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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2013 Mar-2012
Growth matrix (%)        
Revenue growth 6.12 (16) 17.10 31.20
Op profit growth (5.20) (22) 34.20 19.80
EBIT growth (4.70) (19) 31.90 24.10
Net profit growth 6.50 (8.40) 40.40 (22)
Profitability ratios (%)        
OPM 7.31 8.18 8.74 7.63
EBIT margin 5.55 6.18 6.40 5.68
Net profit margin 2.28 2.27 2.07 1.73
RoCE 10.30 9.78 11.10 9.18
RoNW 2.43 2.33 2.51 1.92
RoA 1.06 0.90 0.90 0.70
Per share ratios ()        
EPS 15.10 14.40 17.60 12
Dividend per share 1.50 1 4 --
Cash EPS 3.58 1.43 (2.50) (1.70)
Book value per share 175 161 168 166
Valuation ratios        
P/E 14.10 9.98 3.89 4.57
P/CEPS 59.30 101 (27) (32)
P/B 1.21 0.89 0.41 0.33
EV/EBIDTA 7.80 6.13 4.74 6.04
Payout (%)        
Dividend payout 6.11 6.51 27.80 --
Tax payout (24) (27) (6) (6.50)
Liquidity ratios        
Debtor days 62 60.10 40.90 38.80
Inventory days 58.60 59.50 54 59.40
Creditor days (30) (21) (12) (12)
Leverage ratios        
Interest coverage (2) (1.90) (1.60) (1.50)
Net debt / equity 1.13 1.23 1.60 1.59
Net debt / op. profit 3.77 3.58 3.80 5.02
Cost breakup ()        
Material costs (75) (73) (77) (78)
Employee costs (6.30) (6.30) (4.40) (4.60)
Other costs (12) (12) (10) (10)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2013 Mar-2012
Revenue 3,145 2,964 3,544 3,026
yoy growth (%) 6.12 (16) 17.10 31.20
Raw materials (2,351) (2,173) (2,715) (2,351)
As % of sales 74.70 73.30 76.60 77.70
Employee costs (200) (186) (154) (140)
As % of sales 6.35 6.26 4.35 4.61
Other costs (365) (363) (365) (304)
As % of sales 11.60 12.20 10.30 10
Operating profit 230 242 310 231
OPM 7.31 8.18 8.74 7.63
Depreciation (56) (61) (85) (60)
Interest expense (88) (96) (145) (116)
Other income 0.76 1.85 1.63 0.90
Profit before tax 86.90 86.80 82 56.30
Taxes (21) (24) (4.90) (3.70)
Tax rate (24) (27) (6) (6.50)
Minorities and other 5.41 4.16 (3.60) (0.30)
Adj. profit 71.60 67.30 73.50 52.30
Exceptional items -- -- -- --
Net profit 71.60 67.30 73.50 52.30
yoy growth (%) 6.50 (8.40) 40.40 (22)
NPM 2.28 2.27 2.07 1.73
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2013 Mar-2012
Profit before tax 86.90 86.80 82 56.30
Depreciation (56) (61) (85) (60)
Tax paid (21) (24) (4.90) (3.70)
Working capital 194 9.22 -- (9.20)
Other operating items -- -- -- --
Operating cashflow 204 11.30 (7.50) (16)
Capital expenditure (444) (824) -- 824
Free cash flow (240) (813) (7.50) 807
Equity raised 1,245 1,282 1,334 1,292
Investments 67.60 62.40 -- (62)
Debt financing/disposal 322 248 638 389
Dividends paid 4.38 4.38 20.40 --
Other items -- -- -- --
Net in cash 1,399 784 1,985 2,427
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2017 Mar-2016 Mar-2013
Equity capital 54.40 43.80 43.80 43.80
Preference capital -- -- -- --
Reserves 1,097 723 660 693
Net worth 1,152 767 704 737
Minority interest
Debt 1,192 886 895 1,196
Deferred tax liabilities (net) 104 64.60 61.40 51.80
Total liabilities 2,448 1,718 1,660 2,085
Fixed assets 1,113 802 772 1,222
Intangible assets
Investments -- 67.90 62.60 0.06
Deferred tax asset (net) 24.40 12.30 9.08 6.78
Net working capital 1,308 817 790 837
Inventories 846 541 470 496
Inventory Days -- 62.80 57.90 51.10
Sundry debtors 835 542 526 450
Debtor days -- 62.90 64.70 46.40
Other current assets 233 146 132 108
Sundry creditors (350) (259) (215) (97)
Creditor days -- 30.10 26.40 10
Other current liabilities (255) (153) (124) (120)
Cash 2.07 19.20 27.30 18.80
Total assets 2,448 1,718 1,660 2,085
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2013 Mar-2012 Mar-2011
Gross Sales 5,975 5,975 3,544 3,026 2,306
Excise Duty -- -- -- -- --
Net Sales 5,975 5,975 3,544 3,026 2,306
Other Operating Income -- -- -- -- --
Other Income 4.11 4.11 1.63 0.90 0.49
Total Income 5,979 5,979 3,546 3,027 2,306
Total Expenditure ** 5,603 5,603 3,234 2,795 2,113
PBIDT 376 376 311 232 193
Interest 115 115 145 116 67.10
PBDT 261 261 167 116 126
Depreciation 88.50 88.50 84.60 59.90 54.70
Minority Interest Before NP -- -- -- -- --
Tax 53.60 53.60 12.70 5.09 5.44
Deferred Tax (1.90) (1.90) (7.80) (1.40) (1.50)
Reported Profit After Tax 121 121 77.10 52.60 67.50
Minority Interest After NP -- -- 3.63 0.28 0.34
Net Profit after Minority Interest 121 121 73.50 52.30 67.10
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 121 121 73.50 52.30 67.10
EPS (Unit Curr.) 22.20 22.20 16.80 11.90 19.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 20 20 40 -- --
Equity 54.40 54.40 43.80 43.80 43.80
Public Shareholding (Number) -- -- 15,775,068 15,775,068 16,519,607
Public Shareholding (%) -- -- 36 36 37.70
Pledged/Encumbered - No. of Shares -- -- -- 2,633,000 3,965,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- 9.38 14.50
Pledged/Encumbered - % in Total Equity -- -- -- 6.01 9.04
Non Encumbered - No. of Shares -- -- 28,056,182 25,423,182 23,346,644
Non Encumbered - % in Total Promoters Holding -- -- 100 90.60 85.50
Non Encumbered - % in Total Equity -- -- 64 58 53.30
PBIDTM(%) 6.29 6.29 8.78 7.66 8.38
PBDTM(%) 4.37 4.37 4.70 3.84 5.47
PATM(%) 2.02 2.02 2.18 1.74 2.93