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Y/e 31 Mar Mar-2017 Mar-2016 Mar-2015 Mar-2013
Growth matrix (%)        
Revenue growth (24) (13) (41) 24.90
Op profit growth (26) 6.92 (51) 13
EBIT growth (40) 27.10 (64) 4.73
Net profit growth (484) 192 (25) (62)
Profitability ratios (%)        
OPM 6.50 6.71 5.43 6.57
EBIT margin 3.39 4.32 2.94 4.87
Net profit margin (13) 2.55 0.76 0.60
RoCE 3.16 5.90 2.98 7.33
RoNW (8.50) 1.98 0.71 0.95
RoA (3) 0.87 0.19 0.22
Per share ratios ()        
EPS -- 5.93 4.24 4.26
Dividend per share -- -- 1 --
Cash EPS (38) 0.50 (6.20) (6.90)
Book value per share 74.30 104 94.90 96.60
Valuation ratios        
P/E -- 4.69 7.03 8.46
P/CEPS (0.90) 55.80 (4.80) (5.20)
P/B 0.43 0.27 0.31 0.37
EV/EBIDTA 14.50 5.99 7.69 9.32
Payout (%)        
Dividend payout -- -- 42.90 --
Tax payout (39) (5.90) 39.90 (22)
Liquidity ratios        
Debtor days 83.60 94.40 99.40 53.80
Inventory days 55 41.90 60.20 38.70
Creditor days (40) (35) (30) (27)
Leverage ratios        
Interest coverage (0.90) (1.90) (1.40) (1.50)
Net debt / equity 2.56 0.93 1.26 3.49
Net debt / op. profit 12.40 4.65 6.16 8.47
Cost breakup ()        
Material costs (90) (88) (88) (84)
Employee costs (1.30) (1.30) (1.80) (1.60)
Other costs (2.60) (4.10) (4.60) (8.30)
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Y/e 31 Mar( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2013
Revenue 187 245 283 478
yoy growth (%) (24) (13) (41) 24.90
Raw materials (167) (215) (250) (400)
As % of sales 89.60 87.90 88.10 83.60
Employee costs (2.40) (3.20) (5.20) (7.50)
As % of sales 1.31 1.32 1.83 1.57
Other costs (4.90) (10) (13) (40)
As % of sales 2.61 4.07 4.59 8.26
Operating profit 12.10 16.40 15.40 31.40
OPM 6.50 6.71 5.43 6.57
Depreciation (5.80) (5.90) (7.10) (8.30)
Interest expense (7.30) (5.60) (5.80) (15)
Other income -- -- -- 0.16
Profit before tax (1) 5.01 2.50 8.01
Taxes 0.39 (0.30) 1 (1.80)
Tax rate (39) (5.90) 39.90 (22)
Minorities and other -- 1.55 (1.40) (0.50)
Adj. profit (0.60) 6.26 2.14 5.69
Exceptional items (23) -- -- (2.80)
Net profit (24) 6.26 2.14 2.85
yoy growth (%) (484) 192 (25) (62)
NPM (13) 2.55 0.76 0.60
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Y/e 31 Mar ( In .Cr) Mar-2017 Mar-2016 Mar-2015 Mar-2013
Profit before tax (1) 5.01 2.50 8.01
Depreciation (5.80) (5.90) (7.10) (8.30)
Tax paid 0.39 (0.30) 1 (1.80)
Working capital 15.30 6.13 (67) 66.80
Other operating items -- -- -- --
Operating cashflow 8.93 4.98 (70) 64.70
Capital expenditure 46.10 0.30 (124) 124
Free cash flow 55 5.28 (194) 188
Equity raised 134 134 134 133
Investments 3.29 15.30 12.60 (13)
Debt financing/disposal 78.50 (53) (33) 179
Dividends paid -- -- 0.79 --
Other items -- -- -- --
Net in cash 271 101 (80) 488
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 7.95 7.95 7.95 7.95
Preference capital -- -- -- --
Reserves (14) (4.10) 51.10 74.70
Net worth (5.90) 3.82 59 82.60
Minority interest
Debt 119 119 153 79.70
Deferred tax liabilities (net) 11.70 11.70 10.20 11.80
Total liabilities 125 134 227 174
Fixed assets 60.60 66.50 112 74.80
Intangible assets
Investments 15.40 19.70 8.07 20
Deferred tax asset (net) -- -- -- --
Net working capital 45.30 44.20 104 76.10
Inventories 9.51 8.54 32.80 23.50
Inventory Days -- -- 64 35
Sundry debtors 0.63 1.59 23.90 61.70
Debtor days -- -- 46.60 91.80
Other current assets 41.90 39.90 61.20 29.20
Sundry creditors (2) (3.20) (7.70) (31)
Creditor days -- -- 15 45.60
Other current liabilities (4.70) (2.70) (5.80) (7.50)
Cash 3.29 3.97 2.22 3.16
Total assets 125 134 227 174
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Particulars ( Rupees In Crores.) Mar-2019 Mar-2018 Mar-2017 Mar-2016 Mar-2015
Gross Sales 74.50 131 202 262 283
Excise Duty -- 4.89 15.70 16.40 --
Net Sales 74.50 126 187 245 283
Other Operating Income -- -- -- -- 0.01
Other Income 0.07 1.26 0.02 0.01 --
Total Income 74.60 127 187 245 283
Total Expenditure ** 74.10 167 198 229 268
PBIDT 0.46 (40) (11) 16.50 15.40
Interest 0.04 4.51 7.34 5.57 5.82
PBDT 0.41 (44) (19) 10.90 9.56
Depreciation 5.91 5.92 5.81 5.86 7.06
Minority Interest Before NP -- -- -- -- --
Tax -- -- -- 0.64 --
Deferred Tax -- 1.46 (0.40) (0.30) (1)
Reported Profit After Tax (5.50) (52) (24) 4.71 3.50
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest (6.40) (52) (24) 6.26 2.08
Extra-ordinary Items -- (13) (23) -- --
Adjusted Profit After Extra-ordinary item (6.40) (38) (0.60) 6.26 2.08
EPS (Unit Curr.) (7) (65) (30) 7.93 2.64
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 7.90 7.90 7.90 7.90 7.90
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(%) 0.62 (32) (6) 6.71 5.43
PBDTM(%) 0.55 (35) (10) 4.43 3.37
PATM(%) (7.40) (41) (13) 1.92 1.24