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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth 18.80 (2.20) 3.09 10.80
Op profit growth 40.50 (7.30) 11.50 4.09
EBIT growth 61.10 (24) 18.60 8.96
Net profit growth 71.70 (23) 14.80 15
Profitability ratios (%)        
OPM 16.10 13.60 14.30 13.30
EBIT margin 11.70 8.60 11.10 9.64
Net profit margin 7.02 4.85 6.17 5.54
RoCE 21.50 13.40 18.30 15.50
RoNW 3.92 2.56 3.73 3.65
RoA 3.24 1.89 2.55 2.23
Per share ratios ()        
EPS 14.90 8.70 11.30 9.54
Dividend per share 2 1.15 1.15 1
Cash EPS 5.09 (2.20) 2.07 1.98
Book value per share 102 88.30 81.20 70
Valuation ratios        
P/E 63.40 88.60 72.90 105
P/CEPS 186 (354) 399 507
P/B 9.31 8.73 10.10 14.30
EV/EBIDTA 27.70 30.20 29 41.40
Payout (%)        
Dividend payout 13.40 13.20 10.20 13.30
Tax payout (35) (34) (34) (31)
Liquidity ratios        
Debtor days 90.70 93.20 78.70 74.90
Inventory days 50.60 55.50 47.10 42.90
Creditor days (41) (42) (36) (27)
Leverage ratios        
Interest coverage (14) (6.90) (6.60) (6.20)
Net debt / equity 0.11 0.24 0.37 0.44
Net debt / op. profit 0.32 0.89 1.14 1.32
Cost breakup ()        
Material costs (47) (46) (44) (40)
Employee costs (7.10) (7.50) (7) (6.40)
Other costs (30) (33) (35) (40)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 5,619 4,729 4,833 4,688
yoy growth (%) 18.80 (2.20) 3.09 10.80
Raw materials (2,631) (2,178) (2,121) (1,894)
As % of sales 46.80 46.10 43.90 40.40
Employee costs (399) (356) (339) (301)
As % of sales 7.10 7.53 7.01 6.42
Other costs (1,686) (1,553) (1,681) (1,872)
As % of sales 30 32.80 34.80 39.90
Operating profit 902 642 693 622
OPM 16.10 13.60 14.30 13.30
Depreciation (260) (287) (244) (208)
Interest expense (48) (59) (81) (73)
Other income 13.10 51.70 86.40 37.70
Profit before tax 608 348 455 379
Taxes (213) (118) (156) (119)
Tax rate (35) (34) (34) (31)
Minorities and other (0.40) (0.40) (0.40) (0.40)
Adj. profit 394 230 298 260
Exceptional items -- -- -- --
Net profit 394 230 298 260
yoy growth (%) 71.70 (23) 14.80 15
NPM 7.02 4.85 6.17 5.54
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 608 348 455 379
Depreciation (260) (287) (244) (208)
Tax paid (213) (118) (156) (119)
Working capital 320 86.40 (170) (494)
Other operating items -- -- -- --
Operating cashflow 455 29.30 (115) (441)
Capital expenditure 2,086 1,588 842 410
Free cash flow 2,541 1,617 727 (31)
Equity raised 3,098 3,300 3,189 3,125
Investments 0.14 0.03 -- --
Debt financing/disposal 185 52.60 (288) (308)
Dividends paid 52.90 30.40 30.40 26.40
Other items -- -- -- --
Net in cash 5,877 5,000 3,659 2,812
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 26.40 26.40 26.40 26.40
Preference capital -- -- -- --
Reserves 3,157 2,664 2,308 2,121
Net worth 3,184 2,690 2,334 2,147
Minority interest
Debt 211 312 594 806
Deferred tax liabilities (net) 58.60 69.30 80.80 98.20
Total liabilities 3,457 3,075 3,012 3,054
Fixed assets 1,967 1,802 1,888 1,883
Intangible assets
Investments 0.27 0.16 0.09 0.06
Deferred tax asset (net) 47.20 51.10 33.80 34.80
Net working capital 1,396 1,197 1,066 1,122
Inventories 1,032 808 751 688
Inventory Days -- 52.50 58 52
Sundry debtors 1,511 1,499 1,295 1,119
Debtor days -- 97.30 100 84.50
Other current assets 827 590 521 662
Sundry creditors (641) (560) (494) (441)
Creditor days -- 36.40 38.10 33.30
Other current liabilities (1,334) (1,140) (1,007) (905)
Cash 46.20 24.20 24.30 14
Total assets 3,457 3,075 3,012 3,054
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Particulars ( Rupees In Crores.) Mar-2020 Dec-2019 Sep-2019 Jun-2019 Mar-2019
Gross Sales 3,100 3,254 3,589 4,708 3,460
Excise Duty 1,675 1,799 2,009 2,659 1,829
Net Sales 1,425 1,455 1,580 2,050 1,630
Other Operating Income -- -- -- -- --
Other Income 0.76 3.54 1.75 3.25 10.80
Total Income 1,426 1,458 1,581 2,053 1,641
Total Expenditure ** 1,292 1,233 1,387 1,721 1,458
PBIDT 134 225 194 332 183
Interest 4.76 9.89 8.79 7.68 11.80
PBDT 129 215 185 325 171
Depreciation 73.40 73.60 68.90 69.20 63.90
Minority Interest Before NP -- -- -- -- --
Tax 25.90 38.40 13 98.60 32.90
Deferred Tax (12) (3.80) (12) (7.90) 5.64
Reported Profit After Tax 41.80 107 115 165 68.90
Minority Interest After NP 0.24 0.32 (0.10) 0.07 0.46
Net Profit after Minority Interest 41.60 107 115 165 68.40
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 41.60 107 115 165 68.40
EPS (Unit Curr.) 1.56 4.05 4.34 6.23 2.59
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 26.40 26.40 26.40 26.40 26.40
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(%) 9.39 15.50 12.30 16.20 11.20
PBDTM(%) 9.05 14.80 11.70 15.80 10.50
PATM(%) 2.93 7.35 7.27 8.03 4.22