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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 39.40 20.20 (20) --
Other operating items -- -- -- --
Operating cashflow 41 22.10 (12) --
Capital expenditure 14.10 1.52 (1.50) --
Free cash flow 55 23.70 (13) --
Equity raised 44.90 48.90 43.60 --
Investments -- -- 0.01 --
Debt financing/disposal 34.60 22.70 (16) --
Dividends paid 0.51 0.51 0.51 1.01
Other items -- -- -- --
Net in cash 135 95.70 14.60 --
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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 Dec-2014 Sep-2014 Jun-2014 Mar-2014
Gross Sales 65.40 50.30 47.70 63.50 59.50
Excise Duty -- -- -- -- --
Net Sales 65.40 50.30 47.70 63.50 59.50
Other Operating Income 1.19 0.23 0.31 0.18 1.55
Other Income -- -- 1.88 -- --
Total Income 66.60 50.60 49.90 63.70 61.10
Total Expenditure ** 61.60 45.80 44.10 58.90 54.40
PBIDT 4.95 4.77 5.74 4.82 6.69
Interest 2.48 2.96 3.06 2.76 2.92
PBDT 2.48 1.81 2.68 2.06 3.77
Depreciation 1.33 0.70 0.77 0.71 0.63
Minority Interest Before NP -- -- -- -- --
Tax 0.91 0.33 0.57 0.41 0.99
Deferred Tax -- -- -- -- --
Reported Profit After Tax 0.23 0.78 1.34 0.94 2.15
Minority Interest After NP -- -- -- -- (0.10)
Net Profit after Minority Interest 0.23 0.78 1.34 0.94 2.24
Extra-ordinary Items -- -- -- -- (0.50)
Adjusted Profit After Extra-ordinary item 0.23 0.78 1.34 0.94 2.78
EPS (Unit Curr.) 0.01 0.03 0.13 0.09 0.22
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 25.40 25.40 10.20 10.20 10.20
Public Shareholding (Number) 147,131,296 151,631,296 58,891,760 58,891,360 58,085,360
Public Shareholding (%) 57.90 59.60 57.90 57.90 57.10
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares 107,108,384 102,608,384 42,804,112 42,804,512 43,610,512
Non Encumbered - % in Total Promoters Holding 100 100 100 100 100
Non Encumbered - % in Total Equity 42.10 40.40 42.10 42.10 42.90
PBIDTM(%) 7.57 9.48 12 7.59 11.20
PBDTM(%) 3.79 3.60 5.62 3.24 6.33
PATM(%) 0.35 1.55 2.81 1.48 3.61