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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2014
Growth matrix (%)        
Revenue growth 14.70 (20) (6.20) 13.80
Op profit growth 373 (67) (42) (1.90)
EBIT growth (871) (129) (60) 1.27
Net profit growth (102) 138 (3,140) (40)
Profitability ratios (%)        
OPM 9.40 2.28 5.47 8.80
EBIT margin 8.16 (1.20) 3.40 7.94
Net profit margin 0.43 (20) (6.80) 0.21
RoCE 5.44 (0.70) 2.75 6.91
RoNW 0.46 (14) (4.60) 0.14
RoA 0.07 (3.10) (1.40) 0.05
Per share ratios ()        
EPS 1.88 -- -- 0.95
Dividend per share -- -- -- --
Cash EPS (12) (85) (45) (9.40)
Book value per share 85.80 93.40 145 166
Valuation ratios        
P/E 16.80 -- -- 16.50
P/CEPS (2.70) (0.30) (0.80) (1.70)
P/B 0.37 0.25 0.25 0.09
EV/EBIDTA 11.20 39 12.20 6.99
Payout (%)        
Dividend payout -- -- -- --
Tax payout 424 (2.60) (3) (27)
Liquidity ratios        
Debtor days 691 786 624 546
Inventory days 532 615 437 354
Creditor days (190) (297) (248) (181)
Leverage ratios        
Interest coverage (1) 0.07 (0.30) (1)
Net debt / equity 5.50 4.86 2.31 1.84
Net debt / op. profit 12.90 58.90 14.50 7.75
Cost breakup ()        
Material costs (53) (62) (56) (46)
Employee costs (1.10) (1.80) (1.40) (1.50)
Other costs (36) (34) (37) (44)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Revenue 489 427 531 566
yoy growth (%) 14.70 (20) (6.20) 13.80
Raw materials (260) (263) (297) (258)
As % of sales 53.20 61.60 56 45.60
Employee costs (5.30) (7.60) (7.60) (8.30)
As % of sales 1.08 1.77 1.44 1.48
Other costs (178) (146) (197) (250)
As % of sales 36.30 34.30 37 44.20
Operating profit 46 9.72 29 49.80
OPM 9.40 2.28 5.47 8.80
Depreciation (17) (21) (20) (13)
Interest expense (40) (79) (60) (43)
Other income 10.90 5.70 9.27 8.24
Profit before tax 0.40 (85) (42) 1.65
Taxes 1.69 2.18 1.26 (0.50)
Tax rate 424 (2.60) (3) (27)
Minorities and other -- -- -- --
Adj. profit 2.09 (82) (41) 1.19
Exceptional items -- (4) 4.75 --
Net profit 2.09 (86) (36) 1.19
yoy growth (%) (102) 138 (3,140) (40)
NPM 0.43 (20) (6.80) 0.21
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2014
Profit before tax 0.40 (85) (42) 1.65
Depreciation (17) (21) (20) (13)
Tax paid 1.69 2.18 1.26 (0.50)
Working capital 341 321 77.50 --
Other operating items -- -- -- --
Operating cashflow 326 218 16.20 (12)
Capital expenditure (44) 18.30 14.90 --
Free cash flow 282 236 31.20 (12)
Equity raised 295 396 413 393
Investments 0.76 5.07 -- --
Debt financing/disposal 577 456 339 266
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 1,155 1,093 783 647
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 12.60 12.60 12.60 12.60
Preference capital -- -- -- --
Reserves 101 95.50 105 170
Net worth 114 108 118 182
Minority interest
Debt 584 625 607 471
Deferred tax liabilities (net) 3.44 2.67 6.58 8.77
Total liabilities 701 736 732 662
Fixed assets 131 144 162 185
Intangible assets
Investments 1 0.95 5.25 0.18
Deferred tax asset (net) -- -- -- --
Net working capital 560 560 530 428
Inventories 701 686 741 696
Inventory Days -- 512 634 479
Sundry debtors 1,027 920 932 904
Debtor days -- 686 797 622
Other current assets 63.70 82.80 87.50 79.20
Sundry creditors (226) (166) (295) (382)
Creditor days -- 124 252 263
Other current liabilities (1,005) (963) (935) (869)
Cash 8.76 30.50 34.70 49
Total assets 701 736 732 662
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Particulars ( Rupees In Crores.) Dec-2015 Dec-2014 Dec-2013 Dec-2012 Dec-2011
Gross Sales 289 427 299 324 354
Excise Duty -- -- -- -- --
Net Sales 289 427 299 324 354
Other Operating Income 0.24 1.07 1.16 1.18 0.36
Other Income 2.63 7.38 3.70 4.25 4.45
Total Income 291 435 304 330 359
Total Expenditure ** 279 399 263 289 321
PBIDT 12.10 36.50 40.40 41 38.10
Interest 51.60 40.80 30.70 30.40 26.90
PBDT (40) (4.30) 9.70 10.70 11.20
Depreciation 15.10 15.40 9.82 9.46 9.29
Minority Interest Before NP -- -- -- -- --
Tax (1.70) -- 0.56 0.74 1.53
Deferred Tax -- -- -- -- --
Reported Profit After Tax (53) (20) (0.70) 0.49 0.42
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (53) (20) (0.70) 0.49 0.42
Extra-ordinary Items (3) (3.10) (4.50) (2) (1.90)
Adjusted Profit After Extra-ordinary item (50) (17) 3.77 2.53 2.35
EPS (Unit Curr.) (42) (16) (0.60) 0.39 0.33
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 12.60 12.60 12.60 12.80 12.80
Public Shareholding (Number) -- 5,517,587 5,517,587 5,567,938 5,567,938
Public Shareholding (%) -- 43.80 43.80 44.20 44.20
Pledged/Encumbered - No. of Shares -- 2,124,839 -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- 30 -- -- --
Pledged/Encumbered - % in Total Equity -- 16.90 -- -- --
Non Encumbered - No. of Shares -- 4,957,952 7,082,791 7,032,440 7,032,440
Non Encumbered - % in Total Promoters Holding -- 70 100 100 100
Non Encumbered - % in Total Equity -- 39.40 56.20 55.80 55.80
PBIDTM(%) 4.18 8.57 13.50 12.70 10.80
PBDTM(%) (14) (1) 3.25 3.30 3.17
PATM(%) (18) (4.60) (0.20) 0.15 0.12