Particulars 31st March, 2018 31st March, 2017

ASSETS
Non-current assets
Property, Plant and Equipment 15120 14469.32
Capital work-in-progress 5016.85 3491.33
Intangible assets 445.99 410.92
Intangible assets under development 8.73 45.69
Financial Assets
Investments 13493.77 8485.51
Loans 7.4 5.84
Others 1741.28 15242.45 99.83 8591.18
Income Tax Assets (Net) 18.66
Other non-current assets 2025.63 37878.31 2670.12 29678.56
Current assets
Inventories 7237.15 7863.99
Financial Assets
Investments 9903.45 10099.78
Trade receivables 2357.01 2207.5
Cash and cash equivalents 96.03 156.15
Other Bank Balances 2498.85 2591.12
Loans 4.15 3.37
Others 1147.95 16007.44 1004.91 16062.83
Other current assets 1258.41 24503 610.57 24537.39
TOTAL ASSETS 62381.31 54215.95
EQUITY AND LIABILITIES
Equity
Equity Share capital 1220.43 1214.74
Other Equity 50179.64 51400.07 44126.22 45340.96
Liabilities
Non-current liabilities
Financial Liabilities
Borrowings 11.13 17.99
Other financial liabilities 35.36 46.49 9.21 27.2
Provisions 121.91 131.37
Deferred tax liabilities (Net) 1917.94 1871.7
Other non-current liabilities 38.3 2124.64 14.65 2044.92
Current liabilities
Financial Liabilities
Borrowings 0.01
Trade payables 3382.28 2551.22
Other financial liabilities 778.3 4160.58 784.78 3336.01
Other current liabilities 4656.78 3351.15
Provisions 39.24 41.83
Current Tax Liabilities (Net) 8856.6 101.08 6830.07
TOTAL EQUITY AND LIABILITIES 62381.31 54215.95
Fixed Assets 20591.57 18417.26
Particulars 31st March, 2019 31st March, 2018
ASSETS
Non-current assets
Property, Plant and Equipment 17945.65 15120
Capital work-in-progress 3391.47 5016.85
Intangible assets 540.75 445.99
Intangible assets under development 9.89 8.73
Financial Assets
Investments 12506.55 9903.45
Loans 6.21 7.4
Others 2380.49 16458.15 1741.28 15242.45
Income Tax Assets (Net) 18.66
Other non-current assets 1883.05 40228.96 2025.63 37878.31
Current assets
Inventories 7587.24 7237.15
Financial Assets
Investments 12506.55 9903.45
Trade receivables 3646.22 2357.01
Cash and cash equivalents 162.71 96.03
Other Bank Balances 3606.02 2498.85
Loans 5.02 4.15
Others 1360.29 21286.81 1147.95 16007.44
Other current assets 694.91 29568.96 1258.41 24503
TOTAL ASSETS 69797.92 62381.31
EQUITY AND LIABILITIES
Equity
Equity Share capital 1225.86 1220.43
Other Equity 56723.93 57949.79 50179.64 51400.07
Liabilities
Non-current liabilities
Financial Liabilities
Borrowings 7.89 11.13
Other financial liabilities 41.9 49.79 35.36 46.49
Provisions 132.64 121.91
Deferred tax liabilities (Net) 2044.14 1917.94
Other non-current liabilities 2226.57 38.3 2124.64
Current liabilities
Financial Liabilities
Trade payables
Total
other outstanding dues of micro
than micro enterprises andenterprises and sm 54.32 29.43
small enterprises 3313.96 3352.85
Other financial liabilities 972.94 4341.22 778.3 4160.58
Other current liabilities 4910.4 4656.78
Provisions 25.24 39.24
Current Tax Liabilities (Net) 344.7 9621.56 8856.6
TOTAL EQUITY AND LIABILITIES 69797.92 62381.31
Fixed Assets 21887.76 20591.57
Particulars 31st March, 2020 31st March, 2019
ASSETS
Non-current assets
Property, Plant and Equipment 18932.57 17945.65
Capital work-in-progress 2776.31 3391.47
Investment Property 385.36
Intangible assets 519.45 540.75
Intangible assets under development 3.89 9.89
Right of Use Assets
Financial Assets
Investments 13455.59 14071.45
Loans 3.31 6.21
Others 607.09 14065.99 2380.49 16458.15
Other non-current assets 1364.71 38728.45 1883.05 40228.96
Current assets
Inventories 8038.07 7587.24
Financial Assets
Investments 17175.02 12506.55
Trade receivables 2092 3646.22
Cash and cash equivalents 561.84 162.71
Other Bank Balances 6281.43 3606.02
Loans 4.87 5.02
Others 1505.94 27621.1 1360.29 21286.81
Other current assets 847.74 36506.91 694.91 29568.96
TOTAL ASSETS 75235.36 69797.92
EQUITY AND LIABILITIES
Equity
Equity Share capital 1229.22 1225.86
Other Equity 62799.94 64029.16 56723.93 57949.79
Liabilities
Non-current liabilities
Financial Liabilities
Borrowings 5.63 7.89
Lease Liabilities 259.25
Other financial liabilities 90.47 355.35 41.9 49.79
Provisions 143.79 132.64
Deferred tax liabilities (Net) 1617.65 2116.79 2044.14 2226.57

Current liabilities
Financial Liabilities
Trade payables
Total outstanding dues of micro
enterprises and small enterprises 34.67 54.32

Total outstanding dues of creditors

other than micro enterprises and
small enterprises 3412.07 3313.96
Lease Liabilities 64.87
Other financial liabilities 1147.24 4658.85 972.94 4341.22
Other current liabilities 4175.91 4910.4
Provisions 117.94 25.24
Current Tax Liabilities (Net) 136.71 9089.41 344.7 9621.56
TOTAL EQUITY AND LIABILITIES 75235.36 69797.92
Fixed Assets 22232.22 21887.76
Lead Company- ITC

Liquidity Ratios

2020 2019
Current Ratio 4.02 3.07
Quick Ratio 3.13 2.28
Financial Slack 0.75 0.23

Current Assets 36506.91 29568.96

Current Liabilities 9089.41 9621.56
Inventory 8038.07 7587.24
Total Assets 75235.36 69797.92
Cash 561.84 162.71
Net Sales 46807.34 45784.39
Fixed Assets 22232.22 21887.76
Accounts Receivable 2092 3646.22
Working Capital 27417.5 19947.4
COGS 17235.13 17305.15
EPS (basic) 12.33 10.19
Market Price on March 31s 171 296.7
Dividends Per share 10.15 5.75
Interest Expense 55.72 34.19
EBIT 19222.53 18478.35
Long Term Borrowings 5.63 7.89
Total Equity 64029.16 57949.79
EBT 19166.81 18444.16
Total Liabilities 11206.2 11848.13
Gross Profits 29572.21 28479.24
Operating Expenses 13172.27 12366.53
Operating Profits 16399.94 16112.71
Income Tax Expense 4030.76 5979.84
PBT 19166.81 18444.16
Net Profit 15136.05 12464.32
 Efficiency Ratios

2018 2020
2.77 Total Asset Turn Over Ratio 0.65
1.95 Fixed Asset Turn Over Ratio 2.12
0.15 Current Asset Turn Over Ratio 1.42
Working Capital Turn Over Ratio 1.98
24503 24537.39 Accounts Receivable Turnover 16.31
8856.6 6830.07 Days of Accounts Receivable 22.37
7237.15 7863.99 Inventory Turnover 2.21
62381.31 54215.95 Days of Inventory 165.45
96.03 Accounts Payable Turnover
44329.77 Days of Accounts Payable
20519.57 18417.26 Operating Cycle 187.83
2357.01 2207.5
15646.4 17707.32
15790.04
9.22 Leverage Ratios
255.9
5.15 Interest Coverage Ratio 344.98
86.65 Debt Equity Ratio 0.00
16938.35 Liability to Equity Ratio 0.18
11.13
51400.07 45340.96
16851.7
10981.24
28539.73
14025.22
14514.51
5628.45
16851.7
11223.25
 Market Based Ratios
2020 2019 2018
2019 2018 P/E 13.87 29.12 27.75
0.69 0.76 Dividends Yield 5.94 1.94 2.01
2.16 2.28
1.69 1.81
2.57 2.66
15.25 19.42
23.93 18.79
2.33 2.09
156.34 174.54

180.27 193.33

Profitability Ratios

540.46 195.48 Gross Profit to Sales 63.18 62.20 64.38

0.00 0.00 Operating Profit to Sales 35.04 35.19 32.74
0.20 0.21 Effective Tax Rate 21.03 32.42 33.40
Net Profit Margin 32.34 27.22 25.32
ROA 20.87 18.86 19.25
ROE 24.82 22.80 23.20
Payout Ratio 0.82 0.56 0.56
Retention Ratio 0.18 0.44 0.44
Particulars 31st March, 2018 31st March, 2017

ASSETS
Non-Current Assets
Property, plant and equipment 971.34 929.18
Capital work-in-progress 26.82 28.25
Investment property 50.36 51.35
Other intangible assets 8.78 12.8
Financial assets
Investments 2719.69 2319.03
Loans 9.61 8.92
Others 4.09 4
Non-current tax assets (net) 3.28 3.28
Other non-current assets 59.89 74.6
Total Non-Current Assets 3853.86 3431.41
Current Assets
Inventories 704.79 599.27
Financial assets
Investments 713.39 735.12
Trade receivables 321.34 333.25
Cash and cash equivalents 77.67 16.94
Bank balances other than (iii) above 9.35 9.22
Loans 1.41 3.35
Others 4.06 7.36
Other current assets 126.83 81.1
Total Current Assets 1958.84 1785.61
TOTAL ASSETS 5812.7 5217.02
EQUITY AND LIABILITIES
Equity
Equity share capital 176.15 176.15
Other equity 4050.71 3481.73
Total Equity 4226.86 3657.88
LIABILITIES
Non-Current Liabilities
Financial liabilities
Borrowings 201.04 200.64
Other financial liabilities 4.25 3.71
Provisions 50.04 47.52
Deferred tax liabilities (net) 96.03 98.28
Total Non-Current Liabilities 351.36 350.15
Current Liabilities
Financial liabilities
Borrowings 85.49 83.04
Trade payables 960.62 914.52
Other financial liabilities 81.6 76.52
Other current liabilities 38.48 70.4
Provisions 64.39 54.38
Current tax liabilities (net) 3.9 10.13
Total Current Liabilities 1234.48 1208.99
Total Liabilities 1585.84 1559.14
TOTAL EQUITY AND LIABILITIES 5812.7 5217.02
Particulars 31st March, 2019 31st March, 2018
ASSETS
Non-current assets
Property, plant and equipment 971.88 971.34
Capital work-in-progress 21.69 26.82
Investment property 49.37 50.36
Other intangible assets 15.37 8.78
Financial assets
Investments 2236.74 2719.67
Loans 13.14 15.43
Others 77.64 4.09
Non-current tax assets (net) 0.86 3.28
Othernon-currentassets 67.74 54.09
Total non-current assets 3454.43 3853.86
Current assets
Inventories 732.9 704.79
Financial assets
Investments 725.4 713.39
Trade receivables 431.46 321.34
Cash and cash equivalents 23.16 77.67
Bank balances other than (iii) above 101.55 9.35
Loans 4.56 1.41
Others 14.12 4.06
Other current assets 91.2 126.83
Total current assets 2124.35 1958.84
TOTAL ASSETS 5578.78 5812.7
EQUITY AND LIABILITIES
Equity
Equity share capital 176.63 176.15
Otherequity 3792.19 4050.71
Total equity 3968.82 4226.86
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings 26.05 201.04
Other financial liabilities 4.56 4.25
Provisions 52.76 50.04
Deferred tax liabilities (net) 8.32 96.03
Total non-current liabilities 91.69 351.36
Current liabilities
 Financial liabilities
Borrowings 108.72 85.49
Trade payables
Due to Micro and Small Enterprises 54.61 7.37
Due to Others 943.71 953.25
Other financial liabilities 264.83 81.6
Other current liabilities 57.48 38.48
 Provisions 81.09 64.39
Current tax liabilities (net) 7.83 3.9
Total current liabilities 1518.27 1234.48
Total liabilities 1609.96 1585.84
Total equity and liabilities 5578.78 5812.7
Particulars 31st March, 2020 31st March, 2019
ASSETS
Non-current assets
Property, plant and equipment 1060.75 971.88
Capital work-in-progress 105.83 21.69
Investment property 48.38 49.37
Other intangible assets 25.15 15.37
Financial assets
Investments 1084.16 2236.74
Loans 16.78 13.14
Others 403.27 77.64
Deferred tax assets (net) 21.62
Non-current tax assets (net) 0.86 0.86
Other non-current assets 68.12 67.74
Total non-current assets 2834.92 3454.43
Current assets
Inventories 809.14 732.9
Financial assets
Investments 1382.67 725.4
Trade receivables 379.63 431.46
Cash and cash equivalents 2.87 23.16
Bank balances other than (iii) above 522.73 101.55
Loans 1.22 4.56
Others 9.25 14.12
Other current assets 157.68 91.2
Total current assets 3265.19 2124.35
TOTAL ASSETS 6100.11 5578.78
EQUITY AND LIABILITIES
Equity
Equity share capital 176.71 176.63
Other equity 4397.52 3792.19
Total equity 4574.23 3968.82
Liabilities
Non-current Liabilities
Financial liabilities
Borrowings 24.68 26.05
Other financial liabilities 4.66 4.56
Provisions 54.69 52.76
Deferred tax liabilities (net) 8.32
Total non-current liabilities 84.03 91.69
Current liabilities
Financial liabilities
Borrowings 89.28 108.72
Trade payables
Due to Micro and Small Enterprises 44.59 54.61
Due to Others 987.86 943.71
Other financial liabilities 137.29 264.83
 Other current liabilities 55.33 57.48
Provisions 122.8 81.09
Current tax liabilities (net) 4.7 7.83
Total current liabilities 1441.85 1518.27
Total liabilities 1525.88 1609.96
TOTAL EQUITY AND LIABILITIES 6100.11 5578.78
Particulars 31st March, 2018 31st March, 2017
ASSETS
Non-current assets
Property, plant and equipment 3776 3654
Capital work-in-progress 430 203
Goodwill 0 0
Other intangible assets 366 370
Investments in subsidiaries, associates and joint ve 254 254
Financial assets
Investments 2 6
Loans 404 352
Other financial assets 6 6
Non-current tax assets (net) 439 311
Deferred tax assets (net) 255 160
Other non-current assets 78 70
Current assets
Inventories 2359 2362
Financial assets
Investments 2855 3519
Trade receivables 1147 928
Cash and cash equivalents 573 572
Bank balances other than cash and cash equivalen 2800 1099
Other financial assets 829 306
Other current assets 560 507
Assets held for sale 16 72
TOTAL ASSETS 17149 14751
EQUITY AND LIABILITIES
Equity
Equity share capital 216 216
Other equity 6859 6274
Liabilities
Non-current liabilities
Financial liabilities
Other financial liabilities 115 71
Provisions 772 485
Non-current tax liabilities (net) 384 296
Other non-current liabilities 167 207
Current liabilities
Financial liabilities
Trade payables
Dues to micro and small enterprises 0
Dues to Others 7013 6006
Other financial liabilities 203 181
Other current liabilities 769 628
Provisions 651 387
TOTAL EQUITY AND LIABILITIES 17149 14751
Particulars 31st March, 2019 31st March, 2018
ASSETS
Non-current assets
Property, plant and equipment 3907 3776
Capital work-in-progress 373 430
Goodwill 36 0
Other intangible assets 400 366
Investments in subsidiaries, associates a 254 254
Financial assets
Investments 2 2
Loans 396 404
Other financial assets 11 6
Non-current tax assets (net) 619 439
Deferred tax assets (net) 339 255
Other non-current assets 154 78
Current assets
Inventories 2422 2359
Financial assets
Investments 2693 2855
Trade receivables 1673 1147
Cash and cash equivalents 575 573
Bank balances other than cash and cash 3113 2800
Other financial assets 542 829
Other current assets 352 560
Assets held for sale 4 16
TOTAL ASSETS 17865 17149
EQUITY AND LIABILITIES
Equity
Equity share capital 216 216
Other equity 7443 6859
Liabilities
Non-current liabilities
Financial liabilities
Other financial liabilities 173 115
Provisions 1049 772
Non-current tax liabilities (net) 444 384
Other non-current liabilities 187 167
Current liabilities
Financial liabilities
Trade payables
total outstanding dues of micro enterprises and small enterprises
total outstanding dues of creditors
other than micro enterprises and small
enterprises 7070 7013
Other financial liabilities 276 203
Other current liabilities 506 769
Provisions 501 651
TOTAL EQUITY AND LIABILITIES 17865 17149
Particulars 31st March, 2020 31st March, 2019
ASSETS
Non-current assets
Property, plant and equipment 4625 3907
Capital work-in-progress 513 373
Goodwill 36 36
Other intangible assets 395 400
Financial assets
Investments in subsidiaries, associates a 250 254
Investments 2 2
Loans 453 396
Other financial assets 3 11
Non-current tax assets (net) 1016 619
Deferred tax assets (net) 261 339
Other non-current assets 140 154
Current assets
Inventories 2636 2422
Financial assets
Investments 1248 2693
Trade receivables 1046 1673
Cash and cash equivalents 3130 575
Bank balances other than cash and cash 1887 3113
Other financial assets 1410 543
Other current assets 533 351
Assets held for sale 18 4
TOTAL ASSETS 19602 17865
EQUITY AND LIABILITIES
Equity
Equity share capital 216 216
Other equity 7815 7443
Liabilities
Non-current liabilities
Financial liabilities
Other financial liabilities 853 360
Provisions 1198 1049
Non-current tax liabilities (net) 416 444

Current liabilities
Financial liabilities
Trade payables
total outstanding dues of micro
enterprises and small enterprises
total outstanding dues of creditors
other than micro enterprises and small
enterprises 7399 7070
Other financial liabilities 869 456
Other current liabilities 418 326
Provisions 418 501
TOTAL EQUITY AND LIABILITIES 19602 17865