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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (19) 8.64 (2.50) 2.17
Op profit growth (47) 73.40 7.01 5.77
EBIT growth (53) 94.10 15.90 6.40
Net profit growth (64) 156 16.10 8.52
Profitability ratios (%)        
OPM 17.90 27.50 17.20 15.70
EBIT margin 13.90 24.10 13.50 11.30
Net profit margin 6.57 14.60 6.22 5.22
RoCE 8.68 21.40 11.60 10.20
RoNW 1.99 8.11 3.66 3.22
RoA 1.02 3.25 1.34 1.18
Per share ratios ()        
EPS 9.22 26.40 51.60 44.50
Dividend per share 0.40 0.40 -- --
Cash EPS 2.61 19.20 13.70 3.62
Book value per share 149 90.60 361 345
Valuation ratios        
P/E 7.71 4.03 1.61 1.65
P/CEPS 27.20 5.54 6.05 20.30
P/B 0.48 1.17 0.26 0.24
EV/EBIDTA 5.92 4.43 6.56 7.10
Payout (%)        
Dividend payout -- -- -- --
Tax payout (11) (25) (16) (7.10)
Liquidity ratios        
Debtor days 73.20 65.70 88.90 89.60
Inventory days 158 123 127 116
Creditor days (71) (59) (58) (59)
Leverage ratios        
Interest coverage (2.10) (5.30) (2.20) (2)
Net debt / equity 0.59 1.30 1.57 1.76
Net debt / op. profit 3.42 2.37 3.96 4.54
Cost breakup ()        
Material costs (40) (37) (46) (47)
Employee costs (17) (13) (13) (13)
Other costs (25) (23) (23) (24)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 1,186 1,462 1,346 1,380
yoy growth (%) (19) 8.64 (2.50) 2.17
Raw materials (480) (536) (624) (646)
As % of sales 40.50 36.70 46.40 46.80
Employee costs (198) (190) (177) (184)
As % of sales 16.70 13 13.10 13.40
Other costs (296) (333) (313) (333)
As % of sales 25 22.80 23.20 24.10
Operating profit 212 403 232 217
OPM 17.90 27.50 17.20 15.70
Depreciation (56) (58) (61) (66)
Interest expense (79) (66) (82) (79)
Other income 9.61 8.09 10.80 5.87
Profit before tax 85.70 286 99.90 77.50
Taxes (9.60) (73) (16) (5.50)
Tax rate (11) (25) (16) (7.10)
Minorities and other 1.85 -- -- --
Adj. profit 77.90 214 83.70 72
Exceptional items -- -- -- --
Net profit 77.90 214 83.70 72.10
yoy growth (%) (64) 156 16.10 8.52
NPM 6.57 14.60 6.22 5.22
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax 85.70 286 99.90 77.50
Depreciation (56) (58) (61) (66)
Tax paid (9.60) (73) (16) (5.50)
Working capital 743 398 356 19.10
Other operating items -- -- -- --
Operating cashflow 763 554 378 25
Capital expenditure 821 (252) 334 73.10
Free cash flow 1,584 302 712 98.10
Equity raised 1,325 705 851 887
Investments 2.70 2.01 2.45 2.46
Debt financing/disposal 867 593 504 200
Dividends paid -- -- -- --
Other items -- -- -- --
Net in cash 3,778 1,603 2,069 1,188
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Equity capital 342 16.20 16.20 16.20
Preference capital -- -- 64 64
Reserves 885 718 505 479
Net worth 1,226 734 585 559
Minority interest
Debt 824 1,011 951 1,012
Deferred tax liabilities (net) -- -- 10.70 9.37
Total liabilities 2,063 1,745 1,547 1,580
Fixed assets 1,101 955 908 904
Intangible assets
Investments 2.70 2.71 2.69 2.70
Deferred tax asset (net) 7.86 6.46 -- --
Net working capital 852 725 605 647
Inventories 540 484 502 431
Inventory Days 166 121 136 114
Sundry debtors 275 200 326 330
Debtor days 84.80 50 88.50 87.20
Other current assets 368 358 285 204
Sundry creditors (202) (179) (167) (189)
Creditor days 62.20 44.60 45.20 49.90
Other current liabilities (129) (138) (341) (129)
Cash 99 55.50 31 26.70
Total assets 2,063 1,745 1,547 1,580
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Particulars ( Rupees In Crores.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 967 900 1,025 998 1,024
Excise Duty -- -- -- -- --
Net Sales 967 900 1,025 998 1,024
Other Operating Income -- -- -- 7.92 7.24
Other Income 17.10 6.74 5.77 -- --
Total Income 984 907 1,031 1,006 1,031
Total Expenditure ** 811 722 800 815 859
PBIDT 173 185 231 192 172
Interest 54.40 63.10 47.50 57.10 59.30
PBDT 118 122 184 135 113
Depreciation 50.70 42.60 45.70 46.60 51.50
Minority Interest Before NP -- -- -- -- --
Tax 9.13 12.40 31 16.90 7.09
Deferred Tax 0.97 (0.30) -- -- --
Reported Profit After Tax 57.60 66.90 107 71.10 54.10
Minority Interest After NP -- -- -- -- --
Net Profit after Minority Interest 57.60 66.90 107 71.10 54.10
Extra-ordinary Items -- -- -- -- --
Adjusted Profit After Extra-ordinary item 57.60 66.90 107 71.10 54.10
EPS (Unit Curr.) 6.98 8.11 13.20 43.90 33.40
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- --
Equity 16.50 16.50 16.20 16.20 16.20
Public Shareholding (Number) -- -- -- -- 10,031,058
Public Shareholding (%) -- -- -- -- 61.90
Pledged/Encumbered - No. of Shares -- -- -- -- 4,079,645
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- 66.10
Pledged/Encumbered - % in Total Equity -- -- -- -- 25.20
Non Encumbered - No. of Shares -- -- -- -- 2,093,080
Non Encumbered - % in Total Promoters Holding -- -- -- -- 33.90
Non Encumbered - % in Total Equity -- -- -- -- 12.90
PBIDTM(%) 17.90 20.50 22.50 19.20 16.80
PBDTM(%) 12.20 13.50 17.90 13.50 11
PATM(%) 5.95 7.43 10.40 7.12 5.28