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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 42.20 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 5.80 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 1.25 1.47 1.51 1.66
Net debt / op. profit 4.96 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 418 319 348 325
Investments 12.20 4.92 -- --
Debt financing/disposal 117 321 404 485
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 709 677 822 741
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 82.90 58 58 58
Preference capital -- -- 30 20
Reserves 267 233 190 166
Net worth 349 291 278 244
Minority interest
Debt 481 474 462 447
Deferred tax liabilities (net) 74 74 57.50 47.20
Total liabilities 905 839 798 739
Fixed assets 360 402 414 426
Intangible assets
Investments 12.90 11 6.05 6.05
Deferred tax asset (net) 11.70 -- -- --
Net working capital 477 380 336 266
Inventories 228 215 201 189
Inventory Days 69.20 55.70 59.40 59.10
Sundry debtors 283 226 262 225
Debtor days 85.70 58.70 77.30 70.60
Other current assets 105 103 87.80 86.90
Sundry creditors (88) (127) (182) (203)
Creditor days 26.70 33.10 53.70 63.40
Other current liabilities (51) (37) (33) (32)
Cash 42.60 46.50 42.10 40.70
Total assets 905 839 798 739
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Particulars ( Rupees In Crores.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 649 899 1,058 850 962
Excise Duty -- -- -- -- --
Net Sales 649 899 1,058 850 962
Other Operating Income -- -- -- -- --
Other Income 1.99 5.50 4.99 (5.20) 0.78
Total Income 651 904 1,063 845 963
Total Expenditure ** 636 815 968 781 891
PBIDT 15.20 89.80 95 64.40 71.70
Interest 37.20 34.50 32.90 29.80 26
PBDT (22) 55.30 62.10 34.50 45.60
Depreciation 28.20 13.10 15.30 15 18.50
Minority Interest Before NP -- -- -- -- --
Tax -- 3.08 (1.10) 4.03 5.93
Deferred Tax -- 8.04 13.60 -- --
Reported Profit After Tax (50) 31.10 34.40 15.50 21.20
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (50) 31.10 34.40 15.50 21.20
Extra-ordinary Items (23) -- -- -- --
Adjusted Profit After Extra-ordinary item (28) 31.10 34.40 15.50 21.20
EPS (Unit Curr.) (4.90) 5.31 5.92 2.68 3.65
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 104 58 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(%) 2.34 9.99 8.98 7.57 7.45
PBDTM(%) (3.40) 6.15 5.87 4.06 4.74
PATM(%) (7.70) 3.46 3.26 1.83 2.20