Financial Results

(Amount in million)

	FY19	FY18	FY17	FY16	FY15
Revenue	1,20,365	1,03,785	96,085	82,189	69,508
Other Operating Income	908	386	937	206	877
Total Income (A)	121273	1,04,171	97,023	82,395	70,385
Raw Material Cost	75,458	63,827	60,368	50,492	41,931
Employee Benefit Expense	15,015	13,135	12,038	10,399	9,022
Excise Duty	-	996	3,098	3,097	1,808
Depreciation and Amortization	5,656	3,865	3,371	2,922	2,540
Finance Cost	968	862	862	841	974
Imputed Finance Cost on CCPS	-	-	42	-1267	3780
Other Expenses	19,003	17,051	14,765	12,491	10,578
Total Expenditure (B)	1,16,000	99,735	94,543	78,795	70,633
Profit before Exceptional Item and Tax C= (A - B)	5,172	4,435	2,480	3,420	-249
Exceptional Item (D)		-	-	-	518
Share of Profit under Equity Method (E)	315	690	792	498	365
Profit before Tax F = (C+D+E)	5,487	5,126	3,272	3,918	634
Net Tax Expense (G)	989	618	238	220	465
Profit before Tax (Before Minority Interest) G= (F-G)	4,498	4,508	3,034	3,698	168
Non-controlling Interests (H)	-	5	4	5	39
Profit after Tax I = (G-H)	4,498	4,503	3,030	3,694	130
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	As at March 31st 2019	As at March 31st 2018	As at March 31st 2017	As at March 31st 2016	As at March 31st 2015
Assets
Fixed Assets	45,593	31,480	26,881	24,414	20,360
Others - Non-Current Assets	8,266	6,439	4,538	4,458	3,752
Total Non - Current Assets (A)	53,859	37,920	31,419	28,872	24,112

Current Investments	186	30	-	119	223
Cash and Bank Balances	1,608	3,289	3,541	1,771	690
Inventories	9,199	8,641	7,535	6,829	5,861
Receivables	13,495	14,027	11,383	11,852	10,714
Other Current Assets	8,958	4,616	3,016	4,727	2,684
Total Current Assets (B)	33,671	30,604	27,185	23,587	20,173
Total Assets C = (A+B)	87,530	68,524	58,604	52,459	44,285
Equity and Liabilities
Shareholder's Funds
Share Capital	135	135	135	262	96
Reserves and Surplus	30,736	28,145	21,719	17,366	10,729
Equity attributable to owners (D)	30,781	28,280	21,854	17,629	10,825
Minority Interest (E)	241	208	202	203	214
Total Shareholder's Funds F = (D+E)	31,112	28,488	22,055	17,832	11,039
Non-Current Liabilities
Liability portion of CCPS				2,060	5,895
Long Term Borrowings	4,572	6,361	7,553	5,573	4,337
Other Non-Current Liabilities	2,347	1,944	1,044	1,392	1,599
Total Non-Current Liabilities (G)	6,919	8,306	8,597	9,026	11,830

Short Term Borrowings	12,015	3,439	5,992	6,419	3,830
Finance Lease Obligations	71	59	48	52	52
Current Maturities of LT Debt	7,735	2,130	1,538	1,898	2,449
Trade Payables	20,292	19,794	15,062	12,167	9,829
Other Current Liabilities	9,386	6,308	5,312	5,065	5,254
Total Current Liabilities (H)	49,499	31,730	27,951	25,601	21,415
Total Equity and Liabilities I = (F+G+H)	87,530	68,524	58,604	52,459	44,285

	FY19	FY18	FY17	FY16	FY15
Operating Profit before working capital changes (A)	11,224	9,027	6,582	5,825	6,922
Changes in Working Capital (B)	-5,208	2,960	695	-2,516	-5,064
Cash Generated from Operations C = (A+B)	6,016	11,987	7,277	3,310	1,858
Net Income Tax Paid (D)	-1,277	-1,238	-512	-405	-574
Net Cash Flow from Operating Activities E = (C+D)	4,739	10,748	6,765	2,905	1,283
Capital Expenditure including Capital Advances (F)	-14,510	-5,781	-6,244	-5,992	-3,508
Purchase of Non Current Investment / Business (G)	-3,634	-501	-	-	359
Other Items (H)	572	269	589	207	695
Net Cash Flow used in Investing Activities I = (F+G+H)	-17,572	-6,013	-5,654	-5,785	-2,454
Net Cash Flow from / (used in) financing Activities (J)	11,289	-5,232	937	3,861	703
Net Increase / (Decrease) in cash and cash equivalents K = (E+I+J)	-1,543	-496	2,047	980	-467

	FY19	FY18	FY17	FY16	FY15
Profitability Ratios
Revenue	1,20,365	1,03,785	96,085	82,189	69,508
EBITDA	11,539	9,179	6,755	5,916	7,046
PAT	4,498	4,503	3,030	3,694	130
EBITDA Margin % (before exceptional Items and China JV)	9.6%	8.8%	7.0%	7.2%	10.1%
PAT Margin %	3.7%	4.3%	3.2%	4.5%	0.2%
Balance Sheet Ratios
Gross Debt (Incl. CCPS)	24,322	11,990	15,130	16,003	16,564
Net Debt (Incl. CCPS)	22,173	8,670	11,590	14,232	15,873
Equity ( Incl Minority Interest)	31,112	28,488	22,055	17,832	11,039
Net Debt (Incl CCPS)/ EBITDA	1.5	0.9	1.7	2.4	2.3

Return Ratios
EBIT	5,883	5,987	4,176	3,491	4,871
Capital Employed	53,782	37,158	33,645	32,064	26,913
Average Capital Employed	45,508	35,402	32,854	29,488	23,303

Return on Capital Employed	14.2%	16.9%	12.7%	11.8%	20.9%
Return on Equity	15.1%	18.0%	15.3%	26.0%	1.2%

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