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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 22.50 14.50 15.20 34.20
Op profit growth 10.60 15.10 58.50 11
EBIT growth 7.45 3.81 48.20 11.70
Net profit growth 0.17 8.74 42.40 10.70
Profitability ratios (%)        
OPM 20.20 22.30 22.20 16.10
EBIT margin 17 19.40 21.40 16.60
Net profit margin 11.10 13.60 14.30 11.60
RoCE 24 28.50 33.20 26.80
RoNW 4.55 5.39 6 5.08
RoA 3.92 4.99 5.55 4.66
Per share ratios ()        
EPS 21.20 21.10 19.10 13.10
Dividend per share 4 4 4 2.50
Cash EPS 13.40 14.90 15.50 11
Book value per share 126 106 89.30 72.50
Valuation ratios        
P/E 18.10 23.10 12.20 24.30
P/CEPS 28.60 32.70 15 28.80
P/B 3.05 4.58 2.61 4.39
EV/EBIDTA 9.74 13.10 6.88 14.20
Payout (%)        
Dividend payout 9.46 19 17.20 22.10
Tax payout (34) (30) (33) (30)
Liquidity ratios        
Debtor days 167 169 160 147
Inventory days 87.10 58.40 44.70 37.90
Creditor days (167) (162) (135) (110)
Leverage ratios        
Interest coverage (60) (5,698) (475) (221)
Net debt / equity 0.06 (0.10) (0.10) --
Net debt / op. profit 0.20 (0.30) (0.20) (0.20)
Cost breakup ()        
Material costs (67) (64) (64) (67)
Employee costs (2) (2.10) (2.20) (2.30)
Other costs (11) (11) (11) (15)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,713 1,399 1,222 1,061
yoy growth (%) 22.50 14.50 15.20 34.20
Raw materials (1,144) (897) (784) (710)
As % of sales 66.80 64.10 64.20 66.90
Employee costs (34) (29) (27) (24)
As % of sales 1.96 2.06 2.23 2.30
Other costs (191) (161) (139) (155)
As % of sales 11.10 11.50 11.40 14.60
Operating profit 345 312 271 171
OPM 20.20 22.30 22.20 16.10
Depreciation (70) (56) (35) (23)
Interest expense (4.90) -- (0.60) (0.80)
Other income 16.60 15.70 25.50 28.70
Profit before tax 287 272 261 176
Taxes (96) (81) (86) (52)
Tax rate (34) (30) (33) (30)
Minorities and other -- 0.07 (0.10) --
Adj. profit 191 190 175 123
Exceptional items -- -- -- (0.50)
Net profit 191 190 175 123
yoy growth (%) 0.17 8.74 42.40 10.70
NPM 11.10 13.60 14.30 11.60
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 287 272 261 176
Depreciation (70) (56) (35) (23)
Tax paid (96) (81) (86) (52)
Working capital 503 140 -- (140)
Other operating items -- -- -- --
Operating cashflow 624 274 140 (40)
Capital expenditure 129 (1.70) -- 1.73
Free cash flow 752 272 140 (38)
Equity raised 1,337 1,280 1,282 1,333
Investments (152) (34) -- 34.20
Debt financing/disposal 210 (37) 0.50 38.30
Dividends paid 18 36.10 27.10 22.60
Other items -- -- -- --
Net in cash 2,165 1,516 1,450 1,391
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 90.20 90.20 90.20 90.20
Preference capital -- -- -- --
Reserves 1,194 1,045 870 715
Net worth 1,284 1,135 960 805
Minority interest
Debt 0.09 170 0.24 2
Deferred tax liabilities (net) 93.70 84.90 83.70 55.60
Total liabilities 1,378 1,390 1,044 863
Fixed assets 592 586 442 340
Intangible assets
Investments 212 22.10 60.70 90.20
Deferred tax asset (net) 8.14 9.11 6.32 2.89
Net working capital 443 672 427 365
Inventories 365 530 288 160
Inventory Days -- 113 75.10 47.70
Sundry debtors 811 892 673 620
Debtor days -- 190 175 185
Other current assets 94.40 87.70 75 54.30
Sundry creditors (733) (726) (528) (434)
Creditor days -- 155 138 130
Other current liabilities (95) (113) (80) (35)
Cash 124 101 108 64.90
Total assets 1,378 1,390 1,044 863
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,998 1,707 1,399 1,222 1,061
Excise Duty -- -- -- -- --
Net Sales 1,998 1,707 1,399 1,222 1,061
Other Operating Income -- -- -- -- 1.39
Other Income 21.30 8.07 15.70 25.50 27.30
Total Income 2,019 1,715 1,415 1,248 1,090
Total Expenditure ** 1,676 1,353 1,087 951 890
PBIDT 343 362 328 297 200
Interest 8.39 4.86 0.05 0.55 0.80
PBDT 334 357 328 296 199
Depreciation 99.40 69.90 56.30 35.10 23.30
Minority Interest Before NP -- -- -- -- --
Tax 49 97.90 56.70 86.10 52.40
Deferred Tax 9.71 (1.50) 24.70 -- --
Reported Profit After Tax 176 191 190 175 123
Minority Interest After NP -- 0.01 (0.10) 0.07 --
Net Profit after Minority Interest 176 191 190 175 123
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 176 191 190 175 123
EPS (Unit Curr.) 19.60 21.20 21.10 19.40 13.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 20 20 20 30 25
Equity 90.20 90.20 90.20 90.20 90.20
Public Shareholding (Number) -- -- -- -- 22,555,124
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 67,665,371
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 75
PBIDTM(%) 17.20 21.20 23.40 24.30 18.80
PBDTM(%) 16.70 20.90 23.40 24.20 18.70
PATM(%) 8.83 11.20 13.60 14.30 11.60