January 27, 2016

Precision Camshafts Limited (PCL) IPO Note

RETAIL
RESEARCH
\
Background & Operations:

Issue Snapshot:
Issue Open: Jan 27 - Jan 29 2015
Price Band: Rs. 180 186
Issue Size: 2,20,53,226* Equity Shares
(including public issue of 1,29,03,226*
Equity Shares + Offer for sale 9, 150,000
equity shares)
Offer Size: Rs.397 410 crs
QIB
upto 50% eq sh
Retail
atleast 35% eq sh
Non Institutional atleast 15% eq sh
Face Value: Rs 10
Book value: Rs 32.89. (Sept 30, 2015)
Bid size: - 80 equity shares and in
multiples thereof
100% Book built Issue
Capital Structure:
Pre Issue Equity:
Post issue Equity:

Rs. 81.84 cr
Rs. 94.74 cr

Listing: BSE & NSE

Book Running Lead Manager: SBI Capital
Markets Limited, HDFC Bank Limited, IIFL
Holdings Limited.
Registrar to issue: Link Intime India Pvt
Ltd
Shareholding Pattern
Pre issue *Post issue
Shareholding
%
%
Pattern
Promoters &
Promoter Group
Public (incl
institutions &
employees)
Total

81.5

63.9

18.5

36.1

100.0

100.0

*assuming pricing at the high end of price band

Solapur-based Precision Camshafts Ltd (PCL) is one of the worlds leading manufacturer and
supplier of camshafts, a critical engine component, in the passenger vehicle segment. It supplies
over 150 varieties of camshafts for passenger vehicles, tractors, light commercial vehicles and
locomotive engine applications from its manufacturing facilities in Solapur, Maharashtra. A
majority of its revenue comes from export of camshafts to various OEMs directly and indirectly
and has long term relationships with several marquee global OEMs, such as General Motors,
Ford Motors, Hyundai, Maruti Suzuki, Tata Motors and Mahindra and Mahindra. It recently won
the awards for Best Overall Exporter and Best Manufacturer Exporter from Dun and Bradstreet
India at the Export Credit Guarantee Corporation of India Limited Indian Exporters Excellence
Awards under the medium exporters category in March 2015.
Currently PCL has two state-of-the-art manufacturing facilities an EOU unit and a domestic unit
both situated at Solapur, Maharashtra. The EOU unit consists of four foundries and two
machine shops and products manufactured at the EOU unit are primarily exported to the
overseas customers. The domestic unit consists of one foundry and one machine shop and it
caters to its domestic customers from this manufacturing facility. Total manufacturing capacity
as on September 30, 2015 was 13.38 million camshaft castings from its foundries per annum and
2.22 million machined camshafts from its machine shops per annum. Leveraging PCLs
experience, expertise and existing relationship with customers, it seeks to capitalize on this
anticipated global demand for camshafts in the passenger vehicle segment. It also proposes to
set up two new machine shops at Solapur, Maharashtra specifically for ductile iron camshafts
and assembled camshafts, respectively, by fiscal 2017 and fiscal 2018 and seeks to foray into
manufacturing and supply of sliding cams and cam modules in accordance with expansion
strategy.
In order to strengthen business operations in Asia, PCL has entered into two joint ventures with
NSPCL, the first, Ningbo Shenglong PCL Camshafts Company Limited, for machining of camshafts
and the second, PCL Shenglong (Huzhou) Specialised Casting Company Limited, for setting up a
foundry in China. It continues to invest in technologies, designing capabilities and research and
development activities and uses different technologies in engineering and manufacturing
operations including shell sand molding process technology, special (AI203/ ceramic sand care)
technology and GBQII process technology which provides a cost competitive advantage among
its competitors. It also has a dedicated design and development team of nine engineers along
with a well-equipped inspection laboratory and a calibration laboratory and has entered into an
exclusive agreement with EMAG, a German machining and tooling process company, for transfer
of certain know-how and technology in order to strengthen its foray into assembled camshafts
and expand business operations in the European market.
PCL is promoted by Mr. Yatin Shah and Dr. Suhasini Shah, who have over 20 years of experience
in the critical engine component manufacturing and are first generation entrepreneurs who
started the business of manufacturing of critical engine components in 1992.
Objects of Issue:
The Offer comprises a Fresh Issue by the Company and an Offer for Sale by the Selling
Shareholders. The objects of the Net Proceeds of the Fresh Issue are:
Establishment of a machine shop for ductile iron camshafts at the EOU unit; and
General corporate purposes
Further PCL expects that the listing of the Equity Shares will enhance visibility and brand image
among existing and potential customers.

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Utilization of Net Proceeds

Particulars

Establishment of a machine shop for ductile iron camshafts at the EOU unit
General corporate purposes
Total

Rs in Million

Total estimated
cost
2301.99
-

Estimated
Utilization in
fiscal 2016
1082.49
*
*

Estimated
Utilization in
fiscal 2017
1219.5
*
*

Competitive Strengths:
Leading supplier of camshafts for passenger vehicle engines in India and globally: Camshaft is one of the five critical components of an
engine application in an automobile along with the cylinder block, crankshaft, cylinder head and connecting rod. PCL is one of the worlds
leading manufacturers and suppliers of camshafts in the passenger vehicle segment based on its estimated global market share by volume and
had an established market share of 5% to 6% in the global passenger vehicle camshafts market in 2010 It has been able to consistently
increase its market share to an estimated 8% to 9% in 2014. In the domestic camshaft market for passenger vehicles in India, PCL is one of the
leading manufacturer and supplier and has the largest camshaft foundry and machining capacity for passenger vehicles in India. As of March
31, 2015, PCL has supplied over 58 million units of camshafts in the last ten fiscals and has serviced various customers across different
geographies in the world including the United States of America, Brazil, the United Kingdom, Germany, Austria, Hungary, Russia, South Korea,
Spain, Uzbekistan, China and India.
Long term relationships with marquee global OEMs: PCL has developed long term relationships and, in some cases, preferred supplier status,
with marquee global OEMs in the automobile sector, such as General Motors, Ford Motors, Hyundai, Maruti Suzuki and Tata Motors, with
some of whom it has relationships for over 10 years. The strength of its customer relationships is attributable to the ability to manufacture
and supply the camshafts in accordance with the exact designs and specifications of its customers, as well as track record of consistent
delivery of quality and cost competitive products over the years. The marketing network and joint ventures provide PCL the access to faster
interaction with customers which helps in strengthening relationships with them over a period of time.
State-of-the-art manufacturing facilities, technology innovation and engineering expertise: PCL currently has two state-of-the-art
manufacturing facilities an EOU unit and a domestic unit both situated at Solapur, Maharashtra. The EOU unit consists of four foundries
and two machine shops and products manufactured at the EOU unit are primarily exported to its overseas customers. The domestic unit
consists of one foundry and one machine shop and caters to its domestic customers from this manufacturing facility. Total manufacturing
capacity as on September 30, 2015 was 13.38 million camshaft castings from its foundries per annum and 2.22 million machined camshafts
from its machine shops per annum. Additionally, it has cost competitive engineering expertise and technologies to meet the stringent
requirements of its customers. Its engineering expertise and technology driven manufacturing processes has enabled it to deliver its products
to its customers in accordance with their designs and specifications in a cost effective manner without compromising on quality. It also has a
relatively low defect rate in its products.
Consistent financial performance: PCL has experienced sustained growth in financial indicators including revenue and EBITDA, as well as a
consistent improvement in its balance sheet position in the last five fiscals despite a modest growth in passenger vehicle sales post 2010. It
has been able to increase its consolidated turnover (net) and consolidated restated profit from fiscal 2011 to fiscal 2015 at a CAGR of 18.16%
and 37.09%, respectively. Turnover from camshaft castings on an unconsolidated basis has increased from Rs 1,901.34 million in fiscal 2011 to
Rs 3,604.25 million in fiscal 2015 and turnover from machined camshafts on an unconsolidated basis increased from Rs 876.58 million in fiscal
2011 to Rs 1,488.44 million in fiscal 2015. PCLs revenues are largely diversified across geographies, given its presence in Indian and
international markets. As a result of its diversified geographic presence, it has been able to achieve consistent growth, despite the global
financial crisis in recent years.
Experienced and qualified team of professionals: PCL benefit significantly from highly experienced management and technical teams,
including, in particular, its Promoter and Chairman and Managing Director. Its senior management has extensive experience in critical engine
component manufacturing industry including in operations, business development, quality assurance, customer relationship and human
resource management. Its personnel policies are aimed towards recruiting talented individuals, facilitating their integration, and promoting
the development of their skills. The strength and entrepreneurial vision of its Promoters and management has been instrumental in driving
growth and implementing strategies.

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Business Strategy:
Diversification of product range: PCL seeks to become a one-stop-shop to the automobile industry across the world for camshafts using
different material and technologies. It is diversifying and expanding its manufacturing capabilities from chilled cast iron camshafts to ductile
iron camshafts and assembled camshafts and also seeks to foray into supply of cam modules and sliding cams in the future. It is currently in
the process of diversifying into manufacturing of ductile iron camshafts and has already secured order from Ford Motors for supply of ductile
iron camshafts, and is in the process of setting up a new machine shop at its EOU unit at Solapur, Maharashtra specifically for manufacturing
of the ductile iron camshafts and expects the industrial production of ductile iron camshafts to start in fiscal 2017. Further, PCL seeks to
capitalize on the global demand for integrated and assembled camshafts in the passenger vehicle segment and has entered into an exclusive
agreement with EMAG, a German machining and tooling Process Company, for transfer of certain know-how and technology for
manufacturing assembled camshafts.
Increased focus on value added products viz. fully machined camshafts: PCL currently has four foundries and two machine shops at the EOU
unit and one foundry and one machine shop at the domestic unit. It manufactures camshaft casting from its foundries which are machined by
its OEM customers in their captive facilities. It also supply semi-machined camshafts to tier I suppliers and fullymachined camshafts to OEMs.
PCL seeks to expand its capacity to manufacture fully machined camshafts by setting up two new machine shops in Solapur, Maharashtra.
Increase in manufacture and supply of value added products like fully machined camshafts will enhance profit margins and also expand
customer base by moving up the value chain in the camshafts manufacturing industry.
Expansion through inorganic growth: PCL seeks to make strategic investments in business particularly in Europe which is engaged in the same
business as its current business and in the manufacturing of critical component machining in which it has acquired significant domain
knowledge based on its camshafts manufacturing experience. It seeks to acquire in business opportunities with critical engine components or
machined products manufacturing facilities, market share, growth potential and whose operations, resources, capabilities and strategies are
complementary to PCL. Such an acquisition would give PCL a manufacturing base, complement its existing global business operations and fuel
its growth going forward.
Increasing geographical penetration and expansion of addressable market: As a camshaft manufacturer and supplier, PCL caters to its
customers across geographies including in the United States of America, Brazil, the United Kingdom, Germany, Austria, Hungary, Russia, South
Korea, China and India. As part of the growth strategy, PCL seeks to further expand its operations in geographies where it has potential for
further penetration Its product diversification plans along with expansion and acquisition plans will help PCL to further penetrate across
geographies for supply of camshafts to customers globally.
Industry:
Overview of the Indian Economy
According the CIA World Factbook, the Indian economy is ranked fourth in the world, on a purchasing power parity basis, after the United
States, the European Union and China. For the fiscal year 2015, the forecast for real GDP growth rate (at factor cost) in India is estimated 5.5%
by the Reserve Bank of India (RBI). The RBI has forecasted industry growth at 3.5%. India is expected to be the fastest growing major
economy by fiscal 2017. Lending rates have reduced in 2015, with further reductions expected as the economy recovers. Export growth in ndia
has been robust in 2014. (Source: World Bank, Global Economic Prospects, January 2015) According to the IMF, World Economic Outlook
(October, 2014), an increase in exports and investments is expected in 2015.
Camshafts
Camshafts are required in all automobiles using an internal combustion (IC) engine, which includes 2-wheelers, 3-wheelers, passenger
vehicles, commercial vehicles, off roaders and tractors. A camshaft and its associated parts actuate the opening and closing of the piston valves
in an IC engine of an automobile. It is one of the critical components of an IC engine and the design of the camshaft impacts the engines
power, efficiency, mileage and emission. Camshafts are designed in such a way so as to open the engine valves at the correct time and to keep
them open for the necessary duration for the desired engine performance. The camshaft design, weight, manufacturing process and machining
requirement vary across vehicle categories depending on the desired engine characteristics. The camshaft generally lasts the life of the IC
engine, although it may be replaced if it affects the engines performance significantly over time.
Camshaft manufacturing
Camshaft manufacturing requires two units: (a) a foundry and (b) a machining and sand core shop. The manufacturing process is initially
capital intensive and associated with a long drawn vendor approval process, making healthy capacity utilization critical. The average cost of
setting up a foundry line for 5 million camshafts per annum is estimated at ` 800 million and the cost of setting up a machining shop for 1
million camshafts per annum is Rs 1,000 million to Rs 1,200 million. Additionally, individual units are low value and so, sufficiently large
volumes of production are necessary for healthy return on investments. Camshaft castings, or un-machined camshafts, are priced according to

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casting complexity and the material used, with prevailing raw material prices being taken into account. The machining process contributes to
value addition of 100-200% depending on the complexity of the cam profile and grinding requirements. Consequently, camshaft prices are less
dependent on raw material prices as they are on the cam profile complexity and the extent of machining. Tier I camshaft suppliers provide
camshaft castings or machined camshafts directly to the OEMs. Tier II camshaft suppliers provide camshaft castings to third party tier I
suppliers.
Global Camshaft Market
Camshaft demand is dependent on automobile demand, as camshafts are required in all IC engines. The key segment, however, driving
camshaft sales is the passenger vehicles segment. Passenger vehicles largely use either SOHC or DOHC engines, i.e. either single camshaft
engines or double camshaft engines. Accordingly, assuming the demand of passenger vehicles is equally divided between these engines types,
the global passenger vehicle camshaft sales volume is one and a half times the volume of passenger vehicles produced. The global passenger
vehicle camshaft market is divided amongst the three manufacturing processes, with chilled cast iron camshafts occupying a 35-40% share,
and the remaining market being equally divided between ductile iron and assembled camshafts. However, the market is competitive, with
market participants intensifying efforts to retain their positions, while diversifying into other technologies and geographies. ThyssenKrupp
(through ThyssenKrupp Presta) is the largest player globally in assembled camshafts with annual production volumes of close to 25 million
units. Linamar had acquired Germany based Muhr und Bender KG (MKG) and Mubea Motorkomonenten GmbH (MMKG) in the year 2013
giving it access to assembled camshaft technology.
Camshaft Procurement across Geographies Given the key role play by camshafts in overall engine performance, OEMs involve camshaft
manufacturers from the engine platform design stage itself. This makes vendor approval a key entry barrier. OEM approval is required for both
tier I and tier II suppliers. The process of developing camshafts and getting OEM approval can take anywhere between 2-4 years. Further, any
change in a vendor entails significant switching costs for OEMs working as key entry barrier for new vendors in camshaft manufacturing or for
acquiring new clients. Additionally, given the sizeable initial capital expenditure requirements on part of the camshaft and volume based ature
of camshaft manufacturing, OEMs prefer to source camshafts from a single source for a particular engine platform / geography combination.
Many OEMs manufacture camshafts in-house or through captive associates/JVs. There is a growing trend of outsourcing manufacturing of
camshafts. OEMs like VW and Toyota have large part of camshaft manufacturing in-house or procure it from captive associates, while OEMs
like General Motors, Ford Motors, Hyundai and FIAT have outsourced majority of their camshaft production. Reliance on captive
manufacturing is expected to reduce, going forward. However, in-house machining operations are preferred and many OEMs opt to simply
procure camshaft castings from third party vendors. Camshaft manufacturers with manufacturing abilities across technologies and with
machining set-ups are expected to benefit from the trend of manufacturing operations being outsourced by OEMs along with optimization of
vendor network.
Key Growth Drivers in the Camshafts Manufacturing Industry
Growth of the Global Vehicle Industry
As camshafts are utilized in all IC engines, the growth of the global vehicle industry and, in particular, the global light vehicle industry will have
profound impact on the demand for camshafts. The global passenger vehicle market has registered strong growth of 6.5% in 2014. The
domestic passenger vehicle market has experienced positive growth in fiscal 2015 with increased OEM capital expenditure forecasted in the
next four years
Increasing trend of outsourcing critical valve train components by global OEMs
There is an emerging trend of shifting production to emerging economies like India and China by global OEMs, who increasingly outsource
critical valve train components to reduce production costs. Large volume OEMs with global presence and sizable expansion plans across
geographies provide opportunities to camshaft manufacturers for both machined and camshaft castings.
Availability of capital for expansion of manufacturing capabilities
The easy availability of capital for the expansion of existing and development of new manufacturing facilities will boost global production
volumes of camshafts. In 2013, the estimated global demand for passenger vehicle camshafts was approximately 98.2 million units. This
demand is expected to grow alongside growth in demand for light vehicles.
Optimization of Sales Network
The practice of outsourcing camshaft manufacturing by global OEMs has lead to the development of a sales network to support the vendor
supply chain. Third party camshaft manufacturers either supply directly to OEMs or through international agencies, depending on the
requirements of the OEM. Further, camshafts may be manufactured and supplied to independent machining shops, for finishing

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Global economic environment

The global sales of passenger vehicles had declined for two consecutive years by 1.8% and 0.6% in 2008 and 2009, respectively, post the global
economic slowdown of 2008. Post 2010, the global automobile industry began to recover with China showing significant and steady growth.
The United States and United Kingdom expect significant demand expansion in the passenger vehicle segment of the industry. Government
intervention in the United States, Europe and Asia, in the form of demand advancement measures and fiscal incentives is expected to
contribute to a rising growth rate.
Key Concerns:
Depend on a limited number of customers for significant portions of revenues: A significant proportion of PCLs revenues has historically
been derived from a limited number of customers. Most of the OEMs including many of its customers operate across diverse geographies and
it supply its products in various geographies in which it operates. Factors such as customers losing their market share, changing their sourcing
strategy, replacing existing products with alternative products, etc. which may result in reduction of purchases made by customers and
consequently affects its business, financial condition, result of operations and cash flows.
Failure to comply with quality standards may lead to cancellation of existing and future orders: PCL currently specialize in manufacturing
camshafts based on technical specifications and designs provided by its customers. Given the nature of its products and sector in which it
operates, its customers have high and exacting standards for product quality and quantity as well as delivery schedules. Adherence to quality
standards is a critical factor in manufacturing process as any defects in camshafts manufactured or failure to comply with the design
specifications of its customers may lead to cancellation of the supply orders placed by its customers or non-renewal of contracts or reduction
in the volume of orders given to it.
Inability to successfully diversify product offerings may adversely affect growth and negatively impact profitability: As part of growth
strategy, PCL is diversifying and expanding its business operations from chilled cast iron camshafts to ductile iron camshafts and assembled
camshafts and seek to foray into manufacture and supply of cam modules and sliding cams. It is also in the process of setting up a new
machine shop at its Solapur facilities in Maharashtra which will specifically cater to manufacture of assembled camshafts. In the absence of
sufficient customers for its products, It cannot be assured that it will be successful in selling the increased production of ductile camshafts or
assembled camshafts. This may result in lower capacity utilization and adversely affect business, financial condition and result of operations.
Further, it cannot be assured that the transition of manufacturing facilities and resources to fulfill production under new product programs
will not impact production rates or other operational efficiency measures at its facilities.
Exposed to foreign currency exchange rate fluctuations: PCLs financial statements are presented in Indian Rupees. However, its revenues
and finance charges are influenced by the currencies of geographies where it manufactures and/or sell its products. The exchange rate
between the Indian Rupee and these currencies, primarily the USD, has fluctuated in the past and its results of operations and cash flows have
been impacted by such fluctuations in the past and may be impacted by such fluctuations in the future. Moreover, as a significant part of PCLs
long term borrowings are USD denominated, it is expected that its cost of borrowing as well as cost of raw materials and components incurred
by foreign Subsidiary and Joint Ventures may rise during a sustained depreciation of the Indian Rupee against the USD.
Volatility in the supply and pricing of raw materials may have an adverse effect on the business: The principal raw materials used in PCLs
manufacturing process include resin coated sand, pig iron and industrial metal scraps. It procure all these raw materials from third party
suppliers in India at spot rate. While PCL is not significantly dependent on any single raw material supplier, raw material supply and pricing can
be volatile due to a number of factors beyond control. The volatility in commodity prices can significantly affect raw material costs. It is also
dependent on its raw materials, parts, sub-assemblies, and components being of high quality and meeting relevant technical specifications
and quality standards. Production errors may lead to product recalls which could also lead to compensation claims and significantly damage
reputation and the confidence of present and potential customers and could have an adverse effect on the business, financial condition,
results of operations and cash flows
Manufacturing process is dependent on a technology driven production system: Camshafts are a critical engine component and the
automobile camshaft industry is a design and technology driven industry, which requires PCL to continuously invest in developing
technologies, enhancing designing capabilities and undertaking research and development activities and in certain cases PCL depends on its
strategic partners for procuring competitive technologies. If PCL is unable to successfully manage its relationships with its technology partners
or collaborators, its growth and profitability may suffer.
Geographical concentration of manufacturing facilities may restrict operations and adversely affect the business and financial condition.:
PCL has supplied and continue to supply its products to customers in different geographies in the world. However, it operates its business,
including most of its production and manufacturing processes, out of facilities that are located in Solapur, Maharashtra. As a result, it rely on
its strategic partners and marketing agencies and recruit additional skilled personnel, which help to maintain and develop strong relationships

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with the customers in different geographies and expand to new customers. Additionally, if PCLs existing facilities at Solapur, Maharashtra are
harmed or rendered inoperable by natural or man-made disasters, including earthquakes, fire, floods, acts of terrorism and power outages, it
may render it difficult or impossible for it to efficiently operate its business for some period of time which may adversely affect business,
financial condition, result of operations and cash flows.
Slowdown in the automotive sector, particularly the passenger vehicle market can adversely impact business: Business of PCL is heavily
dependent on the performance and market trends of the automotive sector, particularly the passenger vehicle market. Since camshafts are
one of the critical engine components, many OEMs manufacture camshafts in-house or through captive associates or joint ventures of the
OEMs. However, in case the OEMs decide to increase captive manufacturing of critical engine components including machining, its business,
results of operations, cash flows and growth may be adversely affected. The sales of camshafts are directly related to the production and sales
of automobiles by its major customers specifically in the passenger vehicle segment. Any economic downturn in the automobile
manufacturing and sales, both globally and in regions, in which it operates, may significantly affect the revenues across periods and
geographies
PCL may be subject to risks associated with product liability, warranty and recalls. PCL is subject to risks and costs associated with product
liability, warranties and recalls, supply of defective products, parts, or related after-sales services provided by it within the warranty periods
stipulated in its contracts. Any defects in the finished products may result in invocation of such warranties and may lead to monetary claims,
liabilities, costs and/or litigation, which would require PCL to expend considerable resources.
PCL face competition in product line, including from competitors that may have greater financial and marketing resources. PCL operates in a
highly competitive industry. As OEMs are increasingly affected by innovation and cost-cutting pressures from competitors, they seek price
reductions throughout the term of the contract with their suppliers. In particular, vehicle manufacturers at times expect lower prices from
suppliers for the same, and in some cases even enhanced, functionality, as well as a consistently high product quality. If it is unable to offset
price reductions through improved operating efficiencies and reduced expenditures, price reductions could negatively impact its profit
margins and cash flows.
Increases in interest rates may materially impact results of operations. Substantially all of PCLs secured debt carries interest at floating
interest rates or at rates that are subject to adjustments at specified intervals. It is exposed to interest rate risk in respect of contracts for
which it has not entered into any swap or interest rate hedging transactions, although it may decide to engage in such transactions in the
future.
Profit &Loss:
Rs in Million

Particulars
Gross Sales
Excise Duty
Net Sales
Other Income
Total Income
Total Expenditure
Raw materials consumed
(Increase)/decrease in inventories
Employee benefits expense
Other expenses
PBIDT
Interest
PBDT
Depreciation
PBT
Tax (incl. DT & FBT)
Tax
Deferred Tax
Reported Profit After Tax
EPS (Rs.)

RETAIL RESEARCH

H1FY16
2621.0
87.3
2533.7
101.9
2635.6
1809.8
758.0
-23.6
291.0
784.4
825.8
55.3
770.6
216.4
554.1
213.1
232.8
-19.7
341.0
4.2

FY15
5466.4
142.1
5324.3
103.2
5427.5
3915.9
1673.3
5.0
690.6
1547.0
1511.6
112.3
1399.3
412.2
987.1
363.4
392.0
-28.6
623.6
7.6

FY14
4826.1
152.6
4673.6
125.5
4799.1
4049.4
1544.0
-13.2
1138.2
1380.5
749.7
126.3
623.4
277.8
345.6
214.3
180.8
33.5
131.3
32.1

FY13
3740.7
152.4
3588.3
87.2
3675.4
3012.4
1518.1
-168.2
395.4
1267.1
663.1
105.6
557.5
189.4
368.1
128.9
80.2
48.7
239.2
77.4

FY12
3141.2
115.1
3026.1
86.3
3112.4
2607.6
1225.0
-8.7
308.5
1082.8
504.8
105.1
399.7
120.5
279.2
75.8
69.7
6.1
203.4
65.8

Equity
Face Value
OPM (%)
PATM (%)

818.4
10.0
28.6
13.5

818.4
10.0
26.5
11.7

40.9
10.0
13.4
2.8

30.9
10.0
16.0
6.7

Balance Sheet:
YE March(Rs. Mn.)
Equity & Liabilities
Shareholders Funds
Share Capital
Reserves & Surplus

30.9
10.0
13.8
6.7
Rs in Million

H1FY16

FY15

FY14

FY13

FY12

2692.2
818.4
1873.8

2337.2
818.4
1518.7

1740.3
40.9
1699.4

1104.7
30.9
1073.8

868.9
30.9
838.0

Non-Current Liabilities
Long Term borrowings
Deferred Tax Liabilities (Net)
Trade payables
Long Term Provisions
Other Long Term Liabilities

1268.2
1148.1
96.7
0.0
0.0
23.4

1339.4
1222.9
111.1
0.0
0.0
5.3

1454.3
1305.2
149.1
0.0
0.0
0.0

1439.3
1313.1
115.7
7.4
3.2
0.0

1489.3
1422.4
66.9
0.0
0.0
0.0

Current Liabilities
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
Total Equity & Liabilities

2072.5
650.8
637.9
623.1
160.8
6032.9

2272.2
639.0
658.5
807.2
167.5
5948.7

1925.2
546.4
643.3
648.4
87.1
5119.7

1414.1
243.6
563.5
573.7
33.3
3958.1

1011.5
154.2
339.3
498.5
19.6
3369.7

Assets
Non-Current Assets
Tangible assets
Intangible assets
Capital work-in-progress
Non-current investments
Long -term Loans and Advances
Other Non-Current Assets
Deferred tax asset

3273.9
2426.9
3.2
88.7
620.1
100.2
27.8
7.0

3238.5
2309.0
2.5
162.4
620.1
116.9
25.8
1.8

3049.8
2289.8
2.1
49.9
620.1
59.9
27.9
0.0

2353.3
1989.8
4.9
237.3
0.1
93.3
27.7
0.0

1768.3
1035.5
0.4
517.8
0.1
164.6
49.8
0.0

Current Assets
Inventories
Trade Receivables
Cash & Cash Equivalents
Short Term Loans & Advances
Other Current Assets
Total Assets

2759.0
490.4
994.5
1023.4
180.4
70.4
6032.9

2710.2
443.5
1048.8
945.3
204.2
68.4
5948.7

2069.9
435.2
1122.2
341.9
142.3
28.4
5119.7

1604.8
396.4
809.6
262.4
105.7
30.7
3958.1

1601.4
205.4
556.3
779.1
43.7
16.9
3369.7

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