Balance Sheet

INR (cr)

Particulars Mar-14 Mar-15 Mar-16

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 1,897 2,851 3,907
Capital work-in-progress 855 315 331
Intangible assets 350 101 129
Intangible assets under development - 404 323
Equity accounted investments in associates - 708 950
Investments 878 821 945
Loans to employees 477 - -
Security deposits - - -
Deferred tax assets (net) 106 74 -
Income tax assets (net) - - -
Other non-current assets - - -
Total Non-Current Assets 4,563.3 5,274.6 6,584.8

CURRENT ASSETS
Inventories 670 861 762
Investments 3,276 2,297 3,249
Trade receivables 921 1,372 1,282
Cash and cash equivalents 120 216 179
Bank balances - - -
Loans to employees 18 24 23
Security deposits 1 - -
Others Financial Assets 22 60 79
Other current assets 531 550 512
Total Current Assets 5,558.3 5,379.7 6,086.9
TOTAL ASSETS 10,121.6 10,654.4 12,671.7

Particulars Mar-14 Mar-15 Mar-16

LIABILITIES
NON-CURRENT LIABILITIES
Equity share capital 39.9 39.9 39.9
Other equity 5,582.7 6,500.1 7,912.7
Non-controlling interests 0.9 18.5 53.6
LT Debt - 12.0 146.0
Employee benefits 8.7 10.2 15.7
Other long - term liabilities 24.5 31.3 34.9
Warranties 41.4 56.1 69.0
Deferred tax liabilities (net) - - 227.8
Total Non-Current Liabilities 5,698.0 6,668.1 8,499.6

CURRENT LIABILITIES
ST Debt - 88.0 84.1
Trade payables 2,291.0 2,713.1 2,791.7
Other financial liabilities 540.4 399.1 442.9
Security deposits dealers and others 47.8 51.6 54.6
Other current liabilities 1,534.2 721.2 769.1
Employee benefits 2.9 2.9 3.7
Warranties 7.3 10.3 26.1
Total Current Liabilities 4,423.6 3,986.2 4,172.1
TOTAL LIABILITIES 10,121.6 10,654.4 12,671.7
- - -
 Mar-17 Mar-18

4,495.0 4,771.4 Operating item

386.5 239.0 Operating item
103.8 189.6 Operating item
194.5 116.5 Operating item
1,025.4 1,159.6 Non Operating item
496.9 918.5 Non Operating item
23.1 22.3 Non Operating item
25.4 23.6 Operating item
- - Non Operating item
332.5 394.5 Operating item
658.4 559.6 Operating item
7,741.5 8,394.5

708.6 962.7 Operating item

4,544.1 5,591.1 Non-Operating item
1,551.8 1,427.0 Operating item
74.1 130.6 Operating item
121.3 107.0 Operating item
21.7 21.4 Non-Operating item
3.2 7.1 Operating item
145.0 543.3 Operating item
400.8 212.1 Operating item
7,570.5 9,002.2
15,312.0 17,396.7

Mar-17 Mar-18

39.9 39.9 Non-Operating item

10,275.6 11,931.5 Non-Operating item
67.4 93.2 Non-Operating item
207.9 149.6 Non-Operating item
16.2 25.9 Non-Operating item
Operating item
59.5 93.2 Operating item
 468.9 581.9 Non-Operating item
11,135.3 12,915.4

40.1 75.4 Non-Operating item

3,266.2 3,375.3 Operating item
308.7 147.8 Non-Operating item
62.5 57.7 Operating item
456.6 765.0 Operating item
5.1 5.4 Non-Operating item
37.5 54.9 Operating item
4,176.7 4,481.4
15,312.0 17,396.7
- -
Balance Sheet - Trend Analysis

Particulars Mar-14 Mar-15 Mar-16 Mar-17

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 18.7% 26.8% 30.8% 29.4%
Capital work-in-progress 8.4% 3.0% 2.6% 2.5%
Intangible assets 3.5% 1.0% 1.0% 0.7%
Intangible assets under development 0.0% 3.8% 2.5% 1.3%
Equity accounted investments in associates 0.0% 6.6% 7.5% 6.7%
Investments 8.7% 7.7% 7.5% 3.2%
Loans to employees 4.7% 0.0% 0.0% 0.2%
Security deposits 0.0% 0.0% 0.0% 0.2%
Deferred tax assets (net) 1.0% 0.7% 0.0% 0.0%
Income tax assets (net) 0.0% 0.0% 0.0% 2.2%
Other non-current assets 0.0% 0.0% 0.0% 4.3%
Total Non-Current Assets 45.1% 49.5% 52.0% 50.6%

CURRENT ASSETS
Inventories 6.6% 8.1% 6.0% 4.6%
Investments 32.4% 21.6% 25.6% 29.7%
Trade receivables 9.1% 12.9% 10.1% 10.1%
Cash and cash equivalents 1.2% 2.0% 1.4% 0.5%
Bank balances 0.0% 0.0% 0.0% 0.8%
Loans to employees 0.2% 0.2% 0.2% 0.1%
Security deposits 0.0% 0.0% 0.0% 0.0%
Others Financial Assets 0.2% 0.6% 0.6% 0.9%
Other current assets 5.2% 5.2% 4.0% 2.6%
Total Current Assets 54.9% 50.5% 48.0% 49.4%
TOTAL ASSETS 100.0% 100.0% 100.0% 100.0%

LIABILITIES
NON-CURRENT LIABILITIES
Equity share capital 0.4% 0.4% 0.3% 0.3%
Other equity 55.2% 61.0% 62.4% 67.1%
Non-controlling interests 0.0% 0.2% 0.4% 0.4%
LT Debt 0.0% 0.1% 1.2% 1.4%
Employee benefits 0.1% 0.1% 0.1% 0.1%
Other long - term liabilities 0.2% 0.3% 0.3% 0.0%
Warranties 0.4% 0.5% 0.5% 0.4%
Deferred tax liabilities (net) 0.0% 0.0% 1.8% 3.1%
Total Non-Current Liabilities 56.3% 62.6% 67.1% 72.7%
CURRENT LIABILITIES
ST Debt 0.0% 0.8% 0.7% 0.3%
Trade payables 22.6% 25.5% 22.0% 21.3%
Other financial liabilities 5.3% 3.7% 3.5% 2.0%
Security deposits dealers and others 0.5% 0.5% 0.4% 0.4%
Other current liabilities 15.2% 6.8% 6.1% 3.0%
Employee benefits 0.0% 0.0% 0.0% 0.0%
Warranties 0.1% 0.1% 0.2% 0.2%
Total Current Liabilities 43.7% 37.4% 32.9% 27.3%
TOTAL LIABILITIES 100.0% 100.0% 100.0% 100.0%
Mar-18

27.4%
1.4%
1.1%
0.7%
6.7%
5.3%
0.1%
0.1%
0.0%
2.3%
3.2%
48.3%

5.5%
32.1%
8.2%
0.8%
0.6%
0.1%
0.0%
3.1%
1.2%
51.7%
100.0%

0.2%
68.6%
0.5%
0.9%
0.1%
0.0%
0.5%
3.3%
74.2%
 0.4%
19.4%
0.8%
0.3%
4.4%
0.0%
0.3%
25.8%
100.0%
Income Statement
INR (cr)

Particulars Mar-14 Mar-15 Mar-16

Revenue from operations 27,005 29,021 30,715
Operating expenses
Cost of materials consumed (18,230) (19,715) (19,308)
Excise duty on sale of goods (1,880) (1,718) (2,258)
Employee benefits expenses (930) (1,179) (1,339)
Other expenses (2,426) (2,913) (3,412)
Total operating expenses (23,466) (25,524) (26,318)
EBITDA 3,539 3,497 4,398
Depreciation and amortisation expenses (1,107) (540) (443)
EBIT 2,432 2,956 3,954
Other income 444 347 413
Finance costs (12) (12) (15)
Share in profit/(loss) of associates, net of tax (4) 15 34
Gain on dilution of interest in an associate -
Minority interest profit/(loss) 0 1 4
Profit before tax 2,861 3,308 4,391
Tax expense (758) (943) (1,275)
Profit after tax / Net profit 2,103 2,365 3,116
Mar-17 Mar-18
30,984 33,101 Operating item

(19,116) (21,886) Operating item

(2,373) (643) Operating item
(1,432) (1,584) Operating item
(3,486) (3,664) Operating item
(26,408) (27,776)
4,576 5,325
(502) (575) Operating item
4,074 4,750
522 523 Non Operating item
(27) (31) Non Operating item
55 50 Non Operating item
262 - Non Operating item
- -
4,885 5,292
(1,339) (1,570) Operating item
3,546 3,722
Income Statement - Trend
%

Particulars Mar-14 Mar-15 Mar-16

Revenue from operations 100% 100% 100%
Operating expenses
Cost of materials consumed 68% 68% 63%
Excise duty on sale of goods 7% 6% 7%
Employee benefits expenses 3% 4% 4%
Other expenses 9% 10% 11%
Total operating expenses 87% 88% 86%
EBITDA Margin 13% 12% 14%
Depreciation and amortisation expenses -4% -2% -1%
EBIT 9% 10% 13%
Other income 2% 1% 1%
Finance costs 0% 0% 0%
Share in profit/(loss) of associates, net of tax 0% 0% 0%
Gain on dilution of interest in an associate 0% 0% 0%
Minority interest profit/(loss) 0% 0% 0%
Profit before tax 11% 11% 14%
Tax expense -3% -3% -4%
Profit after tax / Net profit 8% 8% 10%
Mar-17 Mar-18
100% 100% Operating item

62% 66% Operating item

8% 2% Operating item
5% 5% Operating item
11% 11% Operating item
85% 84%
15% 16%
-2% -2% Operating item
13% 14%
2% 2% Non Operating item
0% 0% Non Operating item
0% 0% Non Operating item
1% 0% Non Operating item
0% 0%
16% 16%
-4% -5% Operating item
11% 11%
Cash Flow Statement
INR (cr)

Particulars Mar-14 Mar-15

Net cash from operating activities 2,963 2,186
Capex (937) (1,230)
Free Cash Flow 2,026 955
Mar-16 Mar-17 Mar-18
3,796 4,007 4,017
(1,701) (1,237) (822)
2,095 2,771 3,196
GROWTH
Mar-14 Mar-15 Mar-16
Revenue from operations 27,005 29,021 30,715
Excise duty on sale of goods (1,880) (1,718) (2,258)
Net Sales 25,125 27,303 28,457
Sales growth (%) 8.7% 4.2%

LIQUIDITY
Current Assets 5,558 5,380 6,087
Current Liabilities 4,424 3,986 4,172
Current Ratio 1.3x 1.3x 1.5x

PROFITABILITY
EBITDA 3,539 3,497 4,398
EBITDA Margin 14.1% 12.8% 15.5%

RoE 37.4% 36.2% 39.2%

Net Profit / Net Sales 8.4% 8.7% 11.0%
Net Sales/Total Assets 2.48 2.56 2.25
Total Assets/Shareholder's Equity 1.80 1.63 1.59

SOLVENCY
Debt / Equity - 0.02 0.03
Mar-17 Mar-18
30,984 33,101
(2,373) (643)
28,610 32,458
0.5% 13.4%

7,571 9,002
4,177 4,481
1.8x 2.0x

4,576 5,325
16.0% 16.4%

34.4% 31.1%
12.4% 11.5%
1.87 1.87
1.48 1.45

0.02 0.02
Accounting Checks

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

Net Income 2,103 2,365 3,116 3,546 3,722
CFO 2,963 2,186 3,796 4,007 4,017

Total Assets 10,122 10,654 12,672 15,312 17,397

5% 19% 21% 14%

Depreciation 218 272 391 452 530

Dep / PPE 11% 10% 10% 10% 11%