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Y/e 31 Mar Mar-2019 Mar-2018 Mar-2017 Mar-2016
Growth matrix (%)        
Revenue growth 0.71 3.63 2.13 (14)
Op profit growth 1.30 9.76 83.40 (50)
EBIT growth (3) 15.80 105 (62)
Net profit growth (27) 64.40 (147) (213)
Profitability ratios (%)        
OPM 4.28 4.25 4.02 2.24
EBIT margin 3.94 4.09 3.66 1.83
Net profit margin 0.88 1.21 0.77 (1.70)
RoCE 6.48 6.95 5.90 2.82
RoNW 0.81 1.14 0.72 (1.50)
RoA 0.36 0.52 0.31 (0.60)
Per share ratios ()        
EPS 2.33 3.19 1.94 --
Dividend per share 0.75 0.75 -- --
Cash EPS 0.80 1.86 0.58 (5.70)
Book value per share 72.50 71.40 68.30 65.30
Valuation ratios        
P/E 25.40 26.70 40.10 --
P/CEPS 73.50 45.70 133 (10)
P/B 0.82 1.19 1.14 0.89
EV/EBIDTA 12 13.60 14.60 24.50
Payout (%)        
Dividend payout 32.20 23.50 -- --
Tax payout (33) (33) 10.30 7.52
Liquidity ratios        
Debtor days 5.05 2.62 0.31 0.16
Inventory days 228 213 232 247
Creditor days (31) (19) (19) (23)
Leverage ratios        
Interest coverage (1.50) (1.80) (1.20) (0.50)
Net debt / equity 1.17 1.11 1.14 1.40
Net debt / op. profit 7.49 7.13 7.62 16.50
Cost breakup ()        
Material costs (80) (80) (85) (85)
Employee costs (4.40) (4.50) (4.70) (4.30)
Other costs (12) (11) (6.20) (8.40)
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Y/e 31 Mar( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Revenue 1,764 1,751 1,690 1,655
yoy growth (%) 0.71 3.63 2.13 (14)
Raw materials (1,404) (1,409) (1,438) (1,406)
As % of sales 79.60 80.40 85.10 85
Employee costs (78) (78) (80) (72)
As % of sales 4.43 4.48 4.72 4.33
Other costs (206) (190) (104) (140)
As % of sales 11.70 10.80 6.18 8.44
Operating profit 75.50 74.50 67.90 37
OPM 4.28 4.25 4.02 2.24
Depreciation (10) (8.80) (9) (10)
Interest expense (46) (40) (50) (56)
Other income 4.22 5.99 3.05 3.64
Profit before tax 23.10 32 11.70 (26)
Taxes (7.60) (11) 1.20 (1.90)
Tax rate (33) (33) 10.30 7.52
Minorities and other -- -- -- --
Adj. profit 15.60 21.30 12.90 (28)
Exceptional items -- -- -- --
Net profit 15.60 21.30 12.90 (28)
yoy growth (%) (27) 64.40 (147) (213)
NPM 0.88 1.21 0.77 (1.70)
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Profit before tax 23.10 32 11.70 (26)
Depreciation (10) (8.80) (9) (10)
Tax paid (7.60) (11) 1.20 (1.90)
Working capital 710 619 156 65.30
Other operating items -- -- -- --
Operating cashflow 715 631 160 27.30
Capital expenditure 74.50 52.40 (3.50) 18.40
Free cash flow 790 684 157 45.70
Equity raised 480 520 719 778
Investments -- -- 0.09 0.05
Debt financing/disposal 418 385 137 208
Dividends paid 5 5 -- --
Other items -- -- -- --
Net in cash 1,693 1,594 1,014 1,031
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 66.70 66.70 66.70 66.70
Preference capital -- -- -- --
Reserves 417 410 389 369
Net worth 484 477 456 436
Minority interest
Debt 606 569 549 650
Deferred tax liabilities (net) 5.63 6.01 5.73 --
Total liabilities 1,095 1,051 1,011 1,087
Fixed assets 111 103 104 109
Intangible assets
Investments 0.03 0.03 0.14 0.10
Deferred tax asset (net) 5.63 4.31 6.55 --
Net working capital 939 906 868 938
Inventories 1,179 1,021 1,027 1,126
Inventory Days 244 213 222 248
Sundry debtors 25.90 23 2.21 0.69
Debtor days 5.35 4.78 0.48 0.15
Other current assets 67.60 33.80 25.90 21.70
Sundry creditors (198) (92) (79) (93)
Creditor days 40.90 19.30 17.10 20.50
Other current liabilities (136) (79) (108) (117)
Cash 39.80 37.60 31.60 39.30
Total assets 1,095 1,051 1,011 1,087
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Particulars ( Rupees In Crores.) Mar-2020 Dec-2019 Sep-2019 Jun-2019 Mar-2019
Gross Sales 342 644 393 430 415
Excise Duty -- -- -- -- --
Net Sales 342 644 393 430 415
Other Operating Income 0.03 0.08 0.02 0.05 0.06
Other Income 1.06 0.84 1.07 1.07 2.12
Total Income 344 645 394 431 418
Total Expenditure ** 319 604 371 403 401
PBIDT 24.20 41.90 22.90 27.50 16.60
Interest 14.20 13.40 14.50 14.10 12.10
PBDT 9.95 28.60 8.41 13.40 4.47
Depreciation 8.64 7.96 7.52 8.13 2.90
Minority Interest Before NP -- -- -- -- --
Tax 0.91 4.95 0.92 1.65 1.43
Deferred Tax (2.40) 1.09 (0.60) 0.12 (1.50)
Reported Profit After Tax 2.84 14.60 0.52 3.50 1.67
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 2.84 14.60 0.52 3.50 1.67
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 2.84 14.60 0.52 3.50 1.67
EPS (Unit Curr.) 0.42 2.18 0.08 0.52 0.25
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 10 -- -- -- --
Equity 66.70 66.70 66.70 66.70 66.70
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(%) 7.05 6.50 5.82 6.40 4
PBDTM(%) 2.91 4.43 2.14 3.12 1.08
PATM(%) 0.83 2.26 0.13 0.81 0.40