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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 10.50 12.20 22 22.40
Op profit growth 27.70 0.52 22.80 20.50
EBIT growth 30.10 2.02 21.70 28.50
Net profit growth 16.40 61.30 (22) 32.10
Profitability ratios (%)        
OPM 28.80 24.90 27.80 27.60
EBIT margin 27.90 23.70 26 26.10
Net profit margin 16.50 15.70 10.90 17
RoCE 31 26.90 30.70 28.90
RoNW 4.79 4.85 3.44 4.89
RoA 4.59 4.45 3.21 4.70
Per share ratios ()        
EPS 19.90 16.80 10.40 13.30
Dividend per share 2.25 2 1.75 1.50
Cash EPS 14.70 12.20 5.44 8.55
Book value per share 111 97.40 79.20 75.40
Valuation ratios        
P/E 24.60 15.30 29.90 16.30
P/CEPS 33.40 21.10 56.90 25.30
P/B 4.42 2.65 3.91 2.87
EV/EBIDTA 11.70 7.13 9.43 7.79
Payout (%)        
Dividend payout -- -- -- 13.30
Tax payout (33) (37) (36) (34)
Liquidity ratios        
Debtor days 92.20 92.40 90.20 94.60
Inventory days 0.83 0.84 0.45 --
Creditor days (64) (62) (59) (60)
Leverage ratios        
Interest coverage (54) (18) (24) (84)
Net debt / equity (0.30) (0.40) (0.30) (0.20)
Net debt / op. profit (1) (1.40) (0.80) (0.70)
Cost breakup ()        
Material costs (0.40) (0.50) (0.70) --
Employee costs (28) (28) (26) (25)
Other costs (43) (47) (45) (48)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 721 652 582 477
yoy growth (%) 10.50 12.20 22 22.40
Raw materials (2.80) (3.10) (3.80) --
As % of sales 0.39 0.47 0.66 --
Employee costs (202) (180) (153) (117)
As % of sales 28.10 27.70 26.40 24.50
Other costs (308) (306) (263) (228)
As % of sales 42.70 46.90 45.10 47.90
Operating profit 208 163 162 132
OPM 28.80 24.90 27.80 27.60
Depreciation (31) (29) (31) (30)
Interest expense (3.70) (8.40) (6.40) (1.50)
Other income 24.70 21.30 20.60 22.70
Profit before tax 197 146 145 123
Taxes (64) (54) (53) (42)
Tax rate (33) (37) (36) (34)
Minorities and other -- 1.75 1.60 --
Adj. profit 133 93.70 93.70 81
Exceptional items (14) 8.56 (30) --
Net profit 119 102 63.40 81
yoy growth (%) 16.40 61.30 (22) 32.10
NPM 16.50 15.70 10.90 17
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 197 146 145 123
Depreciation (31) (29) (31) (30)
Tax paid (64) (54) (53) (42)
Working capital 170 283 164 38.60
Other operating items -- -- -- --
Operating cashflow 271 346 225 89.60
Capital expenditure 141 62.50 (138) 44
Free cash flow 412 408 87.20 134
Equity raised 796 737 674 698
Investments (47) (46) (38) --
Debt financing/disposal (18) (22) (15) 24
Dividends paid -- -- -- 8.95
Other items -- -- -- --
Net in cash 1,143 1,078 708 864
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 29.80 29.80 29.80 29.80
Preference capital -- -- -- --
Reserves 748 632 551 442
Net worth 777 662 581 472
Minority interest
Debt 3.15 -- 34.80 45.60
Deferred tax liabilities (net) 13.70 10.80 8.12 7.20
Total liabilities 794 672 624 525
Fixed assets 252 260 210 219
Intangible assets
Investments 0.10 -- -- 7.17
Deferred tax asset (net) 31 24.50 22.60 22
Net working capital 221 188 128 107
Inventories 2.50 1.68 1.58 1.43
Inventory Days -- 0.85 0.88 0.90
Sundry debtors 185 185 179 151
Debtor days -- 93.60 100 94.60
Other current assets 206 174 99.30 84
Sundry creditors (83) (88) (93) (73)
Creditor days -- 44.40 51.90 45.70
Other current liabilities (90) (85) (59) (57)
Cash 291 199 263 170
Total assets 794 672 624 525
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 742 721 652 582 475
Excise Duty -- -- -- -- --
Net Sales 742 721 652 582 475
Other Operating Income -- -- -- -- 1.86
Other Income 36.70 24.70 29.80 20.60 22.70
Total Income 779 746 682 602 499
Total Expenditure ** 543 527 490 450 345
PBIDT 236 219 192 152 154
Interest 0.82 3.74 8.41 6.40 1.48
PBDT 235 215 184 146 153
Depreciation 31.50 31.40 29.40 30.90 30
Minority Interest Before NP -- -- -- -- --
Tax 75.50 63.50 53.80 52.90 41.90
Deferred Tax (2.70) 0.92 0.30 -- --
Reported Profit After Tax 131 119 100 61.80 81
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 131 119 100 61.80 81
Extra-ordinary Items -- (8.90) 5.56 (16) --
Adjusted Profit After Extra-ordinary item 131 128 94.90 78.10 81
EPS (Unit Curr.) 22 19.90 16.80 10.40 13.60
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 45 45 40 35 30
Equity 29.80 29.80 29.80 29.80 29.80
Public Shareholding (Number) -- -- -- -- 25,398,444
Public Shareholding (%) -- -- -- -- 42.60
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 34,250,171
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 57.40
PBIDTM(%) 31.80 30.30 29.50 26.10 32.50
PBDTM(%) 31.70 29.80 28.20 25 32.20
PATM(%) 17.70 16.50 15.40 10.60 17.10