Year 202103 202003 201903 201803 201703

ASSETS
Non-Current Assets:
Fixed Assets 1,056.09 1,026.61 859.54 662.44 603.44

Property, Plant and Equipment 721.05 750.09 800.45 469.81 479.8

Capital Work in Progress 112.23 43.81 10.17 136.44 61.91
Intangible Assets 33.33 40.98 47.69 55.05 61.22
Intangible Assets under
Development 5.8 1.79 1.23 1.14 0.51
Fixed Assets Held For Sale 0 0 0 0 0
Lease Adjustment 0 0 0 0 0
Biological Assets other than
Bearer Plants 0 0 0 0 0
Non-current Investments
Investment Properties 0 0 0 0 0
Investments in Subsidiaries,
Associates and Joint venture 0 0 0 0 0
Financial Assets :
Investments of Life Insurance
Business 0 0 0 0 0
Investments - Long-term 0.2 0.2 0.2 0.2 0.7
Loans - Long - Term 15.43 18.49 17.09 16.2 14.56
Others Financial Assets - Long-
term 1.89 0.35 0.12 0.61 0.9
Non Current Tax Assets - Long -
Term 0 0 0 0 0

Insurance Related Assets 0 0 0 0 0

Other Non-current Assets 22.3 4.23 7.5 8.64 4.01
Deferred Tax Assets (Net) 0 0 0 0 0
Total Reported Non-current
Assets 1,095.91 1,049.88 884.45 688.09 623.61

Current Assets:

Inventories 422.14 447.74 382.43 313.93 290.21

Biological Assets other than
Bearer Plants 0 0 0 0 0
Financial Assets :
Current Investments 337.98 0 0 0.5 0
Trade Receivables 181.46 172.08 222.57 173.45 123.18
Cash and Cash Equivalents 6.34 2.55 1.88 3.12 3.51
Bank Balances Other Than Cash
and Cash Equivalents 1.35 1.54 0.34 0.88 0.14
Loans - Short-term 0.41 0.28 0.39 0.39 0.28
Others Financial Assets - Short-
term 0.07 1.87 43.07 22.71 3.43
Current Tax Assets - Short-term 0 6.16 0 0 0
Insurance Related Assets 0 0 0 0 0
Other Current Assets 130.14 158.98 76.3 46.76 25.98

Assets Classified as Held for Sale 0 0 0 0 0

Total Current Assets 1,079.89 791.2 726.98 561.74 446.73

Foreign Currency Monetary Item

Translation Difference Account 0 0 0 0 0

Regulatory Deferral Account -

Debit Balance 0 0 0 0 0
Other Assets Excluding Non-
Current and Current Assets 0 0 0 0 0

Total Non-Current and Other

Assets 1,095.91 1,049.88 884.45 688.09 623.61

Total Assets 2,175.80 1,841.08 1,611.43 1,249.83 1,070.34

EQUITY AND LIABILITIES

Share Capital 24.84 24.82 12.4 12.03 12.01

Number of Equity Shares -

Bought Back during the Current
period 0 0 0 0 0

Number of Total Bonus Shares

Issued upto Current period 12.41 12.41 0 0 0
Number of Equity Shares - Paid
Up 24.82 24.82 12.41 12.04 12.01
Paid Up Capital 24.82 24.82 12.41 12.04 12.01
Treasury Shares 0 0 0 0 0

Number of Bonus Shares Issued

During the Current Period. 0 0 0 0 0
Number of Shares Splitted
During the Current Period. 0 0 0 0 0

Other Equity 1,547.57 1,247.58 1,092.67 749.18 594.36

Money Received Against Share
Warrants 0 0 0 0 0

Employee Stock Options /

Others 0 0 0 0 0
Share Application Money
Pending Allotment 0 0 0 0 0

Total Stockholders’ Equity 1,572.41 1,272.40 1,105.07 761.21 606.37

Total Equity 1,572.41 1,272.40 1,105.07 761.21 606.37

Non-Current Liabilities:
Long Term Borrowings 0 0 0 39.26 70.94
Others Financial Liabilities -
Long-term 0.17 0.01 0.01 0.71 0.4
Non Current Tax Liabilities -
Long-term 0 0 0 0 0
Long-term Provisions 16.1 10.84 9 7.48 7.26
Deferred Tax Liabilities (Net) 22.8 24.75 34.44 26.31 25.5
Insurance Related Liabilities 0 0 0 0 0
Other Non-Current Liabilities 0 0 0 0 0
Total Reported Non-current
Liabilities 154.3 155.38 43.45 73.76 104.1

Current Liabilities:

Short Term Borrowings 0 19.16 86.92 86.09 60.89

Trade Payables 222.8 183.79 171.82 174.9 125.7
Others Financial Liabilities -
Short-term 134.55 101.11 114.27 92.63 99.41
Current Tax Liabilities - Short-
term 6.75 0 2.05 2.63 1.18
Provisions 27.18 50.65 29.67 2.64 2.38
Insurance Related Liabilities 0 0 0 0 0
Other Current Liabilities 57.81 58.59 58.18 55.97 70.31

Liabilities Directly Associated

with Assets Classified as Held for
Sale 0 0 0 0 0
Total Current Liabilities 449.09 413.3 462.91 414.86 359.87

Foreign Currency Monetary Item

Translation Difference Account 0 0 0 0 0

Hybrid Perpetual Securities 0 0 0 0 0

Regulatory Deferral Account -

Credit Balance 0 0 0 0 0

Other Liabilities Excluding

Equity, Non-Current and Current
Liabilities 0 0 0 0 0
Total Equity and Liabilities 2,175.80 1,841.08 1,611.43 1,249.83 1,070.34
Year 202103 202003 201903
Revenue from operations 2,381.92 2,419.53 2,305.06
EXPENSES:
Cost of Materials Consumed 863.85 930.78 912.6
Purchases of Stock-in-Trade 95.28 162.08 217.53
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade 44.15 -53.54 -57.81
Total Materials 1003.28 1039.32 1072.32
42.12% 42.96% 46.52%
Employee Benefits Expenses 301.39 293.99 258.66
Finance Costs 17.08 16.87 6.9
Depreciation and Amortization Expenses 110.02 109.42 62.41
Other Expenses 558.99 668.22 636.79
Total Expenses 1,990.76 2,127.82 2,037.08
Profit before Exceptional and Extraordinary
Items and Tax 391.16 291.71 267.98
Exceptional Items 0 0 0
Profit before Extraordinary Items and Tax 391.16 291.71 267.98
Extraordinary Items 0 0 0
Profit before Tax 391.16 291.71 267.98
Tax Expenses 99.6 65.46 92.54
Current Tax 102.03 74.92 85.64
Deferred Tax -2.43 -9.46 6.9
Other Tax Adjustments 0 0 0
Prior Year Tax 0 0 0
Minimum Alternate Tax 0 0 0
Others 0 0 0
Profit/(Loss) for the period from Continuing
Operations 291.56 226.25 175.44
Profit/(Loss) from Discontinuing Operations 0 0 0
Tax expense of Discontinuing Operations 0 0 0
Profit/(Loss) from Discontinuing Operations
(After Tax) 0 0 0
Profit/(Loss) for the period 291.56 226.25 175.44
Basic EPS 11.74 9.12 7.07
Diluted EPS 11.72 9.1 7.06
Book Value 63.34 51.26 89.08
Contingent Liabilities & Commitments 241.94 243.25 169.49
 Capitaline Database has taken due care and
caution in compilation of data.However,
Capitaline Database makes no warranty that
the service will meet all your requirements, the
service will be uninterrupted, timely, complete,
error-free, or the results that may be obtained
from the use of the service will be accurate.
Use of data from Capitaline is permitted only to
the licensee and its employees internal
usage.The Licensee shall not use Capitaline or
data from Capitaline or permit any third party
to do so in order to provide data
processing ,advisory, research service to third
party by way of trade or otherwise. The
Licensee shall also not make the data available
on a network that extends beyond the
Licensee's premises . In the event of
unauthorised use of Capitaline or data from
Capitaline by the Licensee, Capital Market
publishers india pvt ltd will terminate the
Disclaimer:- subscription immediately.
 201803 201703
1,945.51 1,644.76

705.69 580.13
190.94 140.54

-13.62 5.16
883.01 725.83
45.39% 44.13% 44.19%
214.08 177.04
8.59 15.03
54.34 51.46
541.87 497.37
1,701.89 1,466.73

243.62 178.03
0 0
243.62 178.03
0 0
243.62 178.03
82.55 58.08
81.53 57.23
1.02 1.02
0 -0.17
0 -0.17
0 0
0 0

161.07 119.95
0 0
0 0

0 0
161.07 119.95
13.4 9.99
13.38 9.98
63.25 50.48
201.42 176.93
Year 202103 202003 201903
REVENUE
Revenue From Operations(Gross) 2,359.15 2,410.48 2,292.08
Sale of Products 2345.58 2392.93 2276.94
Manufactured / Finished Goods 2345.58 2392.93 2276.94
Traded Goods 0 0 0
Other 0 0 0
Less: Claims, Discounts, Taxes etc. 0 0 0
Taxes 0 0 0
Sales Return 0 0 0

Trade Discount, Rebate and Other Allowance 0 0 0

Others 0 0 0
Domestic 0 0 0
Exports 0 0 0
Sale of services 0 0 0
Other operating revenues 13.57 17.55 15.14
Job Works 0 0 0
Processing and Service Income 0 0 0
Sale of Scrap 9.99 11.69 9.37
Foreign Exchange Rate Difference 0 0 0
Export Incentives and Claims 2.92 4.93 5.08
Provision for Doubtful Debts written back 0 0 0
Trade Payable Written Back 0 0 0
Other Write Backs 0 0 0
Lease Rent 0 0 0
Duty Drawback Received 0 0 0
Licensing Fees 0 0 0
Sale of Brand 0 0 0
Insurance Claim 0 0 0
Import Entitlement 0 0 0
Discount Recieved 0 0 0
Sale of Power 0 0 0
Fee Income 0 0 0
Income from Brokerages 0 0 0
Other Commission Income 0 0 0
Royalty Income 0 0 0
Technical Know How Fees 0 0 0
Gain on Foreign Currency Transaction 0 0 0
Profit on Sale of Fixed Assets 0 0 0
Income from Investments (including Sale of
Investments) 0 0 0
Interests Income 0 0 0
Dividend Income 0 0 0
Government Grant / Subsidy Income 0 0 0

Income / Share of Profit from Partnership Firm 0 0 0

Profit on Sale of Materials 0 0 0
Others 0 0 0
Reported Sales 2359.15 2410.48 2292.08

Property Development 0 0 0
Own Film Production 0 0 0
Film Distribution 0 0 0
Co-Produced Films 0 0 0
Sale/Export of Software 0 0 0
Sale-Film 0 0 0
Sale of Oil and Gas and Petroleum Products 0 0 0
Chemicals Products 0 0 0
Sale of Minerals 0 0 0
Entertainment / Films / Gaming Racing 0 0 0
Hospital Service Revenue 0 0 0
Operating License / Membership Fees 0 0 0
Communication / Networking Service 0 0 0
Broadcasting and Media 0 0 0
Terminal Division 0 0 0
Logistics Operations 0 0 0
Sales of Real Estate 0 0 0
Contract,Construction and Job Work 0 0 0
Auto Products 0 0 0
Agriculture Products 0 0 0
Profit on Assignment / Sale of Loans 0 0 0
Foreign Exchange 0 0 0
Rental Revenue 0 0 0
Income from Lease and Hire 0 0 0
Income from Investment Operations 0 0 0
Other Revenues 0 0 0
Less: Excise Duty 0 0 0
Revenue From Operations(Net) 2,359.15 2,410.48 2,292.08
Other Income 22.77 9.05 12.98
Interest Income 0.74 0.43 0.65
From Current Investments 0 0 0
From Long Term Investments 0 0 0
From Bank Deposits 0 0 0.65
From Other Deposits 0 0 0
From Loans 0 0 0
From Income-Tax Refunds 0 0 0
From Others 0.74 0.43 0
Dividend Income 0 0 1.15
From Current Investments 0 0 0
From Long Term Investments 0 0 0
From Subsidiary Company 0 0 0
From Others 0.74 0.43 0
Profit on Sale of Investments 7.41 1.07 1.06
From Current Investments 0 0 0
From Long Term Investments 0 0 0
From Other Investments 0 0 0
Adjustment to the carrying amount of
investments 0 0 0
Lease Rent Received 11.82 0 0
Profit on sale/discard of Fixed Assets 0 0 0

Net Gain / Loss on Foreign currency transaction 2.4 4.62 8.19

Liabilities no longer required written back 0 0 0
Provisions Written Back 0 0 0
Profit on Redemption of Investment 0 0 0
Rental Income 0 0 0
Interest on Applicaiton Money 0 0 0
Profit on buy-back of share 0 0 0
Profit on buy-back of debenture 0 0 0
Profit on premature redemption 0 0 0

Profit on inter scheme transfer / sale of invest 0 0 0

Wheeling Charges received 0 0 0
Sale of Power 0 0 0
Compensation / Reimbursement Income 0 0 0
Refunds / Claims Received 0 0 0
Income from Leasing Operations 0 0 0
Income from Hire Purchase Operations 0 0 0
Income from Merchant Banking Operations 0 0 0
Income from Guarantee Commission 0 0 0
Income from Underwriting Commission 0 0 0
Fee Income 0 0 0
Other commission Income 0 0 0
Income from Bill Discounting 0 0 0
Income from Money Market Operations 0 0 0
Income from Investment Activities 0 2.76 0
Royalty Income 0 0 0
Bad Debts Recovered 0 0 0
Income from Subsidiaries 0 0 0
Prior Period Income 0 0 0

Income / Share of Profit from Partnership Firm 0 0 0

Government Grant / Subsidy Income 0 0 0
Profit on Sale of Materials 0 0 0
Sale of Scrap 0 0 0
Export Incentives and Claims 0 0 0
Duty Drawbacks 0 0 0
Agricultural Income 0 0 0
Discount / Rebate Received 0 0 0
Sale of Licence 0 0 0
Other Non Operating Income 0.4 0.17 1.93
Total Revenue 2,381.92 2,419.53 2,305.06
EXPENSES:
Cost of Materials Consumed 863.85 930.78 912.6
Raw Materials 863.85 930.78 912.6
Opening Stock 98.77 88.44 76.13
Add: Purchases of Raw Material 880.35 941.11 924.91

Add: Direct Expense on Purchase/Adjustment 0 0 0

Less: Sale of Raw Material / Scrap 0 0 0
Less: Capitalised 0 0 0
Less: Closing Stock 115.27 98.77 88.44
Packing Materials 0 0 0
Opening Stock 98.77 88.44 76.13
Add: Purchase & Direct Cost 0 0 0
Less: Capitalised 0 0 0
Less: Closing Stock 115.27 98.77 88.44
Other Materials 0 0 0
Opening Stock 98.77 88.44 76.13
Add: Purchase & Direct Cost 0 0 0
Less: Capitalised 0 0 0
Less: Closing Stock 115.27 98.77 88.44
Adjustment on Amalgamation / Trial Runs 0 0 0
Internally Manufactured Intermediates or
Components Consumed 0 0 0
Finished products 0 0 0
Work in progress 0 0 0
Manufactured components 0 0 0
Purchases of Stock-in-Trade 95.28 162.08 217.53
Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade 44.15 -53.54 -57.81
Opening Stock 337.1 283.56 225.75
Finished Goods 213.58 151.67 135.7
Work-in-Progress 61.05 58.51 43.48
Stock-in-Trade 62.47 73.38 46.57
Scraps 0 0 0
Other Stocks 0 0 0
Less: Closing Stock 292.95 337.1 283.56
Finished Goods 213.58 151.67 135.7
Work-in-Progress 61.05 58.51 43.48
Stock-in-Trade 62.47 73.38 46.57
Scraps 0 0 0
Other Stocks 0 0 0
Increase/Decrease in Excise Duty on Finished
Goods 0 0 0
Trial Production / Other Adjustments 0 0 0
Employee Benefits Expenses 301.39 293.99 258.66
Salaries and incentives 264.75 253.88 221.17
Contributions to Provident and other fund 18.57 18.88 16.55
Contributions to Superannuation scheme 0 0 0
Gratuity fund contributions 5.95 5.53 4.59
Social security and other benefit plans for
overseas employees 0 0 0
Expenses on ESOP and ESPP 2.11 2.94 4.68
Staff welfare expenses 10.01 12.76 11.67
VRS Compensation 0 0 0
Directors Remuneration 0 0 0
Other Employee Benefit 0 0 0
Less: Amount Capitalised 0 0 0
Finance Costs 17.08 16.87 6.9
Interest Expenses on: 16.88 16.78 6.84
- Deposits 1.34 0.6 0.5
- Bonds and Debentures 0 0 0
- Commercial Paper 0 0 0
- Working Capital Loans 0 0 0
- Term Loans 0 0 0

- Interest on External Commercial Borrowings 0 0 0

- Foreign Currency Loans 0 0 0
- Other Loans 0 0 0
- Bank Borrowings 0 0 0
- Other Borrowings 0.77 3.48 6.32
- Taxes 1.14 0 0.02
- Other Interest 13.63 12.7 0
Bank Charges 0 0 0
Other borrowing costs 0.2 0.09 0.06
Applicable net gain/loss on Foreign Currency
Transactions and Translat 0 0 0
Less: Interest Capitalised 0 0 0
Depreciation and Amortization Expenses 110.02 109.42 62.41
Depreciation & Amortisation 110.02 109.42 62.41
Depreciation 61.64 59.62 53.54
Amortization 48.38 49.8 8.87
Depletion 0 0 0
Lease Adjustment 0 0 0
Other Adjustment 0 0 0
Less: Transferred from Revaluation Reserve 0 0 0
Other Expenses 558.99 668.22 636.79
Manufacturing expenses 312.81 372.54 322.72
Consumption of stores and spare parts 6.61 7.98 7.3
Power, Fuel & Water Charges 73.47 76.47 70.88
Power, Oil & Fuel 73.47 76.47 70.88
Electricity Expenses 0 0 0
Water Charges 0 0 0
Manpower Hire Charges 0 0 0
Repairs to Building 0 0 0
Repairs to Machinery 14.29 14.26 13.9
Repairs to Other Assets 16.06 13.78 12.25
Increase/Decrease in Excise Duty and Cess on
Finished Goods 0 0 0
Exchange Difference (Net) 0 0 0
Jobwork Charges 0 0 0
Freight Inwards & Transport charges 0 0 0
Installation & Commissioning Charges 0 0 0
Packing Materials 0 0 0
Processing Charges 183.23 234.3 194.76
Drilling Operation Charges 0 0 0
Technical fees paid 0 0 0
Wheeling charges payable 0 0 0
Project / Production Charges 0 0 0
Own Film Production Expense 0 0 0
Handling, Clearing Charges 19.15 25.75 23.63
Coupon Sales, Food, Beverages 0 0 0
License Fee / Operation Charges 0 0 0
Upkeep and service charges 0 0 0
Franchise Expenses 0 0 0
Courseware Manuals 0 0 0
Training Expenses 0 0 0
Cost of Software Package 0 0 0
Expenses on Equipment 0 0 0
Stevedoring, dunnage, cargo expenses 0 0 0
Ship Management Fees 0 0 0
Port, Canal Dues 0 0 0
Insurance, Protection and Club Fees 0 0 0
Direct Tele Communication / Network
Development Expenses 0 0 0
Software Development Expenses 0 0 0
Direct / Factory Rental Charges 0 0 0
Direct Labour Charges 0 0 0
Direct Taxes 0 0 0
Other Manufacturing Expenses 0 0 0
Selling and Administration Expenses 224.79 277.93 296.98
Freight Outwards 102.62 102.12 99.18
Travelling Expenses 11.13 22.17 20.62
Brokerage & Commission on Sales 0 0 0
Advertisement 69.57 90.8 76.76
Sales tax /VAT/Service tax 0 0 0
Marketing Expenses 0 0 0
Cash Discount and Rebate 0 0 0
Other Discount and Rebate 0 0 0
Distribution Expenses 0 0 0
Other Sales Promotion Expenses 0 0 0
Warehousing Charges 0 0 0
Packing Expenses 0 0 0
Other selling and Distribution Expenses 0 0 0
Rent 0 0 43.34
Insurance 5.27 5.08 3.06
Rates & Taxes 0.8 1.33 0.87
Other Repairs 0 0 0
Payment to Auditors 0.33 0.28 0.19
(a) as auditor 0.2 0.2 0.12
(b) for taxation matters 0 0 0
(c) for company law matters 0 0 0
(d) for management services 0 0 0
(e) for other services 0.13 0.08 0.07
(f) for reimbursement of expenses 0 0 0
Research & Development Expenditure 0 0 0
Professional fees 0 0 0
Directors Fees 0 0 0
Lease Rent / Hire Charges paid 0 0 0
Legal Expenses 19.8 40.01 38.03
Printing & Stationery 1.72 1.8 1.78
Communication Expenses 2.41 3.57 3.57
Royalty and technical fees 0 0 0
Other Fee Expenses 0 0 0
Other Commission paid 0 0 0
Directors Commission 0 0 0
Other Director's Remuneration 0 0 0
Postage, Telegrams and Telephones 0 0 0
Books, Subscription, Periodicals and
Memberships 0 0 0
Vehicles Repairs and Maintenance 0 0 0
Cess 0 0 0
Wealth Tax 0 0 0

Employee Recruitment and Training Expenses 0 0 0

Entertainment Expenses 0 0 0
Office Expenses 0 0 0
Office Repairs and Maintenance 0 0 0
Safety Expenses 0 0 0
Security Charges 11.14 10.77 9.58
Computer Repairs & Maintenance 0 0 0
Consultancy Charges 0 0 0
Electricity Charges 0 0 0
Annual General Meeting Expenses 0 0 0
Demat / Depository Charges(CDSL & NSDL) 0 0 0
SEBI Charges 0 0 0
Share Registrar & Transfer Charges 0 0 0
Transaction Charges 0 0 0
Listing Fees 0 0 0
Other Administrative Expenses 0 0 0
Miscellaneous Expenditure 21.39 17.75 17.09
Donations & Charity 0 0 0
Loss on Sale of Assets 0.68 1.1 1.22
Loss on Sale of Investments 0 0 0
Loss on revaluation of investments 2.31 0 2.49
Loss on forex transactions 0 0 0
Loss on buy-back of share 0 0 0
Loss on buy-back of debenture 0 0 0
Bad Debts written off 0.06 0.04 0.02
Expenses Ammortised 0 0 0

Provision for doubtful loan/ Deposit/ Advances 0.19 1.9 0.55

Provision for Contingency 0 0 0
Other provisions and write offs 0 0 0
Provision/Impairment of Assets 0 0 0

Provision for dimunition in value of investment 0 0 0

Prior Period Expenses 0 0 0
Provision for Wealth Tax 0 0 0

Provision for Stocks / Inventories Obsolescence 0 0 0

Deferred Expenditure Written Off 0 0 0
Assets Written Off 0 0 0
Share of Loss in Partnership Firm 0 0 0
Other Interest Expenses 0 0 0
Bank Charges 1.61 2.47 2.08
Other Miscellaneous Expenses 11.11 7.58 6.7
Less: Expenses Capitalised 0 0 0
Total Expenses 1,990.76 2,127.82 2,037.08
Profit before Exceptional and Extraordinary
Items and Tax 391.16 291.71 267.98
Exceptional Items 0 0 0
Net Profit/Loss on sale of Non Current
Investments 0 0 0
Profit on Sale of Non Current Investments 0 0 0
Loss on Sale of Non Current Investments 0 0 0
Net Profit/Loss on Sale of Fixed Assets 0 0 0
Profit on Sale of Fixed Assets 0 0 0
Loss on Sale of Fixed Assets 0 0 0
Net Profit/Loss on Sale of Discontinuance of
Operation 0 0 0

Profit on Sale of Discontinuance of Operation 0 0 0

Loss on Sale of Discontinuance of Operation 0 0 0
VRS Payment 0 0 0
Provision for Diminution in Value of
Investments 0 0 0
in Subsidiary Company 0 0 0
Others 0 0 0
Reversal of Provision for Diminution in Value of
Investments 0 0 0
in Subsidiary Company 0 0 0
Others 0 0 0
Other Exceptional Items 0 0 0
Income 0 0 0
Expenditure 0 0 0
Profit before Extraordinary Items and Tax 391.16 291.71 267.98
Extraordinary Items 0 0 0
Net Profit/Loss on sale of Non Current
Investments 0 0 0
Profit on Sale of Non Current Investments 0 0 0
Loss on Sale of Non Current Investments 0 0 0
Net Profit/Loss on Sale of Fixed Assets 0 0 0
Profit on Sale of Fixed Assets 0 0 0
Loss on Sale of Fixed Assets 0 0 0
Net Profit/Loss on Sale of Discontinuance of
Operation 0 0 0

Profit on Sale of Discontinuance of Operation 0 0 0

Loss on Sale of Discontinuance of Operation 0 0 0
VRS Payment 0 0 0
Provision for Diminution in Value of
Investments 0 0 0
in Subsidiary Company 0 0 0
Others 0 0 0
Reversal of Provision for Diminution in Value of
Investments 0 0 0
in Subsidiary Company 0 0 0
Others 0 0 0
Other Extraordinary Items 0 0 0
Income 0 0 0
Expenditure 0 0 0
Profit before Tax 391.16 291.71 267.98
Tax Expenses 99.6 65.46 92.54
Current Tax 102.03 74.92 85.64
Deferred Tax -2.43 -9.46 6.9
Other Tax Adjustments 0 0 0
Prior Year Tax 0 0 0
Minimum Alternate Tax 0 0 0
Others 0 0 0
Profit/(Loss) for the period from Continuing
Operations 291.56 226.25 175.44
Profit/(Loss) from Discontinuing Operations 0 0 0
Tax expense of Discontinuing Operations 0 0 0
Profit/(Loss) from Discontinuing Operations
(After Tax) 0 0 0
Profit/(Loss) for the period 291.56 226.25 175.44
Basic EPS 11.74 9.12 7.07
Diluted EPS 11.72 9.1 7.06
Book Value 63.34 51.26 89.08
Contingent Liabilities & Commitments 241.94 243.25 169.49
Contingent Liabilities 88.04 78.63 49.49
Claims against the company not acknowledged
as debt 0 0 0
Sales Tax Disputed 1.32 1.41 0.85
Income Tax Disputed 5.48 4.41 2.28
Excise Disputed 0 0 0
Others Disputed 81.24 72.81 46.36
Guarantees 0 0 0
Bank Guarantees 0 0 0
Letters of Credit 0 0 0
Bills Discounted 0 0 0
Corporate Guarantees 0 0 0
Other Guarantees 0 0 0
Other money for which the company is
contingently liable 0 0 0
Commitments 153.9 164.62 120
(a) Estimated amount of contracts remaining to
be executed on capital 50.45 53.38 12.45
(b) Uncalled liability on shares and other
investments partly paid 0 0 0
(c) Other commitments 103.45 111.24 107.55
 Capitaline Database has taken due care and
caution in compilation of data.However,
Capitaline Database makes no warranty that
the service will meet all your requirements, the
service will be uninterrupted, timely, complete,
error-free, or the results that may be obtained
from the use of the service will be accurate.
Use of data from Capitaline is permitted only to
the licensee and its employees internal
usage.The Licensee shall not use Capitaline or
data from Capitaline or permit any third party
to do so in order to provide data
processing ,advisory, research service to third
party by way of trade or otherwise. The
Licensee shall also not make the data available
on a network that extends beyond the
Licensee's premises . In the event of
unauthorised use of Capitaline or data from
Capitaline by the Licensee, Capital Market
publishers india pvt ltd will terminate the
Disclaimer:- subscription immediately.
 201803 201703

1,948.57 1,651.97
1939.26 1643.25
1939.26 0
0 0
0 1643.25
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
9.31 8.72
0 0
0 0
5.89 4.76
0 0
2.96 3.96
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0

0 0
 0 0
0 0
1941.05 1631.15

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
7.52 20.82
1,941.05 1,631.15
4.46 13.61
0.58 0.74
0 0
0 0
0 0
0.58 0.74
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0.5 0.01
 0 0
0 0
0.5 0.01

0 0
0 0
0 0

3.08 11.01
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
 0.3 1.85
1,945.51 1,644.76

705.69 580.13
705.69 580.13
63.91 55.47
717.91 588.57

0 0
0 0
0 0
76.13 63.91
0 0
63.91 55.47
0 0
0 0
76.13 63.91
0 0
63.91 55.47
0 0
0 0
76.13 63.91
0 0

0 0
0 0
0 0
0 0
190.94 140.54

-13.62 5.16
215.36 220.28
127.05 134.49
42.27 39.68
46.04 46.11
0 0
0 0
228.56 215.36
127.05 134.49
42.27 39.68
46.04 46.11
0 0
0 0

-0.42 0.24
0 0
214.08 177.04
183.06 152.56
13.81 12.14
0 0
3.87 3.78

0 0
4.07 1.32
9.27 7.24
0 0
0 0
0 0
0 0
8.59 15.03
8.43 14.55
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0.18 0
8.25 14.55
0 0
0.07 0.48

0.09 0
0 0
54.34 51.46
54.34 51.46
45.57 42.75
8.77 8.71
0 0
0 0
0 0
0 0
541.87 497.37
240.35 210.87
5.7 4.97
54 47.63
54 47.63
0 0
0 0
 0 0
1.41 0.94
10.7 10.7
0 0

0 0
0 0
0 0
0 0
0 0
0 0
148.48 126.77
0 0
0 0
0 0
0 0
0 0
20.06 19.86
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
277.29 257.42
82.39 73.23
17.12 14.91
0 0
73.93 69.48
0 0
0 0
0 0
0 0
0 0
 0 0
0 0
0 0
0 0
47.1 44.48
2.69 2.17
0.62 0.46
0 0
0.18 0.21
0.11 0.13
0 0
0 0
0 0
0.07 0
0 0.08
0 0
0 0
0 0
0 0
39.45 38.12
1.61 1.35
3.75 4.4
0 0
0 0
0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
8.45 8.61
0 0
0 0
0 0
0 0
0 0
0 0
0 0
 0 0
0 0
0 0
24.23 29.08
0 0
0 0
0 0
0 0
0.55 0.44
0 0
0 0
0.3 0.03
0 0

0 0
0 0
0.73 0.74
0 0

0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
19.87 27.87
0 0
1,701.89 1,466.73

243.62 178.03
0 0

0 0
0 0
0 0
0 0
0 0
0 0

0 0

0 0
0 0
0 0
 0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
243.62 178.03
0 0

0 0
0 0
0 0
0 0
0 0
0 0

0 0

0 0
0 0
0 0

0 0
0 0
0 0

0 0
0 0
0 0
0 0
0 0
0 0
243.62 178.03
82.55 58.08
81.53 57.23
1.02 1.02
0 -0.17
0 -0.17
0 0
0 0

161.07 119.95
0 0
 0 0

0 0
161.07 119.95
13.4 9.99
13.38 9.98
63.25 50.48
201.42 176.93
40.77 31.99

0 0
1.47 0.6
2.06 2.09
0 0
37.24 29.3
0 0
0 0
0 0
0 0
0 0
0 0

0 0
160.65 144.94

35.92 32.43

0 0
124.73 112.51
Material Costs

Natural Rubber 43%

EVA 18%
PU 20%
Leather 8%
Synthetic Rubber 5%
Foam 3%
Others 3%
100%

Trend in Natural Rubber Prices

FY Rs/kg
2006 66.99
2007 92.04 37.39%
2008 90.85 -1.29%
2009 101.12 11.30%
2010 114.98 13.71%
2011 190.03 65.27%
2012 208.05 9.48%
2013 176.82 -15.01%
2014 166.02 -6.11%
2015 132.57 -20.15%
2016 113.06 -14.72%
2017 135.49 19.84%
2018 129.80 -4.20%
2019 125.95 -2.97%
2020 135.22 7.36%
2021 (April to December) 141.85 4.90%

Trend in Crude Oil Prices

FY Rs/Barrel
2008 3,289
2009 3,903 18.66%
2010 3,375 -13.55%
2011 3,795 12.46%
2012 4,658 22.75%
2013 5,002 7.38%
2014 5,982 19.60%
2015 4,910 -17.92%
2016 2,925 -40.42%
2017 3,218 10.01%
2018 3,455 7.36%
2019 4,387 26.96%
2020 3,886 -11.41%
2021 (April to December) 5,593 43.93%
RM Costs & Pricing Flexibility of Relaxo (Total Material Costs to Revenues)
Change in NR Change in Crude Oil Mat Cost/Revenue Change in MC/R
Sep 12 (12)  -2.8% 15.1% 53.04%
Sep 13 (12)  -10.6% 13.5% 46.44% -6.6%
Sep 14 (12)  -13.1% 0.8% 45.38% -1.1%
Mar 15 (12) -20.1% -17.9% 43.58% -1.8%
Mar 16 (12)  -14.7% -40.4% 41.27% -2.3%
Mar 17 (12)  19.8% 10.0% 44.13% 2.9%
Mar 18 (12)  -4.2% 7.4% 45.39% 1.3%
Mar 19 (12)  -3.0% 27.0% 46.52% 1.1%
Mar 20 (12) 7.4% -11.4% 42.96% -3.6%
Correlation with change in MCR
1 period lag
Historical Mean 45.4%
Historical Median 45.4%

SUMMARY OUTPUT

Regression Statistics
Multiple R 0.990951116
R Square 0.981984115
Adjusted R Square 0.963968231
Standard Error 0.004362245
Observations 7

ANOVA
df SS MS F
Regression 3 0.003111647 0.001037216 54.50657182
Residual 3 0.0000570876 0.0000190292
Total 6 0.003168734

Coefficients Standard Error t Stat P-value

Intercept 0.420796198 0.05044931 8.340970367 0.003612375
Avg. change in Mat 0.125087222 0.013267683 9.427962732 0.002528725
Revenue growth 0.143476218 0.025215911 5.689908172 0.010761031
Lagged MC/R -0.986402513 0.116733437 -8.450042573 0.003478725

Total Material Costs 1078.14

Revenues 2419.53
44.50%
Avg. change in Mat Revenue growth Lagged MC/R
6.1%
1.5% 16.77% 53.0%
-6.1% 20.15% 46.4%
-19.0% 21.95% 45.4%
-27.6% 15.80% 43.6%
14.9% -4.11% 41.3%
1.6% 18.29% 44.1%
12.0% 18.48% 45.4%
-2.0% 4.97% 46.5%
0.42 -0.47 -0.01
-0.35 -0.47

Significance F
0.004082921

Lower 95% Upper 95% Lower 95.0% Upper 95.0%

0.260243978 0.581348417 0.260243978 0.581348
0.082863533 0.167310912 0.082863533 0.167311
0.063227935 0.223724501 0.063227935 0.223725
-1.357900409 -0.614904618 -1.357900409 -0.6149
 2017 2018 2019 2020
Industry Units 1500000000 1700000000 1800000000 2000000000
Company Units 135000000 157000000 184000000 179000000
Exported Units 5400000 6280000 7360000 7160000
Domestic Units 129600000 150720000 176640000 171840000
Market Share 9.00% 9.24% 10.22% 8.95%
Average Realisation ₹ 121 ₹ 124 ₹ 123 ₹ 133
Revenue ₹ 16,335,000,000 ₹ 19,468,000,000 ₹ 22,632,000,000 ₹ 23,807,000,000
Revenue (cr.) ₹ 1,633.50 ₹ 1,946.80 ₹ 2,263.20 ₹ 2,380.70
Inflation rates 3.60% 3.43% 4.76% 6.18%
Infl. Adj. Revenue
 CAGR 9.88%
Export rate 4%
2021 2022 E 2023 E 2024 E 2025 E 2026 E
2200000000 2400000000 2700000000 2900000000 3186390221.2421 3501062980.0094
191000000 209862252.5025 230587251.442 253358952.80616 278379479.20196 305870913.90469
7640000 8394490.1000998 9223490.0576799 10134358.112247 11135179.168079 12234836.556188
183360000 201467762.4024 221363761.38432 243224594.69392 267244300.03388 293636077.3485
8.68% 9.1% 9.6% 10.1% 10.5% 11.0%
₹ 122 ₹ 131 ₹ 132 ₹ 133 ₹ 135 ₹ 136
₹ 23,302,000,000 ₹ 27,424,899,891 ₹ 30,438,083,362 ₹ 33,792,351,673 ₹ 37,705,550,251 ₹ 41,596,849,159
₹ 2,330.20 ₹ 2,742.49 ₹ 3,043.81 ₹ 3,379.24 ₹ 3,770.56 ₹ 4,159.68
5.56% 4.88% 4.32% 4.09% 4.02% 4.05%
₹ 2,876.32 ₹ 3,175.30 ₹ 3,517.45 ₹ 3,922.13 ₹ 4,328.15
CASH, INVESTMENTS & OTHER INCOME (Rs Crore)
Fiscal Year 2017 2018 2019
Cash & Investments
Non-Current Investments 0.7 0.2 0.2

Current-Investments - 1 -

Cash & Equivalents 3.51 3.12 1.88

Revenue 1,644.76 1,945.51 2,305.06
Cash & Equivalent/Revenue 0.21% 0.16% 0.08%

Bank balances other than cash and cash equivalents 0.14 0.88 0.34

Total Cash & Investments 4.35 4.70 2.42

Other Income
Interest Income 0.74 0.58 0.65
Dividend Income - - 1.15
Profit on sale of investments 0.01 0.50 1.06
Lease Rent Received - - -
Net Gain on foreign currency transaction 11.01 3.08 8.19
Income from Investment activities - - -
Total Other Income 11.76 4.16 11.05
% of Revenue 0.71% 0.21% 0.48%
 2020 2021 2022 2023 2024 2025 2026

0.2 0.2 0.2 0.2 0.2 0.2 0.2

- 338

2.55 6.34 4.66 4.87 5.07 6.41 7.49

2,419.53 2,381.92 2,742.49 3,043.81 3,379.24 3,770.56 4,159.68
0.11% 0.27% 0.17% 0.16% 0.15% 0.17% 0.18%

1.54 1.35 1.35 1.35 1.35 1.35 1.35

4.29 345.87 6.21 6.42 6.62 7.96 9.04

0.43 0.74
- -
1.07 7.41
- 11.82
4.62 2.40
2.76 -
8.88 22.37 14.89 15.48 19.17 22.06 26.15
0.37% 0.94% 0.54% 0.51% 0.57% 0.58% 0.63%
Fiscal Year 2017 2018 2019 2020 2021 2022 2023
Revenues 1,644.76 1,945.51 2,305.06 2,419.53 2,381.92 2742.49 3043.81
Cost of Materials Consumed 580.13 705.69 912.60 930.78 863.85
% of Revenue 35.27% 36.27% 39.59% 38.47% 36.27%
Purchases of Stock-in-Trade 140.54 190.94 217.53 162.08 95.28
Changes in Inventories 5.16 (13.62) (57.81) (53.54) 44.15
Total Materials 725.83 883.01 1,072.32 1,039.32 1,003.28 1,220.41 1,396.50
% of Revenue 44.13% 45.39% 46.52% 42.96% 42.12% 44.50% 45.88%

Employee benefits expenses 177.04 214.08 258.66 293.99 301.39 316.46 349.69
% Increase 20.92% 20.82% 13.66% 2.52% 5.00% 10.50%

Other Expenses (including selling 497.37 541.87 636.79 668.22 558.99 750.35 815.13
% of Revenue 30.24% 27.85% 27.63% 27.62% 23.47% 27.36% 26.78%

EXPENSES (excl. Depreciation) 1,400.24 1,638.96 1,967.77 2,001.53 1,863.66 2,287.21 2,561.32
% of Revenue 85.13% 84.24% 85.37% 82.72% 78.24% 83.40% 84.15%

OPBDIT 244.52 306.55 337.29 418.00 518.26 455.28 482.49

% of Revenue 14.87% 15.76% 14.63% 17.28% 21.76% 16.60% 15.85%
 2024 2025 2026
3379.24 3770.56 4159.68

1,596.69 1,833.62 2,079.84

47.25% 48.63% 50.00%

377.38 401.85 431.89

7.92% 6.48% 7.48%

897.86 993.92 1,086.09

26.57% 26.36% 26.11%

2,871.93 3,229.39 3,597.83

84.99% 85.65% 86.49%

507.30 541.17 561.86

15.01% 14.35% 13.51%