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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 16.10 26.60 10.10 16.60
Op profit growth (25) (0.40) 19.70 12.60
EBIT growth (26) (1.60) 15.40 18.40
Net profit growth (117) (24) 0.21 82.50
Profitability ratios (%)        
OPM 5.19 8.02 10.20 9.37
EBIT margin 4.48 7.05 9.07 8.65
Net profit margin (0.20) 1.59 2.64 2.90
RoCE 10.40 16 18.60 18.20
RoNW (0.30) 2.02 3.04 3.51
RoA (0.10) 0.90 1.36 1.52
Per share ratios ()        
EPS -- 1.08 32.20 29.60
Dividend per share -- 0.08 1.50 1.80
Cash EPS (1) 0.06 9.61 14.70
Book value per share 13.90 14.20 269 269
Valuation ratios        
P/E -- 10.90 0.33 0.24
P/CEPS (8) 182 1.10 0.49
P/B 0.60 0.83 0.04 0.03
EV/EBIDTA 5.05 4.28 3.66 3.22
Payout (%)        
Dividend payout -- -- -- 6.19
Tax payout 166 (39) (34) (34)
Liquidity ratios        
Debtor days 92.40 83.90 88.10 94.10
Inventory days 28.90 39.70 42.60 39.40
Creditor days (91) (76) (92) (104)
Leverage ratios        
Interest coverage (1) (1.60) (1.90) (1.80)
Net debt / equity 0.82 0.91 0.94 0.95
Net debt / op. profit 3.42 2.40 2.13 2.28
Cost breakup ()        
Material costs (55) (50) (56) (51)
Employee costs (1.80) (2.10) (3.50) (4.10)
Other costs (38) (39) (31) (35)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 2,971 2,560 2,021 1,837
yoy growth (%) 16.10 26.60 10.10 16.60
Raw materials (1,622) (1,291) (1,123) (940)
As % of sales 54.60 50.40 55.50 51.20
Employee costs (55) (54) (71) (76)
As % of sales 1.85 2.12 3.50 4.12
Other costs (1,140) (1,009) (622) (649)
As % of sales 38.40 39.40 30.80 35.30
Operating profit 154 205 206 172
OPM 5.19 8.02 10.20 9.37
Depreciation (41) (38) (37) (31)
Interest expense (136) (114) (98) (89)
Other income 19.90 13.50 14.20 17.70
Profit before tax (2.60) 66.60 85 69.50
Taxes (4.30) (26) (29) (24)
Tax rate 166 (39) (34) (34)
Minorities and other -- -- (2.40) 7.49
Adj. profit (6.90) 40.60 53.40 53.30
Exceptional items -- -- -- --
Net profit (6.90) 40.60 53.40 53.30
yoy growth (%) (117) (24) 0.21 82.50
NPM (0.20) 1.59 2.64 2.90
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (2.60) 66.60 85 69.50
Depreciation (41) (38) (37) (31)
Tax paid (4.30) (26) (29) (24)
Working capital 742 524 170 38.70
Other operating items -- -- -- --
Operating cashflow 694 526 189 53.70
Capital expenditure 287 (89) 118 42.50
Free cash flow 981 437 307 96.20
Equity raised 859 746 701 681
Investments (12) (0.60) 10.20 3.12
Debt financing/disposal 469 283 260 79.80
Dividends paid -- -- -- 2.75
Other items -- -- -- --
Net in cash 2,296 1,465 1,278 863
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 46.10 37.80 17.30 21.40
Preference capital -- -- -- --
Reserves 595 501 449 390
Net worth 641 538 467 411
Minority interest
Debt 712 659 564 493
Deferred tax liabilities (net) 1.45 8.44 1.19 1.19
Total liabilities 1,355 1,206 1,049 919
Fixed assets 315 274 280 260
Intangible assets
Investments 16.40 30.80 44.70 44.50
Deferred tax asset (net) 7.64 16.40 9.58 9.27
Net working capital 830 717 590 505
Inventories 168 303 254 218
Inventory Days 20.60 43.20 45.90 43.30
Sundry debtors 872 632 545 430
Debtor days 107 90.10 98.50 85.50
Other current assets 1,083 629 593 573
Sundry creditors (909) (500) (478) (438)
Creditor days 112 71.30 86.30 87.10
Other current liabilities (382) (347) (324) (278)
Cash 185 167 124 100
Total assets 1,355 1,206 1,049 919
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 2,970 2,558 2,021 1,833 1,562
Excise Duty -- -- -- -- --
Net Sales 2,970 2,558 2,021 1,833 1,562
Other Operating Income 0.99 1.69 -- 3.93 12.60
Other Income 19.90 13.50 14.20 17.70 9.75
Total Income 2,991 2,573 2,035 1,854 1,584
Total Expenditure ** 2,816 2,354 1,815 1,665 1,422
PBIDT 174 219 220 190 163
Interest 136 114 98.40 89.40 86.20
PBDT 38.50 105 122 100 76.40
Depreciation 41.10 38.20 36.80 30.80 28.30
Minority Interest Before NP -- -- -- -- --
Tax 4.28 25.90 29.50 23.70 18.40
Deferred Tax -- -- (0.40) -- --
Reported Profit After Tax (6.90) 40.60 55.90 45.80 29.70
Minority Interest After NP -- -- 2.44 0.56 0.52
Net Profit after Minority Interest (6.90) 40.60 53.40 53.30 29.20
Extra-ordinary Items -- (12) -- -- --
Adjusted Profit After Extra-ordinary item (6.90) 52.60 53.40 53.30 29.20
EPS (Unit Curr.) 0.07 1.08 30.80 34.90 21.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 7.50 15 18 12
Equity 46.10 37.80 17.30 15.30 13.60
Public Shareholding (Number) -- 244,319,540 7,594,170 5,735,982 5,744,170
Public Shareholding (%) -- 64.60 43.80 37.60 42.20
Pledged/Encumbered - No. of Shares -- 23,067,000 474,000 -- --
Pledged/Encumbered - % in Total Promoters Holding -- 17.30 4.87 -- --
Pledged/Encumbered - % in Total Equity -- 6.10 2.74 -- --
Non Encumbered - No. of Shares -- 110,616,660 9,256,990 9,539,178 7,880,990
Non Encumbered - % in Total Promoters Holding -- 82.80 95.10 100 100
Non Encumbered - % in Total Equity -- 29.30 53.40 62.50 57.80
PBIDTM(%) 5.87 8.55 10.90 10.40 10.40
PBDTM(%) 1.30 4.10 6.02 5.48 4.89
PATM(%) (0.20) 1.59 2.76 2.50 1.90