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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 0.53 2.15 (17) 3.31
Op profit growth 6.04 20.90 (16) 3.05
EBIT growth 9.20 20.80 (13) 1.01
Net profit growth 27.20 (7,155) (102) (48)
Profitability ratios (%)        
OPM 12.30 11.70 9.86 9.69
EBIT margin 12 11 9.34 8.90
Net profit margin 7.27 5.74 (0.10) 3.10
RoCE 9.34 8.85 7.49 8.75
RoNW 1.86 1.56 -- 1.09
RoA 1.42 1.15 -- 0.76
Per share ratios ()        
EPS 8.99 7.35 -- 4.25
Dividend per share 2.35 2.35 2.25 2.25
Cash EPS 6.01 4.17 (1.90) 1.86
Book value per share 111 99.30 99 88.80
Valuation ratios        
P/E 28.70 20.40 -- 35.10
P/CEPS 43 36 (62) 80.40
P/B 2.32 1.51 1.22 1.68
EV/EBIDTA 17.30 11.10 11.50 11.80
Payout (%)        
Dividend payout -- -- -- 65.90
Tax payout (24) (30) (40) (34)
Liquidity ratios        
Debtor days 33.20 31.90 33.20 29
Inventory days 77.70 83 89.50 71.80
Creditor days (44) (43) (44) (39)
Leverage ratios        
Interest coverage (19) (8.20) (5.30) (8.70)
Net debt / equity -- 0.03 0.14 0.14
Net debt / op. profit (0.20) 0.27 1.30 1.01
Cost breakup ()        
Material costs (54) (53) (55) (48)
Employee costs (12) (12) (12) (11)
Other costs (21) (23) (23) (32)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 6,815 6,780 6,637 7,993
yoy growth (%) 0.53 2.15 (17) 3.31
Raw materials (3,699) (3,562) (3,622) (3,837)
As % of sales 54.30 52.50 54.60 48
Employee costs (821) (835) (805) (858)
As % of sales 12.10 12.30 12.10 10.70
Other costs (1,456) (1,592) (1,556) (2,524)
As % of sales 21.40 23.50 23.40 31.60
Operating profit 839 791 654 775
OPM 12.30 11.70 9.86 9.69
Depreciation (116) (126) (117) (133)
Interest expense (43) (92) (117) (82)
Other income 94.20 83.10 82 70
Profit before tax 774 657 503 630
Taxes (186) (198) (200) (216)
Tax rate (24) (30) (40) (34)
Minorities and other (72) (74) 24.70 (37)
Adj. profit 517 384 327 378
Exceptional items (21) 5.30 (333) (130)
Net profit 496 389 (5.50) 248
yoy growth (%) 27.20 (7,155) (102) (48)
NPM 7.27 5.74 (0.10) 3.10
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 774 657 503 630
Depreciation (116) (126) (117) (133)
Tax paid (186) (198) (200) (216)
Working capital 816 (29) 339 (249)
Other operating items -- -- -- --
Operating cashflow 1,288 303 525 31.80
Capital expenditure 2,056 1,053 1,015 (216)
Free cash flow 3,344 1,357 1,540 (184)
Equity raised 10,370 10,318 10,939 11,112
Investments 575 885 788 11.10
Debt financing/disposal 76.30 (129) 206 119
Dividends paid -- -- -- 142
Other items -- -- -- --
Net in cash 14,365 12,430 13,473 11,200
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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 -- 77.60 78.20 89.60
Sundry debtors 681 648 592 592
Debtor days -- 34.70 31.90 32.60
Other current assets 1,031 1,031 844 1,105
Sundry creditors (665) (706) (738) (677)
Creditor days -- 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 261 186 198 200 216
Deferred Tax -- -- -- -- --
Reported Profit After Tax 474 567 464 (30) 284
Minority Interest After NP 48.80 60.90 65.40 -- 25.70
Net Profit after Minority Interest 408 496 389 (37) 248
Extra-ordinary Items (21) (16) 3.71 (133) (74)
Adjusted Profit After Extra-ordinary item 430 511 386 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