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Y/e 31 Mar Mar-2014 Mar-2013 Mar-2012 Mar-2011
Growth matrix (%)        
Revenue growth (0.90) 53 37.60 --
Op profit growth 26.60 (12) 7.43 --
EBIT growth 32.10 (33) 31.90 --
Net profit growth (1.50) (59) 41.70 --
Profitability ratios (%)        
OPM 5.31 4.16 7.26 9.29
EBIT margin 5.58 4.19 9.62 10
Net profit margin 1.45 1.45 5.46 5.30
RoCE 13.80 12.80 23.80 --
RoNW 2.27 2.54 7.40 --
RoA 0.90 1.11 3.38 --
Per share ratios ()        
EPS 0.36 3.74 10 6.12
Dividend per share 0.05 0.50 0.50 1
Cash EPS 0.14 1.69 6.97 5.08
Book value per share 4.13 37.30 34.20 25.90
Valuation ratios        
P/E 25.10 0.84 0.22 0.53
P/CEPS 63.50 1.86 0.32 0.63
P/B 2.19 0.08 0.06 0.12
EV/EBIDTA 21 11.80 5.77 9.83
Payout (%)        
Dividend payout 16.60 16.10 6.56 18.60
Tax payout (22) (6.30) (1.40) (2.60)
Liquidity ratios        
Debtor days 108 78.80 78.60 --
Inventory days 40.90 37.40 47.20 --
Creditor days (53) (37) (44) --
Leverage ratios        
Interest coverage (1.50) (1.60) (2.90) (3.40)
Net debt / equity 1.58 1.42 1.07 1.29
Net debt / op. profit 5.01 5.09 3.08 3.03
Cost breakup ()        
Material costs (88) (90) (84) (80)
Employee costs (1.50) (1.20) (1.50) (1.60)
Other costs (5.20) (4.40) (7.40) (9.40)
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Y/e 31 Mar( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Revenue 250 252 165 120
yoy growth (%) (0.90) 53 37.60 --
Raw materials (220) (227) (138) (95)
As % of sales 88 90.20 83.80 79.70
Employee costs (3.80) (3) (2.50) (2)
As % of sales 1.54 1.21 1.54 1.65
Other costs (13) (11) (12) (11)
As % of sales 5.20 4.44 7.38 9.36
Operating profit 13.30 10.50 12 11.10
OPM 5.31 4.16 7.26 9.29
Depreciation (2.20) (2) (2) (1.20)
Interest expense (9.20) (6.40) (5.40) (3.50)
Other income 2.85 2.04 5.84 2.10
Profit before tax 4.80 4.13 10.40 8.51
Taxes (1.10) (0.30) (0.10) (0.20)
Tax rate (22) (6.30) (1.40) (2.60)
Minorities and other (0.10) (0.20) (1.20) (1.90)
Adj. profit 3.61 3.67 9.07 6.34
Exceptional items -- -- (0.10) --
Net profit 3.61 3.67 8.99 6.35
yoy growth (%) (1.50) (59) 41.70 --
NPM 1.45 1.45 5.46 5.30
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Profit before tax 4.80 4.13 10.40 8.51
Depreciation (2.20) (2) (2) (1.20)
Tax paid (1.10) (0.30) (0.10) (0.20)
Working capital 13.80 20.20 5.39 --
Other operating items -- -- -- --
Operating cashflow 15.40 22.10 13.70 --
Capital expenditure 5.28 1.52 7.25 --
Free cash flow 20.60 23.70 21 --
Equity raised 56.40 48.90 32.10 --
Investments 0.03 -- -- --
Debt financing/disposal 13 22.70 5.48 --
Dividends paid 0.51 0.51 0.51 1.01
Other items -- -- -- --
Net in cash 90.60 95.70 59 --
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Y/e 31 Mar ( In .Cr) Mar-2014 Mar-2013 Mar-2012 Mar-2011
Equity capital 10.20 10.10 10.10 10.10
Preference capital -- -- -- --
Reserves 31.90 27.60 24.50 16.10
Net worth 42 37.70 34.60 26.20
Minority interest
Debt 66.90 53.90 37.80 34
Deferred tax liabilities (net) 0.37 0.34 0.29 0.20
Total liabilities 109 92.30 72.70 60.40
Fixed assets 22.90 19.70 20 14.30
Intangible assets
Investments 0.03 -- 0.01 0.05
Deferred tax asset (net) 0.06 0.05 0.06 --
Net working capital 86 72 51.70 45.70
Inventories 26.30 29.80 21.90 20.80
Inventory Days 38.30 43.20 48.50 63.30
Sundry debtors 79.50 68.80 40.20 30.80
Debtor days 116 99.50 89 93.90
Other current assets 25 16.10 15.10 19
Sundry creditors (35) (34) (16) (21)
Creditor days 50.60 48.50 35.10 64.10
Other current liabilities (10) (9.20) (9.60) (3.80)
Cash 0.50 0.53 0.99 0.30
Total assets 109 92.30 72.70 60.40
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Particulars ( Rupees In Crores.) Mar-2015 Mar-2014 Mar-2013 Mar-2012 Mar-2011
Gross Sales 227 250 252 165 120
Excise Duty -- -- -- -- --
Net Sales 227 250 252 165 120
Other Operating Income 1.91 2.85 2.04 5.84 2.10
Other Income 1.88 -- -- -- 0.03
Total Income 231 253 254 171 122
Total Expenditure ** 210 237 242 153 109
PBIDT 20.30 16.10 12.50 17.70 13.20
Interest 11.30 9.15 6.44 5.41 3.50
PBDT 9.02 6.97 6.09 12.30 9.69
Depreciation 3.51 2.17 1.97 1.95 1.16
Minority Interest Before NP -- -- -- -- --
Tax 2.22 1.08 0.26 0.15 0.25
Deferred Tax -- -- -- -- --
Reported Profit After Tax 3.29 3.72 3.86 10.20 8.28
Minority Interest After NP -- 0.11 0.20 1.22 1.93
Net Profit after Minority Interest 3.29 3.61 3.67 8.99 6.35
Extra-ordinary Items -- -- -- (0.10) 0.01
Adjusted Profit After Extra-ordinary item 3.29 3.61 3.68 9.07 6.34
EPS (Unit Curr.) 0.13 0.36 3.63 8.90 8.06
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- 5 5 -- 10
Equity 25.40 10.20 10.10 10.10 10.10
Public Shareholding (Number) 147,131,296 58,891,360 5,773,486 5,777,338 5,777,338
Public Shareholding (%) 57.90 57.90 57.10 57.20 57.20
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares 107,108,384 43,610,512 4,330,451 4,326,599 4,326,599
Non Encumbered - % in Total Promoters Holding 100 100 100 100 100
Non Encumbered - % in Total Equity 42.10 42.10 42.90 42.80 42.80
PBIDTM(%) 8.94 6.45 4.97 10.80 11
PBDTM(%) 3.97 2.79 2.42 7.47 8.09
PATM(%) 1.45 1.49 1.53 6.20 6.91