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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 (51) 385 (324) 333
Net profit growth (53) (3,571) (95) (14)
Profitability ratios (%)        
OPM 8.18 18.50 6.52 (0.90)
EBIT margin 7.54 18.20 5.53 (2.30)
Net profit margin 3.53 8.96 (0.40) (7.40)
RoCE 10 20 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 7.39 7 18.10 163
Payout (%)        
Dividend payout -- -- -- --
Tax payout (29) (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 (3) (4.10) (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 33.70 49.80 40 29.80
Profit before tax 169 388 (9.10) (169)
Taxes (50) (49) 0.04 17.40
Tax rate (29) (13) (0.40) (10)
Minorities and other -- -- -- --
Adj. profit 119 338 (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 169 388 (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 697 1,138 289 (211)
Capital expenditure (589) (655) (749) --
Free cash flow 108 483 (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 2,569 2,788 1,479 1,211
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 25.80 25.80 25.80 25.80
Preference capital -- -- -- --
Reserves 921 810 561 633
Net worth 946 835 587 659
Minority interest
Debt 1,240 1,721 1,678 1,472
Deferred tax liabilities (net) 165 165 165 167
Total liabilities 2,351 2,721 2,431 2,298
Fixed assets 857 860 871 894
Intangible assets
Investments 116 109 98.60 80.90
Deferred tax asset (net) 124 141 165 167
Net working capital 1,248 1,603 1,291 1,150
Inventories 1,583 1,678 1,412 1,236
Inventory Days 171 217 269 219
Sundry debtors 311 277 254 233
Debtor days 33.70 35.80 48.40 41.20
Other current assets 162 179 365 514
Sundry creditors (636) (264) (461) (677)
Creditor days 68.80 34.10 87.80 120
Other current liabilities (173) (267) (280) (157)
Cash 6.41 7.42 4.93 6.58
Total assets 2,351 2,721 2,431 2,298
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Particulars ( Rupees In Crores.) Mar-2018 Mar-2017 Mar-2016 Mar-2015 Mar-2014
Gross Sales 3,412 2,967 1,993 2,055 3,151
Excise Duty 41.70 142 86.10 -- --
Net Sales 3,371 2,825 1,907 2,055 3,151
Other Operating Income -- -- 7.96 5.76 2.96
Other Income 33.70 49.80 41.70 11.90 23.50
Total Income 3,404 2,874 1,957 2,073 3,177
Total Expenditure ** 3,095 2,388 1,790 2,079 3,086
PBIDT 310 486 166 (6) 90.60
Interest 85.30 127 115 122 185
PBDT 224 359 51.50 (128) (95)
Depreciation 55.40 57.20 58.80 59.20 119
Minority Interest Before NP -- -- -- -- --
Tax 32.10 23.40 0.01 (17) (15)
Deferred Tax 17.70 25.80 (0.10) -- --
Reported Profit After Tax 119 253 (7.30) (170) (199)
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 119 253 (7.30) (152) (176)
Extra-ordinary Items -- (72) 1.73 -- 5.24
Adjusted Profit After Extra-ordinary item 119 325 (9) (152) (182)
EPS (Unit Curr.) 4.62 9.81 (0.30) (5.90) (6.80)
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) 25 -- -- -- --
Equity 25.80 25.80 25.80 25.80 25.80
Public Shareholding (Number) -- -- -- 81,987,881 81,942,920
Public Shareholding (%) -- -- -- 31.80 31.80
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- 175,957,229 175,957,232
Non Encumbered - % in Total Promoters Holding -- -- -- 100 100
Non Encumbered - % in Total Equity -- -- -- 68.20 68.20
PBIDTM(%) 9.18 17.20 8.73 (0.30) 2.88
PBDTM(%) 6.65 12.70 2.70 (6.20) (3)
PATM(%) 3.53 8.96 (0.40) (8.30) (6.30)