BALANCE SHEET

31 March 2019 31 March 2018 31 March 2017 31 March 2016 31 March 2015
ASSETS
Non-current assets
Property, plant and equipment 362496.54 359051.91 367445.95 352056.03 332975.22
Capital work-in-progress 54377.68 8780.53 10482.45 15240.46 19117.98
Other Intangible assets 1049.89 617.28 556.98 199.76 197.51
Financial assets
(i) Investments 61039.40 55694.47 47037.80 37326.62 28715.68
(ii) Other financial assets 9532.79 5013.21 13456.72 13730.62 6019.46
Other non-current assets 15442.06 13610.12 10471.29 12785.10 11215.52
Total non-current assets 503938.36 442767.52 449451.19 431338.59 398241.37
Current assets
Inventories 57053.36 53161.07 49806.98 42893.12 50978.54
Financial assets
(i) Investments 39431.14 7757.62 6526.00 6337.79 3224.71
(ii) Trade receivables 20562.74 18797.37 14813.42 16569.39 13940.46
(iii) Cash and cash equivalents 48565.56 65075.03 59478.42 29067.73 29072.61
(v) Other financial assets 9605.95 7321.09 4862.36 5687.22 3145.97
Current tax assets (net) 180.98 752.57 0.00 547.36 467.43
Other current assets 15875.48 12568.63 16155.98 16161.84 18686.34
Assets held for sale 18.09 902.61 0.00 0.00 0.00
Total current assets 191293.30 155613.03 134856.59 125041.40 128912.20
Total assets 695231.66 598380.55 584307.78 556379.99 527153.57
EQUITY AND LIABILITIES
Equity
Equity share capital 7726.83 6992.72 6992.72 6992.72 6992.72
Other equity 281553.67 207741.79 180159.57 162036.70 154863.67
Total equity 289280.50 214734.51 187152.29 169029.42 161856.39
Liabilities
Non-current liabilities
Financial liabilities
(i) Borrowings 195648.35 206970.78 228236.67 230226.15 215218.86
(ii) Other financial liabilities 23891.31 20678.88 17671.71 13974.70 11687.35
Long-term provisions 3468.20 2507.55 2237.99 1828.53 1659.47
Deferred tax liabilities (net) 31249.53 26718.99 26280.63 21652.25 20747.20
Other liabilities 8668.22 9232.02 8633.01 5652.69 6051.88
Total non-current liabilities 262925.61 266108.22 283060.01 273334.32 255364.76
Current liabilities
Financial liabilities
(i) Borrowings 15981.68 11351.76 16729.17 19499.40 26189.31
(ii) Trade payables
 (a) Total outstanding
dues of
micro enterprises and
small enterprises 1051.10 1227.33 0.00 0.00 0.00

(b) To_x0007_tal outstanding

dues of creditors other
than micro enterprises and
small enterprises 68774.99 63078.44 37773.54 28064.66 22925.76
(iii) Other financial liabilities 41606.41 22344.82 43145.55 57994.83 53519.57
Other current liabilities 14593.74 17651.04 15591.89 7052.08 5897.73
Short-term provisions 1017.63 1884.43 706.33 1405.28 1400.05
Current tax Liability (net) 0.00 0.00 149.00 0.00 0.00
Total current liabilities 143025.55 117537.82 114095.48 114016.25 109932.42
Total liabilities 405951.16 383646.04 397155.49 387350.57 365297.18
Total equity and liabilities 695231.66 598380.55 584307.78 556379.99 527153.57

STATEMENT OF PROFIT AND LOSS

31 March 2019 31 March 2018 31 March 2017 31 March 2016 31 March 2015

Revenue from operations 498129.88 475817.73 437983.02 413119.44 335716.72

Other income 7990.66 12764.65 9932.30 5710.59 5135.48
Total income 506120.54 488582.38 447915.32 418830.03 340852.20
Expenses
Cost of materials consumed 82121.80 73038.01 64406.17 66579.74 55620.12
Purchase of stock in trade 2153.61 84.75 92.50 151.78 103.94

Changes in inventories of
finished goods, stock-in-Trade
and work-in-progress -472.40 4201.02 -976.56 828.86 -94.84
Employee benefit expense 35350.27 32545.61 27545.54 23485.88 20254.24
Finance costs 22208.77 24535.38 27290.70 27074.71 21942.27
Depreciation and
amortization expense 19436.50 18626.77 17609.58 16411.62 13659.63
Other expenses 297964.65 273185.31 277572.60 270084.20 213451.45
Total Expenses 458763.20 442913.47 413540.53 404616.79 324936.81
Profit before
Exceptional items & tax 47357.34 45668.91 34374.79 14213.24 15915.39
Exceptional Items 0.00 1696.15 1931.62 0.00 0.00
Profit before tax 47357.34 43972.76 32443.17 14213.24 15915.39
Tax expense
Current tax 10370.24 9413.62 7047.08 3060.00 3338.76
MAT Credit entitlement 0.00 0.00 0.00 -3060.00 -3338.76
 Deferred tax charged/(credit) 4497.56 371.78 4320.39 4580.81 0.00
Earlier years tax adjustments 0.00 0.00 -2.75 -700.07 223.00
Profit for the year 32489.54 34187.36 21078.45 10332.50 15692.39
Earnings per Equity Share
45.28 48.89 30.14 14.28 22.44

CASH FLOW STATEMENT

31 March 2019 31 March 2018 31 March 2017 31 March 2016

A. Cash Flow from

Operating Activities
Net Profit before tax 47,357.34 43,972.76 32,443.17 14,213.24
Adjustment for :-
Depreciation &
amortization expenses 19,436.50 18,626.77 17,609.58 16,411.62
Loss on the sale of
property, plant &
equipment/ Impairment 405.25 1,747.97 2,708.68 16.2
Loss on impairment
of Joint venture 22.8 - - 47.74
Interest paid 21,602.02 23,888.26 26,705.53 159.3
Interest received -3,299.65 -4,171.14 -4,888.35 26,721.77
Bad Debts / Loans
and Advances 3.02 9.85 1,000.00 -4,084.72
Provision for doubtful debts
/ loans and advances 153.18 174.68 172.25 -165.51
Profit on sale of current
investment - -171.73 -239.67 -745.07

Net fair value gain on

financial assets measured
at fair value through profit or loss -1,124.33 -284.83 723.73 -1,615.30
Net loss on unrealized
Foreign Currency transactions
and translation - -83.8 107.53 7.72
Mines restoration charges 604.88 14.4 21.48 -7.81
Operating Profit Before
Working Capital Changes 85,161.01 83,723.19 76,363.93 50,959.18
Movements in working capital :-
Increase / (Decrease)
in trade payables 5,520.32 7,350.73 -4,722.28 5,138.90
Increase / (Decrease)
in other financial liabilities 5,446.85 2,351.23 7,834.21 6,511.81
Increase / (Decrease)
in other liabilities -3,621.10 4,018.57 3,432.06 2,370.47
Increase / (Decrease)
in provisions -511.03 1,433.26 -310.97 166.57
(Increase )/ Decrease
in Inventories -3,892.29 -3,354.09 -6,913.86 8,085.42
(Increase)/ Decrease
in trade receivables -1,921.57 -4,168.48 583.72 -2,628.93
(Increase)/ Decrease
in other financial assets -2,346.55 -3,604.99 2,522.70 -9,629.28
(Increase)/ Decrease
in Other assets -3,380.84 1,450.07 -1,563.08 954.92
Cash Generated
From Operations 80,454.80 89,199.49 77,226.43 61,929.06
Less : Income Tax
Paid (inclusive of tax deducted at
source) -9,765.67 -10,248.61 -6,039.98 -3,055.62
Net Cash From
operating activities 70,689.13 78,950.88 71,186.45 58,873.44

B. Cash Used in Investing

Activities
Proceed from maturity of fixed
deposit 48,369.33 6,020.88 -
Investment in Fixed Deposits -32,783.50 -1,750.00 -30,184.44 -31,633.36
Acquisition/Purchase of property,
plant & equipment -60,454.54 -17,754.47 -29,492.90 -
Sale of property, plant &
equipment 348.52 5,751.15 837.15 -3,113.08
Net Investments in
Subsidiary/Associates -7,852.60 -6,021.94 -8,175.34 -8,445.43
Investment in Equity, Mutual
funds & Bonds -38,206.79 -65,766.35 -17,691.76 7.81
Sale of Current Investment /
Impairment 6,273.50 62,071.73 16,207.38 -
Intercorporate loan given - -4,500.00 -7,862.00 -38,972.52

Repayment of intercorporate loan - 4,500.00 7,862.00 -

Interest received 3,634.36 4,320.19 2,962.62 4,206.66
Net Cash Used In Investing
Activities -80,671.72 -13,128.81 -65,537.29 -38,972.52

C. Cash used in Financing

Activities
Proceeds from long term
borrowings 13,000.00 - 13,542.00 15,007.29
Proceeds of deferred sales Tax /
VAT Loans 403.66 2,314.27 -1,702.51 -
Repayment of deferred sales Tax /
VAT Loans -587.53 -1,910.33 -
Repayment of short term
borrowings 4,629.92 -5,377.41 -2,770.23 -3,366.51
Repayment of long term
borrowings -17,108.24 -24,075.89 -9,273.12 -26,470.98
Proceeds from vehicle loans 156.25 132.75 217.88

Proceed from security Premium 49,691.06 -

Proceed from share capital 734.11 -

Interest Expense Paid (inclusive of

tax deducted at source) -21,783.57 -24,108.83 -26,860.19
Dividend paid (including dividend
distribution tax) -8,430.11 -6,733.02 -3,366.51 -6,689.91
Net Cash Used in Financing
Activities 20,705.55 -59,758.46 -30,212.68 -21,520.11
Net Increase/( Decrease ) in Cash
and Cash Equivalents 10,722.96 6,063.61 -24,563.52 -1,619.19
Cash and Cash Equivalents at the
beginning of the year 18,235.03 12,171.42 36,734.94 38,354.13
Cash and Cash Equivalents at the
end of the year 28,957.99 18,235.03 12,171.42 36,734.94
10,722.96 6,063.61 -24,563.52 -1,619.19
 COMPARITIVE ANALYSIS VERTICAL ANALYSIS
2018-2019 2017-2018 2016-2017 2015-2016 2019 2018 2017 2016

0.96% -2.28% 4.37% 5.73% 52.14% 60.00% 62.89% 63.28%

519.30% -16.24% -31.22% -20.28% 7.82% 1.47% 1.79% 2.74%
70.08% 10.83% 178.82% 1.14% 0.15% 0.10% 0.10% 0.04%

9.60% 18.40% 26.02% 29.99% 8.78% 9.31% 8.05% 6.71%

90.15% -62.75% -1.99% 128.10% 1.37% 0.84% 2.30% 2.47%
13.46% 29.98% -18.10% 13.99% 2.22% 2.27% 1.79% 2.30%
13.82% -1.49% 4.20% 8.31% 72.48% 73.99% 76.92% 77.53%

7.32% 6.73% 16.12% -15.86% 8.21% 8.88% 8.52% 7.71%

408.29% 18.87% 2.97% 96.54% 5.67% 1.30% 1.12% 1.14%

9.39% 26.89% -10.60% 18.86% 2.96% 3.14% 2.54% 2.98%
-25.37% 9.41% 104.62% -0.02% 6.99% 10.88% 10.18% 5.22%
31.21% 50.57% -14.50% 80.78% 1.38% 1.22% 0.83% 1.02%
-75.95% -100.00% 17.10% 0.03% 0.13% 0.00% 0.10%
26.31% -22.20% -0.04% -13.51% 2.28% 2.10% 2.76% 2.90%
0.00% 0.15% 0.00% 0.00%
2.566614 22.93% 15.39% 7.85% -3.00% 27.52% 26.01% 23.08% 22.47%
16.19% 2.41% 5.02% 5.54% 100.00% 100.00% 100.00% 100.00%

10.50% 0.00% 0.00% 0.00% 1.11% 1.17% 1.20% 1.26%

35.53% 15.31% 11.18% 4.63% 40.50% 34.72% 30.83% 29.12%
34.72% 14.74% 10.72% 4.43% 41.61% 35.89% 32.03% 30.38%

-5.47% -9.32% -0.86% 6.97% 28.14% 34.59% 39.06% 41.38%

15.53% 17.02% 26.46% 19.57% 3.44% 3.46% 3.02% 2.51%
38.31% 12.04% 22.39% 10.19% 0.50% 0.42% 0.38% 0.33%
16.96% 1.67% 21.38% 4.36% 4.49% 4.47% 4.50% 3.89%
-6.11% 6.94% 52.72% -6.60% 1.25% 1.54% 1.48% 1.02%
-1.20% -5.99% 3.56% 7.04% 37.82% 44.47% 48.44% 49.13%

40.79% -32.14% -14.21% -25.54% 2.30% 1.90% 2.86% 3.50%

 0.15% 0.21% 0.00% 0.00%

9.03% 66.99% 34.59% 22.42% 9.89% 10.54% 6.46% 5.04%

86.20% -48.21% -25.60% 8.36% 5.98% 3.73% 7.38% 10.42%

-17.32% 13.21% 121.10% 19.57% 2.10% 2.95% 2.67% 1.27%
-46.00% 166.79% -49.74% 0.37% 0.15% 0.31% 0.12% 0.25%
0.00% 0.00% 0.03% 0.00%
21.68% 3.02% 0.07% 3.71% 20.57% 19.64% 19.53% 20.49%
5.81% -3.40% 2.53% 6.04% 58.39% 64.11% 67.97% 69.62%
16.19% 2.41% 5.02% 5.54% 100.00% 100.00% 100.00% 100.00%

COMPARITIVE ANALYSIS VERTICAL ANALYSIS

2018-2019 2017-2018 2016-2017 2015-2016 2019 2018 2017 2016

4.69% 8.64% 6.02% 23.06% 98.42% 97.39% 97.78% 98.64%

-37.40% 28.52% 73.93% 11.20% 1.58% 2.61% 2.22% 1.36%
3.59% 9.08% 6.94% 22.88% 100.00% 100.00% 100.00% 100.00%

12.44% 13.40% -3.26% 19.70% 16.23% 14.95% 14.38% 15.90%

2441.13% -8.38% -39.06% 46.03% 0.43% 0.02% 0.02% 0.04%

-111.24% -530.19% -217.82% -973.96% -0.09% 0.86% -0.22% 0.20%

8.62% 18.15% 17.29% 15.96% 6.98% 6.66% 6.15% 5.61%

-9.48% -10.10% 0.80% 23.39% 4.39% 5.02% 6.09% 6.46%

4.35% 5.78% 7.30% 20.15% 3.84% 3.81% 3.93% 3.92%

9.07% -1.58% 2.77% 26.53% 58.87% 55.91% 61.97% 64.49%

3.58% 7.10% 2.21% 24.52% 90.64% 90.65% 92.33% 96.61%

3.70% 32.86% 141.85% -10.69% 9.36% 9.35% 7.67% 3.39%

-100.00% -12.19% 0.00% 0.35% 0.43% 0.00%

7.70% 35.54% 128.26% -10.69% 9.36% 9.00% 7.24% 3.39%

10.16% 33.58% 130.30% -8.35% 2.05% 1.93% 1.57% 0.73%

0.00% 0.00% 0.00% -0.73%
1109.74% -91.39% -5.69% 0.89% 0.08% 0.96% 1.09%
0.00% 0.00% 0.00% -0.17%
-4.97% 62.19% 104.00% -34.16% 6.42% 7.00% 4.71% 2.47%
NALYSIS
RATIOS
2015
PROFITABILITY RATIOS
1 Gross Profit Margin
63.16%
3.63% 2 EBITDA Margin
0.04%
3 Net Profit Margin
5.45%
1.14% 4 Return on Assets (ROA)
2.13%
75.55% 5 Return on Capital Employed (ROCE)

9.67% LIQUIDITY RATIOS

1 Current Ratio
0.61%
2.64% 2 Quick Ratio (or Acid Test Ratio)
5.52%
0.60% 3 Cash Ratio
0.09%
3.54% TURNOVER RATIOS
0.00% 1 Inventory Turnover
24.45%
100.00% 2 Asset Turonver

3 Receivables Turonver
1.33%
29.38% 4 Days Sales Outstanding (DSO)
30.70%
LEVERAGE RATIO
1 Debt-Equity Ratio (Leverage)

40.83% DU PONT ANALYSIS

2.22% 1 ROE
0.31%
3.94%
1.15%
48.44%

4.97%
 0.00%

4.35%

10.15%
1.12%
0.27%
0.00%
20.85%
69.30%
100.00%

NALYSIS
2015

98.49%
1.51%
100.00%

16.32%
0.03%

-0.03%

5.94%
6.44%

4.01%

62.62%
95.33%

4.67%

0.00%
4.67%

0.98%
-0.98%
0.00%
0.07%
4.60%
 RATIOS
PROFITABILITY RATIOS 2019 2018 2017 2016
Gross Profit/ Net Sales 23.17% 28.10% 21.68% 18.67%

EBITDA/ Net Sales 13.97% 14.40% 13.64% 9.99%

Net Profit/ Net Sales 6.52% 7.18% 4.81% 2.50%

Net Income (PAT)/ Average Total Assets 5.02% 5.78% 3.70% 1.91%

EBIT/ Average Total Assets 10.76% 11.59% 10.47% 7.62%

LIQUIDITY RATIOS 2019 2018 2017 2016

Current Assets/ Current Liabilities 1.33748 1.32394 1.18196 1.0967

(Current Assets-Inventory)/ Current Liabilities 0.93857 0.87165 0.74542 0.7205

Cash/ Current Liabilities (Cash = Cash+ Bank + Short term investments) 0.61525 0.61965 0.5785 0.31053

TURNOVER RATIOS 2019 2018 2017 2016

Net Sales/ Average Inventory 9.03929 9.24205 9.44946 8.80179

Net Sales/ Average Total Assets 77.01% 80.46% 76.79% 76.25%

Net Sales/ Average Receivables 25.3114 28.3134 27.9123 27.0811

(Closing AR * 365)/ Net Sales 15.0672 14.4195 12.345 14.6394

LEVERAGE RATIO 2019 2018 2017 2016

Total Debt/ Shareholders' Equity 1.40331 1.78661 2.1221 2.29162

DU PONT ANALYSIS 2019 2018 2017 2016

Net Profit Margin * Asset Turnover * Equity Multiplier #REF! #REF! #REF! #REF!
 2015
19.79%

11.28%

4.67%

2.98%

7.18%

2015
1.17265

0.70892

0.29379

2015
6.58545

63.68%

48.1644

15.1564

2015
2.25692

2015
#REF!