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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 32.20 (42) (29) (4.10)
Op profit growth (63) (60) 94.70 (45)
EBIT growth (461) (94) 146 (52)
Net profit growth 71.10 165 (17) (30)
Profitability ratios (%)        
OPM 1.43 5.04 7.36 2.68
EBIT margin (1.60) 0.60 5.91 1.70
Net profit margin (23) (18) (3.90) (3.30)
RoCE (1.10) 0.32 5.93 2.65
RoNW 37.20 (104) (9.80) (8.50)
RoA (3.90) (2.40) (1) (1.30)
Per share ratios ()        
EPS -- -- -- --
Dividend per share -- -- -- 0.20
Cash EPS (129) (82) (36) (42)
Book value per share (130) (19) 49.80 73.80
Valuation ratios        
P/E -- -- -- --
P/CEPS -- -- (0.50) (0.40)
P/B -- -- 0.43 0.22
EV/EBIDTA -- -- 11.50 18.60
Payout (%)        
Dividend payout -- -- -- (0.80)
Tax payout (1) (20) (15) (28)
Liquidity ratios        
Debtor days 124 184 144 106
Inventory days 60.80 94.60 57.40 41.40
Creditor days (57) (120) (118) (97)
Leverage ratios        
Interest coverage 0.08 -- (0.60) (0.30)
Net debt / equity (6.20) (39) 10.90 6.80
Net debt / op. profit 116 40.90 11.80 21.20
Cost breakup ()        
Material costs (83) (77) (80) (89)
Employee costs (4.30) (5.20) (3.50) (2.40)
Other costs (11) (12) (8.90) (5.60)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 705 534 919 1,293
yoy growth (%) 32.20 (42) (29) (4.10)
Raw materials (584) (414) (737) (1,155)
As % of sales 82.80 77.50 80.20 89.30
Employee costs (30) (28) (32) (31)
As % of sales 4.29 5.17 3.52 2.40
Other costs (81) (66) (82) (72)
As % of sales 11.50 12.30 8.89 5.58
Operating profit 10.10 26.90 67.60 34.70
OPM 1.43 5.04 7.36 2.68
Depreciation (26) (25) (17) (19)
Interest expense (140) (116) (96) (78)
Other income 4.53 1.38 3.66 6.22
Profit before tax (151) (113) (42) (56)
Taxes 1.44 22.20 6.49 15.60
Tax rate (1) (20) (15) (28)
Minorities and other -- -- -- --
Adj. profit (150) (91) (36) (41)
Exceptional items (11) (3.10) -- (2)
Net profit (161) (94) (36) (43)
yoy growth (%) 71.10 165 (17) (30)
NPM (23) (18) (3.90) (3.30)
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (151) (113) (42) (56)
Depreciation (26) (25) (17) (19)
Tax paid 1.44 22.20 6.49 15.60
Working capital 54 78.30 87.90 145
Other operating items -- -- -- --
Operating cashflow (122) (38) 35.50 85.50
Capital expenditure 590 578 262 (5.20)
Free cash flow 468 541 297 80.30
Equity raised 30 161 212 250
Investments (1) (1.40) (1.60) (1.60)
Debt financing/disposal 917 709 273 223
Dividends paid -- -- -- 0.29
Other items -- -- -- --
Net in cash 1,414 1,409 780 552
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 14.70 14.70 14.70 14.70
Preference capital 8.84 8.84 8.84 8.84
Reserves (431) (212) (52) 49.70
Net worth (408) (188) (28) 73.20
Minority interest
Debt 1,325 1,181 1,116 813
Deferred tax liabilities (net) -- -- -- 22
Total liabilities 918 992 1,088 909
Fixed assets 702 726 746 617
Intangible assets
Investments 0.01 0.01 0.01 0.02
Deferred tax asset (net) 10.40 10.80 9.37 9.20
Net working capital 201 247 316 265
Inventories 102 97.20 138 139
Inventory Days -- 50.30 94.20 55.20
Sundry debtors 270 272 207 330
Debtor days -- 141 141 131
Other current assets 51.30 66.20 103 171
Sundry creditors (122) (117) (101) (232)
Creditor days -- 60.60 69.40 92.20
Other current liabilities (101) (72) (30) (143)
Cash 3.52 8.88 16.20 18
Total assets 918 992 1,088 909
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2013 Mar-2012 Mar-2011 Mar-2010
Gross Sales 837 1,206 1,214 877 648
Excise Duty -- -- -- 61.50 41.70
Net Sales 837 1,206 1,214 815 606
Other Operating Income -- -- -- -- --
Other Income 6.56 5.44 6.02 0.03 2.04
Total Income 843 1,211 1,220 816 608
Total Expenditure ** 796 1,137 1,136 759 563
PBIDT 47 73.90 84.60 56.70 45.20
Interest 238 56.80 53.10 32.10 21.70
PBDT (191) 17.20 31.50 24.60 23.50
Depreciation 25.30 10.40 10 10.30 8.46
Minority Interest Before NP -- -- -- -- --
Tax 1.67 1.53 4.78 3.89 3.87
Deferred Tax 0.45 0.28 (0.50) 0.86 1.50
Reported Profit After Tax (219) 4.92 17.20 9.50 9.68
Minority Interest After NP -- 0.26 0.46 0.11 0.02
Net Profit after Minority Interest (219) 4.66 16.70 9.39 9.66
Extra-ordinary Items (2.50) -- -- -- (0.60)
Adjusted Profit After Extra-ordinary item (216) 4.66 16.70 9.39 10.20
EPS (Unit Curr.) (149) 3.35 15.80 18.80 19.30
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- 15 -- 26.80
Equity 14.70 14.70 10.90 5 5
Public Shareholding (Number) -- 3,784,820 3,784,820 1,720,300 1,720,300
Public Shareholding (%) -- 25.20 25.20 34.40 34.40
Pledged/Encumbered - No. of Shares -- -- -- -- 1,037,800
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 31.60
Pledged/Encumbered - % in Total Equity -- -- -- -- 20.80
Non Encumbered - No. of Shares -- 11,215,180 11,215,180 3,279,700 2,241,900
Non Encumbered - % in Total Promoters Holding -- 100 100 100 68.40
Non Encumbered - % in Total Equity -- 74.80 74.80 65.60 44.80
PBIDTM(%) 5.62 6.13 6.97 6.95 7.46
PBDTM(%) (23) 1.42 2.60 3.01 3.88
PATM(%) (26) 0.41 1.41 1.16 1.60