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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (14) 13.80 6.01 (5.10)
Op profit growth (25) 33.80 4.77 (16)
EBIT growth (58) 45 12.80 10.10
Net profit growth (107) 106 (13) 12.40
Profitability ratios (%)        
OPM 7.33 8.43 7.17 7.26
EBIT margin 3.76 7.65 6 5.64
Net profit margin (0.20) 2.77 1.53 1.86
RoCE 5.19 13.10 9.65 8.85
RoNW (0.20) 3.41 1.81 2.32
RoA (0.10) 1.19 0.62 0.73
Per share ratios ()        
EPS -- 6.70 3.26 3.73
Dividend per share -- -- -- --
Cash EPS (6.70) 3.17 (0.20) 0.33
Book value per share 45.80 50.10 48 42.10
Valuation ratios        
P/E -- 3.68 2.47 2.27
P/CEPS (1.90) 7.77 (38) 25.60
P/B 0.30 0.49 0.19 0.22
EV/EBIDTA 5.49 4.85 5.12 5.53
Payout (%)        
Dividend payout -- -- -- --
Tax payout (58) (32) (38) (24)
Liquidity ratios        
Debtor days 77.10 63.30 71.90 60.30
Inventory days 67.10 54 57.60 59.80
Creditor days (35) (44) (61) (55)
Leverage ratios        
Interest coverage (0.90) (2.10) (1.70) (1.80)
Net debt / equity 1.08 1.47 1.51 1.66
Net debt / op. profit 4.62 3.61 4.74 4.81
Cost breakup ()        
Material costs (79) (81) (81) (81)
Employee costs (1.90) (1.20) (1.10) (1.10)
Other costs (12) (9) (11) (10)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,205 1,406 1,235 1,165
yoy growth (%) (14) 13.80 6.01 (5.10)
Raw materials (954) (1,144) (1,003) (947)
As % of sales 79.10 81.40 81.20 81.30
Employee costs (23) (17) (13) (12)
As % of sales 1.88 1.20 1.06 1.06
Other costs (141) (126) (131) (121)
As % of sales 11.70 8.97 10.60 10.40
Operating profit 88.30 119 88.60 84.60
OPM 7.33 8.43 7.17 7.26
Depreciation (53) (20) (20) (20)
Interest expense (51) (50) (44) (37)
Other income 9.54 9.49 5.73 0.92
Profit before tax (6.20) 57.20 30.60 28.70
Taxes 3.57 (18) (12) (7)
Tax rate (58) (32) (38) (24)
Minorities and other -- -- -- --
Adj. profit (2.60) 38.90 18.90 21.70
Exceptional items -- -- -- --
Net profit (2.60) 38.90 18.90 21.70
yoy growth (%) (107) 106 (13) 12.40
NPM (0.20) 2.77 1.53 1.86
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (6.20) 57.20 30.60 28.70
Depreciation (53) (20) (20) (20)
Tax paid 3.57 (18) (12) (7)
Working capital 260 108 69.40 (69)
Other operating items -- -- -- --
Operating cashflow 205 127 68.20 (67)
Capital expenditure (43) (94) 2.08 (2.10)
Free cash flow 162 32.80 70.20 (70)
Equity raised 448 319 348 325
Investments 12.20 4.92 -- --
Debt financing/disposal 86.70 321 404 485
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 709 677 822 741
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 104 82.90 58 58
Preference capital 30 30 -- 30
Reserves (19) 267 233 190
Net worth 115 379 291 278
Minority interest
Debt 545 451 474 462
Deferred tax liabilities (net) 62.30 74 74 57.50
Total liabilities 722 905 839 798
Fixed assets 310 360 402 414
Intangible assets
Investments 12.90 12.90 11 6.05
Deferred tax asset (net) 7.40 11.70 -- --
Net working capital 381 477 380 336
Inventories 170 228 215 201
Inventory Days -- 69.20 55.70 59.40
Sundry debtors 164 283 226 262
Debtor days -- 85.70 58.70 77.30
Other current assets 142 105 103 87.80
Sundry creditors (66) (88) (127) (182)
Creditor days -- 26.70 33.10 53.70
Other current liabilities (29) (51) (37) (33)
Cash 11.20 42.60 46.50 42.10
Total assets 722 905 839 798
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 867 1,229 1,510 1,235 1,165
Excise Duty -- -- -- -- --
Net Sales 867 1,229 1,510 1,235 1,165
Other Operating Income -- -- -- -- --
Other Income 3.73 9.54 9.66 (3) 0.92
Total Income 871 1,238 1,519 1,232 1,166
Total Expenditure ** 886 1,140 1,390 1,138 1,081
PBIDT (15) 97.90 129 94.30 85.50
Interest 62.60 51.50 51 43.60 37.10
PBDT (78) 46.40 77.90 50.70 48.40
Depreciation 46.70 52.60 20.50 20.10 19.70
Minority Interest Before NP -- -- -- -- --
Tax -- 8.15 1.75 11.70 7
Deferred Tax (7.40) (12) 16.60 -- --
Reported Profit After Tax (117) (2.60) 39.10 18.90 21.70
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (117) (2.60) 39.10 18.90 21.70
Extra-ordinary Items (58) -- -- -- --
Adjusted Profit After Extra-ordinary item (59) (2.60) 39.10 18.90 21.70
EPS (Unit Curr.) (11) (0.20) 6.84 3.26 3.73
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 104 82.90 58 58 58
Public Shareholding (Number) -- -- -- -- 30,809,008
Public Shareholding (%) -- -- -- -- 53.10
Pledged/Encumbered - No. of Shares -- -- -- -- 7,070,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 26
Pledged/Encumbered - % in Total Equity -- -- -- -- 12.20
Non Encumbered - No. of Shares -- -- -- -- 20,160,730
Non Encumbered - % in Total Promoters Holding -- -- -- -- 74
Non Encumbered - % in Total Equity -- -- -- -- 34.70
PBIDTM(%) (1.70) 7.97 8.53 7.63 7.33
PBDTM(%) (9) 3.78 5.16 4.11 4.15
PATM(%) (13) (0.20) 2.59 1.53 1.86