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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 19.30 47.50 (7.10) (35)
Op profit growth (47) 318 (797) (127)
EBIT growth (52) 364 (324) 333
Net profit growth (53) (3,571) (95) (14)
Profitability ratios (%)        
OPM 8.18 18.50 6.52 (0.90)
EBIT margin 7 17.40 5.53 (2.30)
Net profit margin 3.53 8.96 (0.40) (7.40)
RoCE 9.30 19.10 4.48 (2.10)
RoNW 3.34 8.89 (0.30) (5.10)
RoA 1.17 2.45 (0.10) (1.70)
Per share ratios ()        
EPS 4.62 9.81 -- --
Dividend per share 0.25 -- -- --
Cash EPS 2.47 7.59 (2.60) (8.20)
Book value per share 36.70 32.40 22.80 25.50
Valuation ratios        
P/E 8.84 9.04 -- --
P/CEPS 16.50 11.70 (20) (2.20)
P/B 1.11 2.74 2.22 0.72
EV/EBIDTA 7.85 7.29 18.10 163
Payout (%)        
Dividend payout -- -- -- --
Tax payout (33) (13) (0.40) (10)
Liquidity ratios        
Debtor days 31.90 34.30 46.40 40.80
Inventory days 177 200 252 234
Creditor days (53) (57) (116) (132)
Leverage ratios        
Interest coverage (2.80) (3.90) (0.90) 0.39
Net debt / equity 1.30 2.05 2.85 2.22
Net debt / op. profit 4.47 3.29 13.40 (82)
Cost breakup ()        
Material costs (77) (65) (72) (80)
Employee costs (6) (6.60) (8.30) (7.40)
Other costs (9) (9.70) (13) (14)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 3,371 2,825 1,915 2,061
yoy growth (%) 19.30 47.50 (7.10) (35)
Raw materials (2,590) (1,840) (1,387) (1,642)
As % of sales 76.80 65.20 72.40 79.70
Employee costs (202) (188) (159) (153)
As % of sales 6 6.65 8.29 7.40
Other costs (303) (275) (244) (284)
As % of sales 8.99 9.73 12.80 13.80
Operating profit 276 522 125 (18)
OPM 8.18 18.50 6.52 (0.90)
Depreciation (55) (57) (59) (59)
Interest expense (85) (127) (115) (122)
Other income 15.40 27.10 40 29.80
Profit before tax 151 365 (9.10) (169)
Taxes (50) (49) 0.04 17.40
Tax rate (33) (13) (0.40) (10)
Minorities and other -- -- -- --
Adj. profit 101 316 (9) (152)
Exceptional items -- (85) 1.74 --
Net profit 119 253 (7.30) (152)
yoy growth (%) (53) (3,571) (95) (14)
NPM 3.53 8.96 (0.40) (7.40)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 151 365 (9.10) (169)
Depreciation (55) (57) (59) (59)
Tax paid (50) (49) 0.04 17.40
Working capital 633 857 356 --
Other operating items -- -- -- --
Operating cashflow 679 1,115 289 (211)
Capital expenditure (589) (655) (749) --
Free cash flow 89.80 461 (460) (211)
Equity raised 1,848 1,547 1,382 1,418
Investments 65 12.90 30.20 --
Debt financing/disposal 548 744 527 3.98
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 2,550 2,765 1,479 1,211
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 25.80 25.80 25.80 25.80
Preference capital -- -- -- --
Reserves 1,115 921 810 561
Net worth 1,141 946 835 587
Minority interest
Debt 1,684 1,240 1,721 1,678
Deferred tax liabilities (net) 163 165 165 165
Total liabilities 2,988 2,351 2,721 2,431
Fixed assets 1,047 857 860 871
Intangible assets
Investments 113 116 109 98.60
Deferred tax asset (net) 131 124 141 165
Net working capital 1,679 1,248 1,603 1,291
Inventories 2,123 1,583 1,678 1,412
Inventory Days -- 171 217 269
Sundry debtors 296 311 277 254
Debtor days -- 33.70 35.80 48.40
Other current assets 212 162 179 365
Sundry creditors (657) (636) (264) (461)
Creditor days -- 68.80 34.10 87.80
Other current liabilities (295) (173) (267) (280)
Cash 19 6.41 7.42 4.93
Total assets 2,988 2,351 2,721 2,431
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 3,152 3,412 2,967 1,993 2,055
Excise Duty -- 41.70 142 86.10 --
Net Sales 3,152 3,371 2,825 1,907 2,055
Other Operating Income -- -- -- 7.96 5.76
Other Income 83.90 33.70 49.80 41.70 11.90
Total Income 3,236 3,404 2,874 1,957 2,073
Total Expenditure ** 2,843 3,095 2,388 1,790 2,079
PBIDT 393 310 486 166 (6)
Interest 68 85.30 127 115 122
PBDT 325 224 359 51.50 (128)
Depreciation 57 55.40 57.20 58.80 59.20
Minority Interest Before NP -- -- -- -- --
Tax 60.10 32.10 23.40 0.01 (17)
Deferred Tax (8.60) 17.70 25.80 (0.10) --
Reported Profit After Tax 216 119 253 (7.30) (170)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 216 119 253 (7.30) (152)
Extra-ordinary Items -- -- (72) 1.73 --
Adjusted Profit After Extra-ordinary item 216 119 325 (9) (152)
EPS (Unit Curr.) 8.39 4.62 9.81 (0.30) (5.90)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 70 25 -- -- --
Equity 25.80 25.80 25.80 25.80 25.80
Public Shareholding (Number) -- -- -- -- 81,987,881
Public Shareholding (%) -- -- -- -- 31.80
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 175,957,229
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 68.20
PBIDTM(%) 12.50 9.18 17.20 8.73 (0.30)
PBDTM(%) 10.30 6.65 12.70 2.70 (6.20)
PATM(%) 6.86 3.53 8.96 (0.40) (8.30)