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Y/e 31 Mar Mar-2019 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 6.40 0.53 2.15 (17)
Op profit growth (6.30) 6.04 20.90 (16)
EBIT growth 0.42 9.20 20.80 (13)
Net profit growth (18) 27.20 (7,155) (102)
Profitability ratios (%)        
OPM 10.80 12.30 11.70 9.86
EBIT margin 11.30 12 11 9.34
Net profit margin 5.63 7.27 5.74 (0.10)
RoCE 8.69 9.34 8.85 7.49
RoNW 1.42 1.86 1.56 --
RoA 1.08 1.42 1.15 --
Per share ratios ()        
EPS 7.51 8.99 7.35 --
Dividend per share 2.50 2.35 2.35 2.25
Cash EPS 4.53 6.01 4.17 (1.90)
Book value per share 116 111 99.30 99
Valuation ratios        
P/E 27.10 28.70 20.40 --
P/CEPS 44.90 43 36 (62)
P/B 1.75 2.32 1.51 1.22
EV/EBIDTA 13.70 17.30 11.10 11.50
Payout (%)        
Dividend payout 38.70 29.90 38 (2,572)
Tax payout (34) (24) (30) (40)
Liquidity ratios        
Debtor days 33.40 33.20 31.90 33.20
Inventory days 77 77.70 83 89.50
Creditor days (39) (44) (43) (44)
Leverage ratios        
Interest coverage (16) (19) (8.20) (5.30)
Net debt / equity 0.01 -- 0.03 0.14
Net debt / op. profit 0.14 (0.20) 0.27 1.30
Cost breakup ()        
Material costs (55) (54) (53) (55)
Employee costs (11) (12) (12) (12)
Other costs (23) (21) (23) (23)
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Y/e 31 Mar( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Revenue 7,252 6,815 6,780 6,637
yoy growth (%) 6.40 0.53 2.15 (17)
Raw materials (4,008) (3,699) (3,562) (3,622)
As % of sales 55.30 54.30 52.50 54.60
Employee costs (806) (821) (835) (805)
As % of sales 11.10 12.10 12.30 12.10
Other costs (1,652) (1,456) (1,592) (1,556)
As % of sales 22.80 21.40 23.50 23.40
Operating profit 786 839 791 654
OPM 10.80 12.30 11.70 9.86
Depreciation (123) (116) (126) (117)
Interest expense (52) (43) (92) (117)
Other income 157 94.20 83.10 82
Profit before tax 768 774 657 503
Taxes (261) (186) (198) (200)
Tax rate (34) (24) (30) (40)
Minorities and other (66) (72) (74) 24.70
Adj. profit 441 517 384 327
Exceptional items (33) (21) 5.30 (333)
Net profit 408 496 389 (5.50)
yoy growth (%) (18) 27.20 (7,155) (102)
NPM 5.63 7.27 5.74 (0.10)
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Profit before tax 768 774 657 503
Depreciation (123) (116) (126) (117)
Tax paid (261) (186) (198) (200)
Working capital 885 792 (243) 16.60
Other operating items -- -- -- --
Operating cashflow 1,270 1,265 89.30 202
Capital expenditure 2,285 1,435 822 (18)
Free cash flow 3,554 2,699 911 184
Equity raised 10,915 11,126 10,711 12,120
Investments 601 595 873 755
Debt financing/disposal 150 152 (361) 149
Dividends paid 158 148 148 142
Other items -- -- -- --
Net in cash 15,378 14,721 12,282 13,350
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 63.10 63.10 63.10 63.10
Preference capital -- -- -- --
Reserves 7,269 6,968 6,202 6,184
Net worth 7,332 7,032 6,266 6,247
Minority interest
Debt 1,141 1,068 787 1,354
Deferred tax liabilities (net) 145 131 280 195
Total liabilities 9,646 9,240 8,252 8,658
Fixed assets 5,338 4,933 4,636 4,701
Intangible assets
Investments 1,188 1,161 1,451 1,366
Deferred tax asset (net) 58 132 135 117
Net working capital 2,029 1,775 1,455 1,973
Inventories 1,610 1,448 1,453 1,629
Inventory Days 81 77.60 78.20 89.60
Sundry debtors 681 648 592 592
Debtor days 34.30 34.70 31.90 32.60
Other current assets 1,031 1,031 844 1,105
Sundry creditors (665) (706) (738) (677)
Creditor days 33.50 37.80 39.70 37.30
Other current liabilities (628) (647) (697) (676)
Cash 1,034 1,238 575 501
Total assets 9,646 9,240 8,252 8,658
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Particulars ( Rupees In Crores.) Dec-2019 Sep-2019 Jun-2019 Mar-2019 Dec-2018
Gross Sales 1,962 1,834 1,897 1,775 1,913
Excise Duty -- -- -- -- --
Net Sales 1,962 1,834 1,897 1,775 1,913
Other Operating Income -- -- -- -- --
Other Income 26 25.30 30.50 35.20 22.60
Total Income 1,988 1,859 1,928 1,811 1,935
Total Expenditure ** 1,723 1,601 1,640 1,610 1,716
PBIDT 265 258 287 201 219
Interest 19.20 20.10 18.20 15.50 13
PBDT 246 238 269 186 206
Depreciation 49.20 46.80 46 33 29.60
Minority Interest Before NP -- -- -- -- --
Tax 55 32.20 73.90 58.80 42.80
Deferred Tax 0.93 16.20 -- -- 12.10
Reported Profit After Tax 140 143 149 93.80 121
Minority Interest After NP 15.30 14.70 -- 13.10 9.57
Net Profit after Minority Interest 121 138 142 22.90 99.30
Extra-ordinary Items (0.60) (1.10) (5.40) (5.20) --
Adjusted Profit After Extra-ordinary item 121 139 147 28.10 99.30
EPS (Unit Curr.) 1.91 2.18 1.99 0.36 1.57
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 63.10 63.10 63.10 63.10 63.10
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(%) 13.50 14.10 15.10 11.30 11.40
PBDTM(%) 12.50 13 14.20 10.50 10.80
PATM(%) 7.16 7.81 7.86 5.28 6.34