Revenue from operations 22

Other income 23
Total Income (I+II)
CAGR
Expenses
Cost of materials consumed 24.1
% on total income
Purchases of stock-in-trade
% on total income
Changes in inventories of finished goods, work-in-progress an 24.2
% on total income
Excise duty 39
Employee benefits expense 25
Finance costs 26
% on total income
Depreciation and amortisation expense 27
% on total income
Other expenses 28
Vehicles / dies for own use
Total expenses (IV)
% on total income
Profit before tax (III - IV)
Tax expense
Current tax 29
Deferred tax 29
Total tax
% on total income
Profit for the period (V - VI)
% on total income
Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss
(a) gain / (loss) of defined benefit obligation 14.4
(b) gain / (loss) on change in fair value of equity
14.5
instruments
A (ii) Income tax relating to items that will not be
29.2
reclassified to profit or loss
B (i) Items that will be reclassified to profit or loss
(a) effective portion of gain / (loss) on hedging instruments
14.6
in a cash flow hedge
B (ii) Income tax relating to items that will be reclassified to
29.2
profit or loss
Total Other Comprehensive Income (A (i+ii)+B(i+ii))
Total Comprehensive Income for the period (VII +
VIII)
Earnings per equity share 31
Basic
Diluted

FINANCIAL PERFORMANCE RATIOS (%on Net sales)

PARAMETERS 2018-19
Material cost 72.4
Employee benefit expenses 3.9
Depreciation and amortisation 3.6
Other expenses 14
Profit before tax 12.6
Profit after tax 9
For the Year ended For the Year ended For the Year ended
31.03.2016 31.03.2017 31.03.2018

650,546 772,662 819,944

14,610 23,001 20,455
665,156 795,663 840,399
8.1

354,839 426,296 449,413

55 55 55
32,066 44,821 99,930
5 6 12
69 -3,801 407
0.01 -0.49 0.05
75,165 92,314 22,317
19,788 23,310 28,338
815 894 3,457
0.13 0.12 0.42
28,202 26,021 27,579
4.34 3.37 3.36
80,377 87,241 99,915
-602 -1,036 -991
590,719 696,060 730,365
90.80 90.09 89.07
74,437 99,603 110,034

20,414 23,356 33,495

380 2,745 -679
20,794 26,101 32,816
3.20 3.38 4.00
53,643 73,502 77,218
 8.25 9.51 9.42

-99 -158 -196

99 2,361 3,470
- 2,203 3,274
44 61 39

40 -72 -2
40 -72 -2
-14 25 1
70 2,217 3,312

53,713 75,719 80,530

177.58 243.32 255.62

177.58 243.32 255.62

%on Net sales)

CHANGE 2017-18 CHANGE

2.1 70.3 0.6
0.3 3.6 0.1
0.1 3.5 -0.4
1.2 12.8 -0.2
-1.5 14.1 -0.8
-0.9 9.9 -1.1
For the Year ended HORIZONTAL
31.03.2019 2016 2017 2018 2019

860,203
25,610
885,813 19.62 5.62 5.40
10.0

450,239 20.14 5.42 0.18

52
150,195 39.78 ### 50.30
17
2,108
0.25
0 22.82 -75.82 ###
32,549 17.80 21.57 14.86
758 9.69 ### -78.07
0.09
30,189 -7.73 5.99 9.46
3.51
116,340
-1,221
781,157 17.83 4.93 6.95
90.81
104,656

29,323
327
29,650 25.52 25.73 -9.65
3.45
75,006 37.02 5.06 -2.86
 8.72

-435
-1,745
-2,180
149

2
2
-1

248.3
248.3

2016-17
69.7
3.5
3.9
13
14.9
11
BALANCE SHEET

2015 2016 2017

ASSETS
Non-current assets
Property, plant and equipment 117,199 ### ###
% on total assets 33.24% 29.00% 25.33%
Capital work-in-progress 18,169 10,069 12,523
% on total assets 5.15% 2.40% 2.46%
Intangible assets 2,923 3,469 3,730
% on total assets 0.83% 0.83% 0.73%
Financial assets
Investments 106,554 ### ###
% on total assets 30.22% 45.01% 51.41%
Loans 6 4 3
Other financial assets 607 231 238
Other non-current assets 16,446 16,782 16,031
% on total assets 4.66% 4.00% 3.14%
Total non-current assets 261,904 ### ###
% on total assets 74.3% 81.3% 83.1%
Current assets
Inventories 26,859 31,321 32,622
% on total assets 7.62% 7.47% 6.40%
Financial assets
Investments 32,960 10,568 20,137
% on total assets 9.35% 2.52% 3.95%
Trade receivables 11,157 13,222 11,992
% on total assets 3.16% 3.15% 2.35%
Cash and bank balances 183 391 131
Loans 21 31 25
Other financial assets 2,005 1,478 950
% on total assets 0.57% 0.35% 0.19%
Current tax assets (Net) 4,916 4,854 4,854
% on total assets 1.39% 1.16% 0.95%
Other current assets 12,609 16,595 15,388
% on total assets 3.58% 3.96% 3.02%
Total current assets 90,710 78,460 86,099
% on total assets 25.73% ### ###
Total assets 352,614 ### ###

EQUITY AND LIABILITIES

Equity
Equity share capital 1,510 1,510 1,510
Other equity 252,709 ### ###
Total Equity 254,219 ### ###
% on total equity and liabilities 72% 71% 71%
Liabilities
Non-current liabilities
Financial liabilities
Borrowings 1,448 - -
Provisions 203 148 219
Deferred tax liabilities (Net) 884 1,943 4,640
% on total liabilities 0.25% 0.46% 0.91%
Other non-current liabilities 6,248 8,075 11,050
% on total liabilities 1.77% 1.93% 2.17%
Total non-current liabilities 8,783 10,166 15,909
% on total equity and liabilities 2% 2% 3%
Current liabilities
Financial liabilities
Borrowings 354 774 4,836
% on total liabilities 0.10% 0.18% 0.95%
Trade payables
Total outstanding dues of micro enterprises 590 533 832
Total outstanding dues of creditors other t 56,217 73,540 82,841
% on total liabilities 15.94% 17.53% 16.25%
Other financial liabilities 11,309 11,971 13,027
% on total liabilities 3.21% 2.85% 2.55%
Provisions 4,089 3,989 4,490
% on total liabilities 1.16% 0.95% 0.88%
Current tax liabilities (Net) 7,311 7,956 8,036
% on total liabilities 2.07% 1.90% 1.58%
Other current liabilities 9,742 11,629 18,251
% on total liabilities 2.76% 2.77% 3.58%
Total current liabilities 89,612 ### ###
% on total equity and liabilities 25% 26% 26%
Total liabilities 98,395 ### ###
Total equity and liabilities 352,614 ### ###

RATIO ANALYSIS
PARAMETERS 2015 2016 2017
CURRENT RATIO 1.01 0.71 0.65
DEBTOR TURNOVER RATIO 53.37 61.29
INVENTORY TURNOVER RATIO 27.4

RETURN ON NET WORTH 18% 20%

DEBTORS DAYS 6.84 5.96
INVENTORY DAYS 13.3

2016 2017
Purchases 358970 422634
creditors 56807 74073 83673
CREDITORS TURNOVER RATIO 5.49 5.36
CREDITORS DAYS 66.54 68.12

WORKING CAPITAL -31,932 -46,214

WORKING CAPITAL RATIO -20.37 -16.72
WORKING CAPITAL DAY -48.84

Earnings per equity share

Basic 177.58 243.32
Diluted 177.58 243.32

DEBT EQUITY RATIO 0.40 0.41

Dividend Per Share 35 75

DIVIDENT PAYOUT RATIO 19.71% 30.82%
 2018 2019

130,473 149,567
21.98% 23.77%
21,259 16,001
3.58% 2.54%
3,117 4,511
0.53% 0.72%

340,729 314,695
57.39% 50.01%
2 2
324 340
18,583 20,586
3.13% 3.27%
514,487 505,702
86.7% 80.4%

31,608 33,257
5.32% 5.28%

12,173 50,455
2.05% 8.02%
14,618 23,104 18861
2.46% 3.67%
711 1,789
30 160
2,846 4,964
0.48% 0.79%
4,109 4,274
0.69% 0.68%
13,119 5,613
2.21% 0.89%
 79,214 123,616
13.34% 19.64%
593,701 629,318

1,510 1,510
416,063 459,905
417,573 461,415
70% 73%

265 395
5,589 5,640
0.94% 0.90%
15,853 20,365
2.67% 3.24%
21,707 26,400
4% 4%

1,108 1,496
0.19% 0.24%

711 682
104,259 95,648
17.56% 15.20%
13,338 14,400
2.25% 2.29%
5,600 6,244
0.94% 0.99%
8,541 6,729
1.44% 1.07%
20,864 16,304
3.51% 2.59%
154,421 141,503
 26% 22%
176,128 167,903
593,701 629,318

2018 2019
0.51 0.87
61.63 45.61
15.99 28.07
Return on net worth is lower this year d
18% 16% to lower net profit comparing to last year
5.92 8.00
22.8 13.0

2018 2019
453479 450150
96330 104970
5.04 4.47
72.44 81.61

-75,207 -17,887
-10.90 -48.09
-43.69 -60.60

255.62 248.3
255.62 248.3

0.42 0.36

80 80
31.30% 32.22%
CASH FLOW STATEMENTS

PARTICULARS

CASH FLOW FROM OPERATING ACTIVITIES

Pofit before tax
ADJUSTMENTS
Add
Subtract
Operating Profit before working capital changes
Cash inflow
cash outflow
Cash generated from operating activities
Income taxes paid (net)
Net cash from operating activities
% change over the years

CASH FLOW FROM INVESTMENTS

Cash inflow
cash outflow
Net cash from investments
% change over the years

CASH FLOW FROM FINANCING ACTIVITIES

Cash inflow
cash outflow
Net cash from financing activities
% change over the years

Net change in cash & cash equivalents

Cash & cash equivalents at the beginning of the year
Cash & cash equivalents at the end of the year

CASH & CASH EQUIVALENTS

Cash and cheques in hand
Balance with banks
Total cash

ANALYSIS - OPERATING ACTIVITIES

- cash inflow declined by 50.17% from 2018 to 2019
- trade receivables has increased by 58.08%
- employee benefit provisions declined
- cash outflow increased to 420.05% compared to '18
- C/O prepaid expenses 41.03%
- C/O amt paid over protest/dispute increased by 15.34%
- C/O trade payables decreased by 8.23%
- advance received from customers reduced from
11506 to 4158 in 2019.(176.71%)

ANALYSIS - INVESTMENTS
- In 2017, new plant was commenced in Gujarat,
58796 million
- includes of and
plant debtmachinery
mutual funds was purchased.
of 5,139 million

for trial production.

- In 2019,
 FOR THE YEAR ENDEFOR THE YEAR ENDEFOR THE YEAR ENDE
31.03.2016 31.03.2017 31.03.2018

74437 99413 110034

30370 27547 31615

-15494 -22880 -21307
89313 104080 120342
24511 23568 33837
-9880 -1628 -5779
103944 126020 148400
-19099 -23173 -30550
84845 102847 117850
21.22% 14.59%

74226 119226 426786

-146500 -211041 -509607
-72274 -91815 -82821
-27.04% 9.80%

774 4836 1108

-13138 -16129 -35568
-12364 -11293 -34460
8.66% -205.14%

207 -261 569

177 384 130
384 123 699

15 6 38
369 117 661
384 123 699

8 to 2019
red to '18

ed by 15.34%

chased.
FOR THE YEAR ENDED
31.03.2019

104656

31563
-25663
110556
16858
-30054
97360
-31428
65932
-44.05%

542893
-578276
-35383
57.28%

1496
-30974
-29478
14.46%

1071
699
1770

881
889
1770