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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 26.60 1.60 (10) (1.50)
Op profit growth 16.40 (3.40) 12.20 (0.30)
EBIT growth 18.20 4.08 33.40 (13)
Net profit growth 16 2.54 33.50 (16)
Profitability ratios (%)        
OPM 14.40 15.60 16.40 13.10
EBIT margin 16.30 17.40 17 11.40
Net profit margin 10.10 11 10.90 7.31
RoCE 16.80 16.40 17.60 14.90
RoNW 4.27 4.05 4.18 3.16
RoA 2.60 2.59 2.82 2.38
Per share ratios ()        
EPS 49.10 38.60 36.10 22.80
Dividend per share -- -- 3 5
Cash EPS 36.90 30 28.30 13.70
Book value per share 290 262 221 197
Valuation ratios        
P/E 10 12 5.52 9.60
P/CEPS 13.30 15.50 7.06 16
P/B 1.70 1.77 0.90 1.11
EV/EBIDTA 7.47 8.01 4.35 5.72
Payout (%)        
Dividend payout -- -- 28.40 25.20
Tax payout (29) (30) (32) (31)
Liquidity ratios        
Debtor days 71.90 72.40 84.20 92.80
Inventory days 108 102 87.60 72.20
Creditor days (17) (13) (20) (28)
Leverage ratios        
Interest coverage (8.40) (8.70) (16) (14)
Net debt / equity 0.64 0.41 0.46 0.26
Net debt / op. profit 2.68 1.93 1.79 1.20
Cost breakup ()        
Material costs (48) (43) (46) (55)
Employee costs (12) (14) (12) (8.90)
Other costs (25) (28) (26) (23)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,184 936 921 1,029
yoy growth (%) 26.60 1.60 (10) (1.50)
Raw materials (568) (398) (420) (570)
As % of sales 47.90 42.50 45.60 55.40
Employee costs (146) (131) (113) (92)
As % of sales 12.40 14 12.30 8.91
Other costs (300) (261) (237) (232)
As % of sales 25.30 27.90 25.70 22.60
Operating profit 170 146 151 135
OPM 14.40 15.60 16.40 13.10
Depreciation (29) (24) (26) (32)
Interest expense (23) (19) (10) (8.60)
Other income 52.10 41.20 31.60 14.60
Profit before tax 170 144 147 109
Taxes (50) (43) (47) (34)
Tax rate (29) (30) (32) (31)
Minorities and other (0.50) 1.47 0.55 --
Adj. profit 119 103 100 75.20
Exceptional items -- -- -- --
Net profit 119 103 100 75.20
yoy growth (%) 16 2.54 33.50 (16)
NPM 10.10 11 10.90 7.31
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 170 144 147 109
Depreciation (29) (24) (26) (32)
Tax paid (50) (43) (47) (34)
Working capital 380 231 117 46.30
Other operating items -- -- -- --
Operating cashflow 470 309 191 89.70
Capital expenditure (63) (205) (239) 36.10
Free cash flow 407 104 (48) 126
Equity raised 948 960 941 1,067
Investments 167 231 146 49.60
Debt financing/disposal 449 241 252 111
Dividends paid -- -- 23.70 15.80
Other items -- -- -- --
Net in cash 1,970 1,537 1,315 1,369
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 24.50 24.50 26.30 26.30
Preference capital -- -- -- --
Reserves 803 684 663 555
Net worth 827 709 689 581
Minority interest
Debt 642 514 345 334
Deferred tax liabilities (net) 19.40 16.50 15.50 12.10
Total liabilities 1,494 1,243 1,054 933
Fixed assets 373 299 220 175
Intangible assets
Investments 263 237 279 268
Deferred tax asset (net) 8.82 9.10 5.76 9.01
Net working capital 796 641 485 417
Inventories 478 391 309 215
Inventory Days -- 121 120 85.10
Sundry debtors 326 277 190 182
Debtor days -- 85.30 74.10 71.90
Other current assets 132 126 92.10 103
Sundry creditors (44) (55) (40) (17)
Creditor days -- 16.90 15.70 6.55
Other current liabilities (96) (98) (66) (66)
Cash 53.80 57.60 64 64.10
Total assets 1,494 1,243 1,054 933
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 1,313 1,188 944 929 969
Excise Duty -- 3.59 7.84 8.04 --
Net Sales 1,313 1,184 936 921 969
Other Operating Income -- -- -- -- 59.50
Other Income 37.40 52.10 41.20 33.90 14.60
Total Income 1,351 1,236 977 955 1,043
Total Expenditure ** 1,116 1,014 790 772 894
PBIDT 235 222 187 183 149
Interest 32.40 22.90 18.80 10 8.62
PBDT 202 199 168 173 141
Depreciation 38.40 29.30 24.10 26 31.90
Minority Interest Before NP -- -- -- -- --
Tax 41.70 50.80 36.40 39.40 33.70
Deferred Tax 3.41 (0.90) 6.44 7.44 --
Reported Profit After Tax 119 120 101 99.80 75.20
Minority Interest After NP 2.28 0.52 -- 0.55 0.94
Net Profit after Minority Interest 117 119 101 99.30 74.30
Extra-ordinary Items -- -- -- -- (4.60)
Adjusted Profit After Extra-ordinary item 117 119 101 99.30 78.80
EPS (Unit Curr.) 47.70 45.70 39.10 32.40 23.90
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- 30 50
Equity 24.50 24.50 26.30 26.30 31.50
Public Shareholding (Number) -- -- -- -- 7,890,188
Public Shareholding (%) -- -- -- -- 25
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 23,636,562
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 75
PBIDTM(%) 17.90 18.80 20 19.80 15.40
PBDTM(%) 15.40 16.80 18 18.70 14.50
PATM(%) 9.06 10.10 10.80 10.80 7.76