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Y/e 31 Mar Mar-2018 Mar-2017 Mar-2016 Mar-2015
Growth matrix (%)        
Revenue growth (1.90) (9.80) (0.60) (7.20)
Op profit growth (86) (97) (30) (31)
EBIT growth 25.50 (105) (34) (32)
Net profit growth 211 (178) (38) (52)
Profitability ratios (%)        
OPM 0.05 0.32 11.10 15.80
EBIT margin (0.70) (0.50) 9.40 14.10
Net profit margin (15) (4.90) 5.63 9.04
RoCE (0.40) (0.30) 6.32 10.60
RoNW (4.90) (1.40) 1.67 2.77
RoA (2) (0.60) 0.95 1.71
Per share ratios ()        
EPS -- -- 22.80 37.50
Dividend per share -- 10 -- 20
Cash EPS (69) (31) 9.85 23.60
Book value per share 258 302 342 338
Valuation ratios        
P/E -- -- 42.70 49.70
P/CEPS (11) (23) 98.80 79.10
P/B 2.82 2.39 2.85 6.01
EV/EBIDTA 87.70 82.80 21.30 27.50
Payout (%)        
Dividend payout -- (56) -- 54.40
Tax payout 9.08 (8.50) (13) (28)
Liquidity ratios        
Debtor days 92.60 97.50 75.90 49.80
Inventory days 91 100 87 82
Creditor days (56) (57) (58) (57)
Leverage ratios        
Interest coverage 0.11 0.10 (3.20) (11)
Net debt / equity 0.93 0.77 0.32 0.21
Net debt / op. profit 1,457 200 2.42 1.09
Cost breakup ()        
Material costs (46) (41) (36) (33)
Employee costs (24) (24) (21) (19)
Other costs (30) (34) (31) (32)
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Y/e 31 Mar( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Revenue 3,937 4,015 4,453 4,482
yoy growth (%) (1.90) (9.80) (0.60) (7.20)
Raw materials (1,798) (1,662) (1,614) (1,487)
As % of sales 45.70 41.40 36.20 33.20
Employee costs (937) (967) (951) (869)
As % of sales 23.80 24.10 21.40 19.40
Other costs (1,200) (1,373) (1,395) (1,416)
As % of sales 30.50 34.20 31.30 31.60
Operating profit 1.83 12.80 494 709
OPM 0.05 0.32 11.10 15.80
Depreciation (150) (149) (142) (145)
Interest expense (255) (225) (129) (55)
Other income 120 114 66.10 66.60
Profit before tax (283) (247) 289 575
Taxes (26) 21.10 (38) (163)
Tax rate 9.08 (8.50) (13) (28)
Minorities and other 58.60 30.30 (0.90) (7.80)
Adj. profit (250) (196) 251 405
Exceptional items (358) -- -- --
Net profit (608) (196) 251 405
yoy growth (%) 211 (178) (38) (52)
NPM (15) (4.90) 5.63 9.04
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Y/e 31 Mar ( In .Cr) Mar-2018 Mar-2017 Mar-2016 Mar-2015
Profit before tax (283) (247) 289 575
Depreciation (150) (149) (142) (145)
Tax paid (26) 21.10 (38) (163)
Working capital 1,471 1,798 717 393
Other operating items -- -- -- --
Operating cashflow 1,013 1,423 827 660
Capital expenditure 1,724 1,245 1,130 (90)
Free cash flow 2,736 2,668 1,957 570
Equity raised 2,804 3,482 5,522 6,405
Investments 124 472 (2.20) (235)
Debt financing/disposal 376 1,525 1,448 1,303
Dividends paid -- 111 -- 220
Other items -- -- -- --
Net in cash 6,041 8,257 8,925 8,263
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Y/e 31 Mar ( In .Cr) Mar-2019 Mar-2018 Mar-2017 Mar-2016
Equity capital 55.30 55.30 55.30 55.30
Preference capital 234 -- -- --
Reserves 2,619 2,797 3,281 3,720
Net worth 2,909 2,852 3,337 3,775
Minority interest
Debt 3,141 3,748 4,160 2,677
Deferred tax liabilities (net) 299 304 301 269
Total liabilities 6,678 7,249 8,179 7,186
Fixed assets 4,503 4,321 4,017 3,845
Intangible assets
Investments 0.45 214 563 0.45
Deferred tax asset (net) 541 453 434 367
Net working capital 1,185 1,180 1,562 1,496
Inventories 819 856 1,108 1,102
Inventory Days -- 79.30 101 90.30
Sundry debtors 1,261 962 1,034 1,111
Debtor days -- 89.20 94.10 91.10
Other current assets 525 544 524 439
Sundry creditors (867) (631) (568) (673)
Creditor days -- 58.50 51.70 55.20
Other current liabilities (554) (551) (535) (483)
Cash 449 1,082 1,604 1,478
Total assets 6,678 7,249 8,179 7,186
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Particulars ( Rupees In Crores.) Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Gross Sales 3,179 2,919 3,151 3,443 3,321
Excise Duty -- -- -- -- --
Net Sales 3,179 2,919 3,151 3,443 3,321
Other Operating Income -- -- -- -- 81.30
Other Income 15.60 129 58 39.40 (24)
Total Income 3,195 3,047 3,209 3,482 3,378
Total Expenditure ** 3,125 3,269 2,974 3,005 2,711
PBIDT 69.60 (222) 235 477 667
Interest 201 191 166 86.30 40.90
PBDT (132) (412) 68.70 391 626
Depreciation 121 111 112 105 111
Minority Interest Before NP -- -- -- -- --
Tax 7.75 19.90 37 21.10 136
Deferred Tax (57) (29) (61) -- --
Reported Profit After Tax (203) (514) (19) 265 380
Minority Interest After NP -- -- 2.18 9.09 8.83
Net Profit after Minority Interest (203) (514) (21) 256 371
Extra-ordinary Items -- (345) -- -- --
Adjusted Profit After Extra-ordinary item (203) (169) (21) 256 371
EPS (Unit Curr.) (16) (41) (1.90) 23.20 33.70
Book Value (Unit Curr.) -- -- -- -- --
Dividend (%) -- -- -- -- 400
Equity 55.30 55.40 55.30 55.30 55
Public Shareholding (Number) -- -- -- -- 27,909,558
Public Shareholding (%) -- -- -- -- 25.40
Pledged/Encumbered - No. of Shares -- -- -- -- --
Pledged/Encumbered - % in Total Promoters Holding -- -- -- -- --
Pledged/Encumbered - % in Total Equity -- -- -- -- --
Non Encumbered - No. of Shares -- -- -- -- 81,985,382
Non Encumbered - % in Total Promoters Holding -- -- -- -- 100
Non Encumbered - % in Total Equity -- -- -- -- 74.50
PBIDTM(%) 2.19 (7.60) 7.46 13.90 20.10
PBDTM(%) (4.10) (14) 2.18 11.40 18.90
PATM(%) (6.40) (18) (0.60) 7.68 11.40