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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 7.51 15.10 6.24 4.87
Op profit growth 25.60 (17) (5.40) 29.60
EBIT growth 32.60 (20) (3.30) 30.20
Net profit growth 23.50 (18) (2) 44.60
Profitability ratios (%)        
OPM 8.93 7.65 10.60 11.90
EBIT margin 7.61 6.17 8.87 9.75
Net profit margin 3.23 2.82 3.97 4.30
RoCE 13.30 10.90 13.40 14.20
RoNW 2.31 2.03 2.73 3.08
RoA 1.41 1.25 1.50 1.56
Per share ratios ()        
EPS 30.70 24.90 29.40 30.10
Dividend per share 6.50 5 5 5
Cash EPS 10.70 8.76 13.90 12.90
Book value per share 343 321 291 266
Valuation ratios        
P/E 7.65 6.01 4.01 4.23
P/CEPS 21.90 17.10 8.51 9.88
P/B 0.68 0.47 0.41 0.48
EV/EBIDTA 7.08 6.13 4.57 5.08
Payout (%)        
Dividend payout -- -- 19.80 19.30
Tax payout (37) (33) (36) (33)
Liquidity ratios        
Debtor days 34.50 33.60 37.30 37.90
Inventory days 38.30 31.30 44.30 59.30
Creditor days (20) (20) (21) (19)
Leverage ratios        
Interest coverage (3) (3.10) (3.30) (2.90)
Net debt / equity 0.53 0.42 0.52 0.73
Net debt / op. profit 2.16 1.98 1.86 2.28
Cost breakup ()        
Material costs (69) (72) (67) (65)
Employee costs (6) (5.90) (6) (5.60)
Other costs (16) (14) (16) (18)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 701 652 566 533
yoy growth (%) 7.51 15.10 6.24 4.87
Raw materials (483) (473) (379) (344)
As % of sales 68.90 72.50 67 64.50
Employee costs (42) (38) (34) (30)
As % of sales 5.95 5.85 6.02 5.60
Other costs (113) (91) (93) (96)
As % of sales 16.20 14 16.40 18
Operating profit 62.60 49.90 59.90 63.30
OPM 8.93 7.65 10.60 11.90
Depreciation (15) (12) (12) (13)
Interest expense (18) (13) (15) (18)
Other income 5.49 2.27 2.55 2.07
Profit before tax 35.80 27.50 35 34.20
Taxes (13) (9.10) (13) (11)
Tax rate (37) (33) (36) (33)
Minorities and other -- -- -- --
Adj. profit 22.70 18.40 22.50 22.90
Exceptional items -- -- -- --
Net profit 22.70 18.40 22.50 22.90
yoy growth (%) 23.50 (18) (2) 44.60
NPM 3.23 2.82 3.97 4.30
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 35.80 27.50 35 34.20
Depreciation (15) (12) (12) (13)
Tax paid (13) (9.10) (13) (11)
Working capital 63.60 23.40 5.98 20.30
Other operating items -- -- -- --
Operating cashflow 71.50 29.90 16.20 29.80
Capital expenditure 198 171 74.90 32.80
Free cash flow 269 201 91.10 62.60
Equity raised 346 350 345 339
Investments 32.30 19.20 5.61 (4.10)
Debt financing/disposal 145 95.30 131 138
Dividends paid -- -- 3.69 3.69
Other items -- -- -- --
Net in cash 792 666 577 539
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 14.80 7.38 7.38 7.38
Preference capital -- -- -- --
Reserves 268 246 229 208
Net worth 283 253 237 215
Minority interest
Debt 186 153 106 129
Deferred tax liabilities (net) 31.60 28.10 25.70 23
Total liabilities 501 435 369 367
Fixed assets 371 265 245 232
Intangible assets
Investments 76.70 47.40 33.10 19.40
Deferred tax asset (net) -- -- -- 0.09
Net working capital 36.60 105 83 98.20
Inventories 53.70 92.50 54.70 57.30
Inventory Days -- 48.10 30.60 36.90
Sundry debtors 61.70 71.30 61.20 58.80
Debtor days -- 37.10 34.20 37.90
Other current assets 13.10 23.80 18 20.30
Sundry creditors (32) (37) (31) (33)
Creditor days -- 19.20 17.60 21.30
Other current liabilities (60) (46) (19) (5.20)
Cash 15.90 17.90 7.31 17.60
Total assets 501 435 369 367
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 741 709 654 566 533
Excise Duty -- 7.61 -- -- --
Net Sales 741 701 654 566 533
Other Operating Income -- -- 1.52 2.55 1.98
Other Income 3.30 5.49 0.71 -- 1.13
Total Income 744 707 656 569 536
Total Expenditure ** 650 638 604 506 471
PBIDT 94.80 68.10 52.30 62.50 65.40
Interest 16.30 17.60 13.40 15.30 17.80
PBDT 78.50 50.60 39 47.20 47.60
Depreciation 12.90 14.80 11.90 12.20 13.40
Minority Interest Before NP -- -- -- -- --
Tax 21.40 10.40 9.09 12.50 11.30
Deferred Tax 3.05 2.80 -- -- --
Reported Profit After Tax 41.20 22.70 18 22.50 22.90
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 41.20 22.70 18 22.50 22.90
Extra-ordinary Items -- -- -- -- (0.90)
Adjusted Profit After Extra-ordinary item 41.20 22.70 18 22.50 23.80
EPS (Unit Curr.) 27.90 15.40 24.40 30.40 31.10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 65 50 50 50
Equity 14.80 7.38 7.38 7.38 7.38
Public Shareholding (Number) -- -- 28,820,000 29,030,000 2,930,000
Public Shareholding (%) -- -- 39.10 39.30 39.70
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- 44,980,000 44,770,000 4,450,000
Non Encumbered - % in Total Promoters Holding -- -- 100 100 100
Non Encumbered - % in Total Equity -- -- 61 60.70 60.30
PBIDTM(%) 12.80 9.72 8.01 11 12.30
PBDTM(%) 10.60 7.21 5.96 8.34 8.93
PATM(%) 5.56 3.23 2.75 3.97 4.30