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Y/e 31 Mar Mar-2019 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 13 11.30 50.70 (30)
Op profit growth (0.30) 3.31 65.30 (31)
EBIT growth (3.20) 2.15 70.50 (32)
Net profit growth 3.91 0.31 94.40 (31)
Profitability ratios (%)        
OPM 14 15.80 17.10 15.60
EBIT margin 10.80 12.70 13.80 12.20
Net profit margin 7.99 8.69 9.65 7.48
RoCE 25.90 29 31.30 20.40
RoNW 5.54 6.01 7.15 4.38
RoA 4.78 4.97 5.47 3.12
Per share ratios ()        
EPS 35.30 34 29.70 19.40
Dividend per share 13 12 15 7.50
Cash EPS 20.90 20.80 21.70 9.20
Book value per share 170 149 133 104
Valuation ratios        
P/E 31.50 35 36.80 38.10
P/CEPS 53.40 57.20 50.20 80.30
P/B 6.57 7.98 8.17 7.13
EV/EBIDTA 18 19.30 18.20 21
Payout (%)        
Dividend payout 13.70 10.60 -- 51.90
Tax payout (37) (34) (35) (36)
Liquidity ratios        
Debtor days 25 24.20 20.90 29.20
Inventory days 47.10 54.20 54.60 63
Creditor days (43) (44) (44) (55)
Leverage ratios        
Interest coverage (23) (24) (18) (11)
Net debt / equity 0.06 0.11 0.12 0.29
Net debt / op. profit 0.16 0.27 0.26 0.83
Cost breakup ()        
Material costs (68) (66) (65) (66)
Employee costs (4.50) (4.90) (4.70) (4.90)
Other costs (13) (13) (13) (14)
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Y/e 31 Mar( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Revenue 5,612 4,966 4,462 2,960
yoy growth (%) 13 11.30 50.70 (30)
Raw materials (3,820) (3,286) (2,892) (1,949)
As % of sales 68.10 66.20 64.80 65.90
Employee costs (255) (242) (212) (146)
As % of sales 4.54 4.87 4.74 4.94
Other costs (753) (652) (597) (404)
As % of sales 13.40 13.10 13.40 13.60
Operating profit 785 787 762 461
OPM 14 15.80 17.10 15.60
Depreciation (184) (167) (154) (105)
Interest expense (26) (26) (34) (32)
Other income 7.78 9.27 8.41 4.83
Profit before tax 583 603 582 330
Taxes (216) (206) (206) (118)
Tax rate (37) (34) (35) (36)
Minorities and other -- 34.70 53.70 17
Adj. profit 367 432 430 229
Exceptional items 67.20 -- -- (7.70)
Net profit 449 432 430 221
yoy growth (%) 3.91 0.31 94.40 (31)
NPM 7.99 8.69 9.65 7.48
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Profit before tax 583 603 582 330
Depreciation (184) (167) (154) (105)
Tax paid (216) (206) (206) (118)
Working capital 306 375 342 39.50
Other operating items -- -- -- --
Operating cashflow 490 605 565 147
Capital expenditure 1,607 1,296 692 332
Free cash flow 2,097 1,900 1,256 479
Equity raised 2,263 2,155 2,093 2,178
Investments 131 105 64.80 18.80
Debt financing/disposal (30) 115 104 145
Dividends paid 61.30 45.90 -- 95.30
Other items -- -- -- --
Net in cash 4,523 4,321 3,518 2,916
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 25.40 25.40 25.40 25.40
Preference capital -- -- -- --
Reserves 2,129 1,869 1,670 1,290
Net worth 2,154 1,895 1,696 1,316
Minority interest
Debt 162 248 279 412
Deferred tax liabilities (net) 120 113 116 113
Total liabilities 2,437 2,256 2,091 1,840
Fixed assets 1,611 1,428 1,310 1,253
Intangible assets
Investments 222 194 175 126
Deferred tax asset (net) -- -- -- 7.06
Net working capital 566 598 526 425
Inventories 750 697 777 558
Inventory Days 48.80 51.20 63.50 68.80
Sundry debtors 387 382 275 236
Debtor days 25.20 28.10 22.50 29.10
Other current assets 221 199 190 223
Sundry creditors (629) (517) (490) (402)
Creditor days 40.90 38 40.10 49.60
Other current liabilities (163) (163) (226) (189)
Cash 37.30 36.30 79.80 28.90
Total assets 2,437 2,256 2,091 1,840
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Particulars ( Rupees In Crores.) Sep-2019 Jun-2019 Mar-2019 Dec-2018 Sep-2018
Gross Sales 1,271 1,437 1,531 1,415 1,321
Excise Duty -- -- -- -- --
Net Sales 1,271 1,437 1,531 1,415 1,321
Other Operating Income -- -- -- -- --
Other Income 11.50 12.50 25.50 3.29 2.96
Total Income 1,282 1,449 1,556 1,418 1,324
Total Expenditure ** 1,098 1,269 1,329 1,240 1,104
PBIDT 184 180 227 178 220
Interest 7.07 3.26 6.42 5.22 10
PBDT 177 177 221 173 210
Depreciation 51.70 49.50 48.10 45.50 47.30
Minority Interest Before NP -- -- -- -- --
Tax (14) 40 48.90 47.60 57.70
Deferred Tax -- -- -- (1.40) (2.20)
Reported Profit After Tax 140 87.10 124 81 107
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 140 87.10 124 81 107
Extra-ordinary Items -- -- 8.11 -- --
Adjusted Profit After Extra-ordinary item 140 87.10 116 81 107
EPS (Unit Curr.) 11 6.86 9.12 6.37 8.45
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 200 -- -- -- 200
Equity 25.40 25.40 25.40 25.40 25.40
Public Shareholding (Number) -- -- -- -- --
Public Shareholding (%) -- -- -- -- --
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- --
Non Encumbered - % in Total Promoters Holding -- -- -- -- --
Non Encumbered - % in Total Equity -- -- -- -- --
PBIDTM(%) 14.50 12.50 14.90 12.60 16.70
PBDTM(%) 13.90 12.30 14.40 12.20 15.90
PATM(%) 11 6.06 8.10 5.72 8.12