40)
Profitability ratios (%)        
OPM 18.50 15.10 13.10 21.40
EBIT margin 18.30 15 10.50 19.70
Net profit margin 9.34 9.20 1.03 3.12
RoCE 13.30 7.93 5.75 11.80
RoNW 3.46 2.55 0.32 1.16
RoA 1.70 1.21 0.14 0.47
Per share ratios ()        
EPS 56.80 35.20 3.54 15.60
Dividend per share 5 4 5 3
Cash EPS 36 17.50 (16) (11)
Book value per share 437 377 340 336
Valuation ratios        
P/E 7.40 6.89 26.50 7.94
P/CEPS 11.70 13.80 (5.70) (12)
P/B 0.96 0.64 0.28 0.37
EV/EBIDTA 6 7.83 6.72 4.36
Payout (%)        
Dividend payout -- -- -- 19.90
Tax payout (30) (19) (66) (14)
Liquidity ratios        
Debtor days 20 29.40 27.30 16.80
Inventory days 63.30 71.80 79.80 73.90
Creditor days (25) (30) (23) (26)
Leverage ratios        
Interest coverage (4.10) (2.30) (1.40) (2.90)
Net debt / equity 0.84 1 0.99 1.22
Net debt / op. profit 3.28 6.23 6.19 3.90
Cost breakup ()        
Material costs (68) (66) (65) (50)
Employee costs (3.50) (5.30) (4.60) (4.10)
Other costs (10) (14) (17) (24)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,174 1,434 1,486 1,760
yoy growth (%) 51.60 (3.50) (16) 10.60
Raw materials (1,478) (942) (964) (883)
As % of sales 68 65.70 64.90 50.20
Employee costs (77) (75) (68) (72)
As % of sales 3.55 5.26 4.59 4.10
Other costs (217) (200) (259) (428)
As % of sales 9.99 13.90 17.40 24.30
Operating profit 402 217 195 377
OPM 18.50 15.10 13.10 21.40
Depreciation (73) (69) (74) (93)
Interest expense (97) (94) (109) (120)
Other income 70.30 67.40 34.90 62.50
Profit before tax 302 122 47.20 227
Taxes (90) (23) (31) (31)
Tax rate (30) (19) (66) (14)
Minorities and other (1.80) 4.91 (0.40) (1.40)
Adj. profit 211 104 15.50 194
Exceptional items (7.80) 28.20 (0.10) (139)
Net profit 203 132 15.40 54.90
yoy growth (%) 53.90 758 (72) (40)
NPM 9.34 9.20 1.03 3.12
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 302 122 47.20 227
Depreciation (73) (69) (74) (93)
Tax paid (90) (23) (31) (31)
Working capital 324 191 33.10 103
Other operating items -- -- -- --
Operating cashflow 463 221 (26) 205
Capital expenditure 574 218 (505) 38.90
Free cash flow 1,038 439 (530) 244
Equity raised 2,109 2,053 2,190 2,242
Investments 43.10 93 (85) (293)
Debt financing/disposal 769 420 (171) (116)
Dividends paid -- -- -- 10.80
Other items -- -- -- --
Net in cash 3,959 3,006 1,403 2,088
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 36.10 36.10 36 36
Preference capital -- -- -- --
Reserves 1,742 1,540 1,322 1,187
Net worth 1,778 1,576 1,358 1,223
Minority interest
Debt 1,395 1,386 1,363 1,221
Deferred tax liabilities (net) 71 68.10 55.70 66.20
Total liabilities 3,326 3,119 2,859 2,583
Fixed assets 2,397 2,142 1,982 1,819
Intangible assets
Investments 213 241 226 205
Deferred tax asset (net) -- -- -- --
Net working capital 671 668 640 547
Inventories 439 411 343 222
Inventory Days -- 69.10 87.20 54.50
Sundry debtors 92.60 131 106 125
Debtor days -- 22 27.10 30.70
Other current assets 479 419 447 444
Sundry creditors (181) (131) (111) (92)
Creditor days -- 22 28.30 22.60
Other current liabilities (159) (163) (145) (152)
Cash 45 68.30 10.60 11.90
Total assets 3,326 3,119 2,859 2,583
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 2,302 2,195 1,559 1,606 1,885
Excise Duty -- 42.90 137 126 143
Net Sales 2,302 2,152 1,423 1,480 1,742
Other Operating Income 21.60 21.60 11.60 -- 17.90
Other Income 16.90 70.30 95.60 35.60 62.60
Total Income 2,341 2,244 1,530 1,515 1,822
Total Expenditure ** 1,842 1,780 1,217 1,289 1,522
PBIDT 499 464 313 226 301
Interest 99 96.70 93.80 112 120
PBDT 400 367 219 114 180
Depreciation 76.50 73.20 68.70 75 93
Minority Interest Before NP -- -- -- -- --
Tax 111 72.50 38.70 16.40 31
Deferred Tax 5.81 17 (15) 10.20 --
Reported Profit After Tax 207 205 127 12.80 56.30
Minority Interest After NP 3.95 2.72 -- -- 1.40
Net Profit after Minority Interest 203 202 127 12.80 54.90
Extra-ordinary Items -- (5.40) 20.90 (0.20) (108)
Adjusted Profit After Extra-ordinary item 203 208 106 13 163
EPS (Unit Curr.) 56.40 56 35.60 3.82 15.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 50 50 40 20 30
Equity 36.10 36.10 36 36 36
Public Shareholding (Number) -- -- -- -- 10,304,274
Public Shareholding (%) -- -- -- -- 28.70
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 25,648,079
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 71.30
PBIDTM(%) 21.70 21.60 22 15.30 17.30
PBDTM(%) 17.40 17.10 15.40 7.73 10.30
PATM(%) 9 9.51 8.93 0.86 3.23