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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 -- -- -- --
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 10,757 10,978 10,563 11,978
Investments 601 595 873 755
Debt financing/disposal 150 152 (361) 149
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 15,062 14,424 11,986 13,066
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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.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 7,252 6,815 6,780 6,637 7,833
Excise Duty -- -- -- -- --
Net Sales 7,252 6,815 6,780 6,637 7,833
Other Operating Income -- -- -- -- 161
Other Income 157 94.20 88.40 82 70
Total Income 7,409 6,910 6,868 6,719 8,063
Total Expenditure ** 6,499 5,998 5,988 6,315 7,349
PBIDT 910 912 880 403 715
Interest 52.50 42.80 91.50 117 81.90
PBDT 857 869 788 287 633
Depreciation 123 116 126 117 133
Minority Interest Before NP -- -- -- -- --
Tax 256 186 198 200 216
Deferred Tax 4.85 -- -- -- --
Reported Profit After Tax 474 567 464 (30) 284
Minority Interest After NP -- 60.90 65.40 -- 25.70
Net Profit after Minority Interest 457 496 389 (37) 248
Extra-ordinary Items (21) (16) 3.71 (133) (74)
Adjusted Profit After Extra-ordinary item 478 511 386 95.80 322
EPS (Unit Curr.) 6.47 7.85 6.17 (0.10) 3.93
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 250 250 235 225 225
Equity 63.10 63.10 63.10 63.10 63.10
Public Shareholding (Number) -- -- -- -- 401,315,380
Public Shareholding (%) -- -- -- -- 64.90
Pledged/Encumbered - No. of Shares -- -- -- -- 11,500,000
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 5.30
Pledged/Encumbered - % in Total Equity -- -- -- -- 1.86
Non Encumbered - No. of Shares -- -- -- -- 205,583,190
Non Encumbered - % in Total Promoters Holding -- -- -- -- 94.70
Non Encumbered - % in Total Equity -- -- -- -- 33.20
PBIDTM(%) 12.50 13.40 13 6.08 9.13
PBDTM(%) 11.80 12.80 11.60 4.32 8.08
PATM(%) 6.53 8.32 6.84 (0.50) 3.63