(INR mn, YE March, IFRS) 2018 2019 2020 2021

A A A A
Title Unit1 Unit2 FY 2018A FY 2019A FY 2020A FY 2021A

Revenues Currency Million 2,195 2,422 2,407 2,551

Domestic Sales of Products Currency Million 2,144 2,251 2,064 2,188
Export Sales of Products Currency Million 52 162 325 354
OOR Currency Million 0.00 9.33 18.47 9.32

Domestic Sales Growth percentage 5% -8% 6%

Export Sales Growth percentage 214% 101% 9%

COGS Currency Million 703 951 713 844

Cost of Materials consumed Currency Million 703 951 713 844
Cost of Materials consumed as % of Revenues percentage 32% 39.3% 29.6% 33.1%

Gross Profit Currency Million 1,492 1,472 1,694 1,707

Gross margins percentage 68.0% 60.7% 70.4% 66.9%

SGA Currency Million 1,098 1,093 1,265 1,234

Employee expenses Currency Million 303 291 265 193
Other expenses Currency Million 795 802 1,000 1,041
Employees Expenses as % of Revenue percentage 13.8% 12.0% 11.0% 7.5%
Other Expenses as % of Revenue percentage 36.2% 33.1% 41.5% 40.8%

EBITDA Currency Million 394 378 430 473

EBITDA margins percentage 18.0% 15.6% 17.8% 18.6%

Depreciation and Amortization Currency Million 118 141 143 136

Depreciation on PP&E Currency Million 117 140 142 134
Amortization Currency Million 0.50 0.79 0.50 2.40

EBIT Currency Million 277 237 287 337

EBIT margins percentage 12.6% 9.8% 11.9% 13.2%

Total other income Currency Million -123 -161 -165 -166

Other income Currency Million 4 6 11 3
Yield on Cash percentage 5.4% 23.6% 8.5%
Interest expense Currency Million -140 -178 -197 -213
Long Term Loan Currency Million 48 91 122 132
Short Term Loan Currency Million 56 64 52 62
Other Borrowing and/or Late Payments Currency Million 6 2 2 7
Preference Share Liability Currency Million 2 2 2 2
Other Borrowing Costs Currency Million 29 20 19 9
Cost of Debt percentage 11.87% 12.91% 13.16%
Other Non Operating Income Currency Million 13 12 22 44
Profit Before Tax Currency Million 153 77 122 172

Tax Currency Million 62 -12 9 19

Tax rate percentage 40.4% -16.2% 7.5% 11.3%

Net Income from operations Currency Million 91 89 113 152

Income from associates Currency Million 0 0 0 0

Minority interest Currency Million 0 0 0 0

Adjusted net profit Currency Million 91 89 113 152

Extraordinary adjustments Currency Million 0 0 0 0

Reported net profit Currency Million 91 89 113 152

Diluted EPS Currency Unit 2.78 2.66 3.36 4.54

Revenue growth percentage 10.34% -0.62% 5.98%
Diluted EPS Growth percentage -4.36% 26.28% 35.18%
Book Value per share Currency Unit 30.54 32.62 35.98 40.54
ROE percentage 9.10% 8.50% 9.78% 11.86%
 2022 2023 2024 2025 2026 2027
A A A E E E
FY 2022A FY 2023A FY 2024A FY 2025E FY 2026E FY 2027E

3,253 3,171 3,017 3,256 3,515 3,795

3,188 3,121 2,969 3,207 3,463 3,740
65 28 27 29 31 34
0 22 21 20.9 20.9 20.9

46% -2% -5% 8.0% 8.0% 8.0%

-82% -57% -5% 8.0% 8.0% 8.0%

1,168 1,110 1,097 1,140 1,230 1,328

1,168 1,110 1,097 1,139.8 1,230.4 1,328.2
35.9% 35.0% 36.4% 35.0% 35.0% 35.0%

2,085 2,060 1,920 2,117 2,285 2,467

64.1% 65.0% 63.6% 65.0% 65.0% 65.0%

1,601 1,726 1,674 1,736 1,856 2,004

241 278 272 287 309 334
1,360 1,447 1,402 1,449 1,547 1,670
7.4% 8.8% 9.0% 8.8% 8.8% 8.8%
41.8% 45.6% 46.5% 44.5% 44.0% 44.0%

484 335 245 381 429 463

14.9% 10.6% 8.1% 11.70% 12.20% 12.20%

136 158 94 186 199 212

134 155 92
2.40 2 1

348 177 152 195 230 251

10.7% 5.6% 5.0% 6.00% 6.55% 6.62%

-87 -66 -120 -9 5 5

4 8 7 2 8 9
7.5% 4.4% 20.3% 4.3% 4.3% 4.3%
-100 -93 -142 -110 -104 -104
49 19 29
35 60 92
5 6 9
0 0 0
10 8 12
9.16% 12.33% 14.85% 12.0% 12.0% 12.0%
9 19 15 100 100 100
 261 111 32 187 235 256

80 29 9 48 61 66
30.8% 25.8% 29.6% 25.8% 25.8% 25.8%

181 83 22 139 174 190

0 0 0 0 0 0

0 0 0 0 0 0

181 83 22 139 174 190

0 9.79 0 0 0 0

181 73 22 139 174 190

4.45 1.84 0.50 3.10 3.90 4.25

27.51% -2.53% -4.86% 7.94% 7.95% 7.95%
-1.91% -58.56% -72.89% 519.30% 25.81% 9.07%
65.58 61.25 61.60 64.95 68.84 73.09
8.99% 3.05% 0.82% 4.88% 5.82% 5.99%
(INR mn, YE March, IFRS) 2018 2019 2020 2021
A A A A
Title Unit1 Unit2 FY 2018A FY 2019A FY 2020A FY 2021A

Net Fixed Assets Currency Million 1,959 1,847 1,719 1,594

Gross Fixed Assets Currency Million 2301 2330 2344 2355
Gross Tangible Assets Currency Million 2298 2327 2342 2352
Gross InTangible Assets Currency Million 2 2 2 2

Accumulated Depreciation Currency Million -342 -482 -625 -761

Accumulated Depreciation on PP&E Currency Million -340 -480 -623 -758
Accumulated Amortization on Intangible Currency Million -1 -2 -2 -2

Net Tangible Assets Currency Million 1958 1847 1719 1594

Net Intangible Assets Currency Million 1.3 0.5 0.0 0.0

CWIP Currency Million 0 0 0 0

Capex Currency Million 29 14 10

Depreciation Currency Million 118 141 143 136
Depreciation as % of GFA percentage 5.1% 6.1% 6.1% 5.8%

Long term assets Currency Million 13 14 27 26

Goodwill Currency Million 0 0 0 0
Other Long Term Assets Currency Million 13 14 13 12
Other Non-Current Financial Assets Currency Million 13 14 13 12
Long Term Investments Currency Million 0 0 14 14

Total Current Liabilities Currency Million 1,531 1,524 1,740 1,589

ST Debt and Current Portion of LT Debt Currency Million 501 554 757 911
Accounts Payable Currency Million 520 576 697 509
Payable Days unit 78 87 100 57
Other Current Liabilities Currency Million 510 394 286 169
Other Financial Liabilities Currency Million 355 257 197 52
Other Current Liabilities Currency Million 68 91 60 55
Provisions Currency Million 42 22 3 33
Current Tax Liabilities Currency Million 45 24 26 30

Total Long term debt Currency Million 1,068 880 864 699
Long term debt Currency Million 1,068 880 864 699
Net change in debt Currency Million 1,569 -134 186 -11

Other long term liabilities Currency Million 86 84 59 45

Other long term liabilities Currency Million 86 84 59 45
Other Financial Liabilities Currency Million 24 20 7 4
Deferred Tax Liabilities (Net) Currency Million 56 57 43 30
Long Term Provisions Currency Million 5 7 9 11

Total shareholders equity Currency Million 1,005 1,095 1,207 1,360

Share Capital Currency Million 336 336 336 336
Par value of shares Currency unit 10 10 10 10
Number of shares Million 34 34 34 34
Retained earnings and others Currency Million 669 759 872 1,025

Equity infusion Currency Million 0 0 0 0

Price INR unit 0 0 0 0
Share buyback amount Currency Million 0 0 0 0
Average price INR unit 0 0 0 0
Adj dividend per share INR unit 0.0 0.0 0.0 0.0

New shares issued Million 34 0 0 0

Shares bought back Million 0 0 0 0
Basic shares Million 34 34 34 34
Adj dilution shares Million 0 0 0 0
Share bonus adj 1 1 1 1
Cumulative adj 1 1 1 1
Adj wt avg basic shares Million 33 34 34 34
Wt avg diluted shares Million 33 34 34 34
Dividend outflow to shareholders Currency Million 0 0 0 0
Dividend tax Currency Million 0 0 0 0
Change to equity account Currency Million 91 89 113 152
Dividend per share INR Million 0.0 0.0 0.0 0.0
Dilution shares Million 0 0 0 0
Wt avg basic shares Million 33 34 34 34

Total Current Assets Currency Million 1,717 1,721 2,125 2,073

Account Receivables Currency Million 690 834 964 901
Account Receivables Days unit 115 126 146 129
Inventory Currency Million 894 795 1,055 1,043
Inventory Days unit 464 305 540 451
Other Current Assets Currency Million 28 48 71 76
Loans Currency Million 1 0 1 1
Other Financial Assets Currency Million 0 0 0 2
Other Current Assets Currency Million 27 48 71 74
OCA as % of Revenues percentage 1.3% 2.0% 3.0% 3.0%
Cash and Equivalents Currency Million 105 45 35 53

0 -0 0 -0
 2022 2023 2024 2025 2026 2027
A A A E E E
FY 2022A FY 2023A FY 2024A FY 2025E FY 2026E FY 2027E

1,503 1,984 1,943 1,977 2,003 2,017

2400 3039 3091 3,311 3,536 3,761
2397 3036 3088
3 3 3

-897 -1055 -1148 -1,334 -1,533 -1,744

-894 -1051 -1145
-3 -3 -4

1503 1984 1943

-0.4 -0.2 -0.5

0 0 0 0 0 0

45 639 52 220 225 225

136 158 94 186 199 212
5.7% 5.8% 3.1% 5.8% 5.8% 5.8%

25 120 22 22 22 22
0 0 0 0 0 0
25 20 12 12 12 12
25 20 12
0 100 11 11 11 11

1,080 1,552 1,785 1,496 1,555 1,617

349 650 760 650 650 650
577 770 910 732 790 853
66 93 102 82 82 82
155 132 114 114 114 114
51 53 44
70 66 64
24 14 4
10 0 3

220 289 214 214 214 214

220 289 214 214 214 214
-1,041 371 35 0 0 0

81 94 97 94 94 94
81 94 97 94 94 94
4 4 4
65 76 13
11 14 80

2,668 2,741 2,767 2,906 3,080 3,270

 447 447 447 447 447 447
10 10 10 10.0 10.0 10.0
45 45 45 45 45 45
2,221 2,293 2,320 2,458 2,633 2,823

0 0 0 0 0 0
0 0 0 1 1 1
0 0 0 0 0 0
0 0 0 1 1 1
0.0 0.0 0.0 0.0 0.0 0.0

11 0 0 0 0 0
0 0 0 0 0 0
45 45 45 45 45 45
0 0 0 0 0 0
1 1 1 1 1 1
1 1 1 1 1 1
41 45 45 45 45 45
41 45 45 45 45 45
0 0 0 0 0 0
0 0 0 0 0 0
181 73 22 139 174 190
0.0 0.0 0.0
0 0 0
41 45 45

2,521 2,571 2,899 2,711 2,917 3,157

1,015 1,104 1,167 1,133 1,223 1,320
114 127 141 127 127 127
1,144 1,318 1,551 1,265 1,365 1,474
357 433 516 405 405 405
172 115 141 117 127 137
0 0 0
0 1 0
171 114 141
5.3% 3.6% 4.7% 3.6% 3.6% 3.6%
191 34 40 196 202 226

0 0 0
(INR mn, YE March, IFRS) 2018 2019 2020 2021 2022 2023
A A A A A A
Title Unit1 Unit2 FY 2018A FY 2019A FY 2020A FY 2021A FY 2022A FY 2023A

EBITDA Currency Million

Tax Currency Million
Change In working Capital Currency Million
Change in Account ReceivabCurrency Million
Change in AP Currency Million
Change in Inventory Currency Million
Change in Other Assets Currency Million
Change in Other Liabilities Currency Million
Other Adjustment Currency Million
Cash flow from Operations Currency Million 17 408 49 378 248 232

Other Income Currency Million

Capex Currency Million
Change In Investments Currency Million
Change in Other Long T Currency Million
Cash flow from InvestmCurrency Million -142 -49 -17 -17 -92 -667

Interest Expense Currency Million

Net Change In debt Currency Million
Change In Equity Currency Million
Change In Other Long TeCurrency Million
Cash flow from FinanceCurrency Million 157 -382 -42 -344 -14 278

Free Cash Flow Currency Million 379 35 367 203 -407

Cash Flow for the year Currency Million 32 -23 -10 17 141 -157
 2024 2025 2026 2027
A E E E
FY 2024A FY 2025E FY 2026E FY 2027E

381 429 463

-48 -61 -66
165 -142 -153
34 -90 -97
-178 58 63
286 -101 -109
24 -9 -10
0 0 0
0 0 0
53 498 227 244

102 108 109

-220 -225 -225
0 0 0
0 0 0
57 -118 -117 -116

-110 -104 -104

-110 0 0
0 0 0
-3 0 0
-107 -224 -104 -104

1 278 2 19

3 156 6 24