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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (0.40) (13) (3) 4.01
Op profit growth (7.40) 0.90 (7) 5.52
EBIT growth (6.50) (3) 6.43 8.07
Net profit growth 4.08 (21) 34.60 (15)
Profitability ratios (%)        
OPM 8.98 9.66 8.34 8.70
EBIT margin 9.74 10.40 9.32 8.49
Net profit margin 5.20 4.97 5.49 3.95
RoCE 14.70 16.60 16.70 15
RoNW 2.21 2.25 3.09 2.51
RoA 1.96 1.99 2.46 1.74
Per share ratios ()        
EPS 20.50 25 28.70 11
Dividend per share 6 6 6 7
Cash EPS 13.30 12.50 18.70 6.35
Book value per share 241 225 215 180
Valuation ratios        
P/E 55.10 38.70 26.30 96.70
P/CEPS 85.10 77.30 40.40 168
P/B 4.69 4.30 3.51 5.91
EV/EBIDTA 25.90 20.90 16.10 22.20
Payout (%)        
Dividend payout 30.80 32.10 25.30 47.90
Tax payout (39) (34) (31) (46)
Liquidity ratios        
Debtor days 93.10 96.40 110 112
Inventory days 26.60 23.30 25.60 29.10
Creditor days (94) (89) (78) (73)
Leverage ratios        
Interest coverage (34) (48) (39) (5.50)
Net debt / equity -- -- -- 0.14
Net debt / op. profit (0.20) (0.20) (0.20) 0.66
Cost breakup ()        
Material costs (53) (51) (53) (54)
Employee costs (16) (15) (13) (13)
Other costs (23) (25) (26) (24)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 4,465 4,483 5,145 5,304
yoy growth (%) (0.40) (13) (3) 4.01
Raw materials (2,349) (2,264) (2,740) (2,866)
As % of sales 52.60 50.50 53.30 54
Employee costs (697) (686) (660) (706)
As % of sales 15.60 15.30 12.80 13.30
Other costs (1,018) (1,100) (1,316) (1,271)
As % of sales 22.80 24.50 25.60 24
Operating profit 401 433 429 461
OPM 8.98 9.66 8.34 8.70
Depreciation (82) (82) (72) (134)
Interest expense (13) (9.70) (12) (82)
Other income 116 114 122 123
Profit before tax 422 455 467 368
Taxes (166) (156) (144) (171)
Tax rate (39) (34) (31) (46)
Minorities and other (24) (59) (41) 61.60
Adj. profit 232 241 282 259
Exceptional items -- (18) -- (49)
Net profit 232 223 282 210
yoy growth (%) 4.08 (21) 34.60 (15)
NPM 5.20 4.97 5.49 3.95
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 422 455 467 368
Depreciation (82) (82) (72) (134)
Tax paid (166) (156) (144) (171)
Working capital (348) (371) (84) (380)
Other operating items -- -- -- --
Operating cashflow (174) (154) 167 (317)
Capital expenditure 673 323 142 6.36
Free cash flow 499 169 309 (310)
Equity raised 3,821 3,968 4,026 4,011
Investments 1,230 844 607 114
Debt financing/disposal 182 194 (216) 175
Dividends paid 71.50 71.50 71.50 83.40
Other items -- -- -- --
Net in cash 5,804 5,245 4,798 4,073
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 22.50 22.50 22.50 22.50
Preference capital -- -- -- --
Reserves 2,992 2,692 2,515 2,394
Net worth 3,014 2,715 2,538 2,416
Minority interest
Debt 240 234 136 195
Deferred tax liabilities (net) 129 109 201 123
Total liabilities 3,383 3,058 2,876 2,734
Fixed assets 1,352 1,076 952 887
Intangible assets
Investments 829 1,472 1,083 1,050
Deferred tax asset (net) 341 201 300 227
Net working capital 492 15 319 272
Inventories 509 367 283 290
Inventory Days -- 30 23.10 20.60
Sundry debtors 1,378 1,243 1,034 1,334
Debtor days -- 102 84.20 94.60
Other current assets 2,141 1,385 1,372 1,201
Sundry creditors (1,381) (1,067) (1,022) (954)
Creditor days -- 87.30 83.20 67.70
Other current liabilities (2,155) (1,913) (1,348) (1,600)
Cash 369 294 221 298
Total assets 3,383 3,058 2,876 2,734
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Particulars ( Rupees In Crores.) Mar-2020 Mar-2019 Mar-2018 Mar-2017 Mar-2016
Gross Sales 5,731 5,973 4,486 4,590 5,266
Excise Duty -- -- 20.80 107 121
Net Sales 5,731 5,973 4,465 4,483 5,145
Other Operating Income -- -- -- -- --
Other Income 100 150 116 114 122
Total Income 5,831 6,123 4,581 4,597 5,267
Total Expenditure ** 5,325 5,606 4,089 4,068 4,716
PBIDT 506 517 492 529 552
Interest 15 14.30 12.90 9.71 12.20
PBDT 491 502 479 519 539
Depreciation 117 92 82.40 81.90 72.20
Minority Interest Before NP -- -- -- -- --
Tax 96 194 159 155 144
Deferred Tax 66.10 (109) 6.76 1.14 --
Reported Profit After Tax 212 325 231 282 323
Minority Interest After NP -- -- (1) (6.90) --
Net Profit after Minority Interest 212 325 232 223 282
Extra-ordinary Items -- (47) -- (12) --
Adjusted Profit After Extra-ordinary item 212 373 232 235 282
EPS (Unit Curr.) 18.90 28.90 20.60 19.80 25.10
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 350 350 300 300 300
Equity 22.50 22.50 22.50 22.50 22.50
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(%) 8.83 8.65 11 11.80 10.70
PBDTM(%) 8.57 8.41 10.70 11.60 10.50
PATM(%) 3.71 5.45 5.18 6.28 6.28