2020 2019

ASSETS

(I) Non-current assets

(a) Property, plant and equipment 2 834.83 831.37

(b) Capital work-in-progress 2 120.01 62.18

(c ) Right of use assets 3 61.66 -

(d) Intangible assets 4 2.91 2.31

(e) Intangible assets under development 0.75 1.12

(f) Biological assets other than bearer plants 5 6.27 4.68

(g) Financial Assets

(i) Investments

Investments in Subsidiaries, Associate and Joint Ventures 6 (a) 591.49 547.36

Other investments 6 (b) 0.82 0

(ii) Loans 7 11.74 10.41

(iii) Others 8 1.58 1.57

(h) Deferred tax assets 43 6.31 5.93

other tax assets

(i) Other non-current assets 9 19.45 31.88

Total Non current assets 1,657.82 1,498.81

(II) Current Assets

(a) Inventories 10 597.09 674.97

(b) Financial Assets

(i) Investments 11 0.04 0.04

(ii) Trade Receivables 12 713.76 588.38

(iii) Cash and cash equivalents 13 31.4 12.99

(iv) Bank balances other than (iii) above 14 0.79 0.7

(v) Loans 15 17.16 25.39

(vi) Others 16 168.52 33.31

(c) Other current assets 17 62.88 56.53

 Total current assets 1,591.64 1,392.31

Total Assets 3,249.46 2,891.12

EQUITY AND LIABILITIES

(I) Equity

(a) Equity share capital 18 192.04 192.03

(b) Other equity 19 1,385.69 1,198.85

Total equity 1,577.73 1,390.88

(II) Liabilities

(1) Non current liabilities

(a) Financial liabilities

(i) Borrowings 20 1.55 3.24

(ii) Lease Liabilities 20.76 -

(iii) Other financial liabilities 21 0.85 0.51

(b) Provisions 22 4.72 3.73

(c) Deferred tax liabilities (net) 43 63.11 84.01

(d) Other non-current liabilities 23 15.13 16.35

Total non current liabilities 106.12 107.84

(2) Current liabilities

(a) Financial liabilities

(i) Borrowings 24 385.6 105.46

(ii) Trade payables 25

Total outstanding dues of micro enterprises and small enterprises 2.01 10.73

Total outstanding dues of creditors other than micro enterprises and small enterprises 923.11 1,058.64

(iii) Other financial liabilities 26 150.19 127.9

(b) Other current liabilities 27 40.27 39.36

(c) Provisions 28 39.92 37.77

(d) Current tax liabilities (Net) 24.51 12.54

Total current liabilities 1,565.61 1,392.40

Total liabilities 1,671.73 1,500.24

Total Equity and Liabilities 3,249.46 2,891.12

2018 2017 2016

683.52 688.08 665.35

113.81 30.09 36.95

- -

6.54 11.5982 16.4576

0.48 0.2342 0.1436

4.26 4.6698 8.3631

532.43 505.98 480.14

0 0.0041 0.0041

9.03 10.90 9.9353

1.47 1.7493 1.6069

5.51 5.093 8.2312

26.89 10.37 9.3626

18.09 13.96

1,383.94 1,286.86 1,251.02

551.19 573.04 522.84

0.04 1.6275

489.99 407.45 366.17

11.57 37.37 19.46

0.79 7.0897 6.7328

24.11 34.35 136.31

21.02 10.47 54.89

88.05 42.21 31.55

1,186.76 1,111.98 1,139.59

2,570.70 2,398.85 2,390.60

192.03 185.13 92.57

1,096.85 717.48 603.99

1,288.88 902.62 696.56

5.35 6.7066 6.8906

0.0006 6.5371

3.36 3.0962 1.8352

72.33 72.94 60.31

12.24 13.25 12.40

93.28 96.00 87.97

209.49 474.97 1,140.66

746.29 234.68

699.66

192.84 126.24 179.80

41.51 32.04 38.56

30.42 20.69 12.37

14.62

1,188.54 1,400.23 1,606.08

1,281.82 1,496.23 1,694.05

2,570.70 2,398.85 2,390.60

 2020 2019 2018

Particulars Note No.

I. Revenue from operations

Sale of products 4,976.29 4,326.11 3,684.38

Other operating revenue 142.39 10.6 7.35

Total Revenue From Operations 29 5,118.68 4,336.71 3,691.73

II. Other income 30 41.01 58.19 27.62

III. Total Income 5,159.69 4,394.90 3,719.35

IV. Expenses

Cost of materials consumed 31 3,789.83 3,230.44 2,634.16

Purchases of Stock-in-Trade 32 220.44 223.01 170.81

Changes in inventories of finished goods,

stock under cultivation , work in progress 33 45.74 -55.59 8.59
and Stock-in-Trade

Excise Duty 16.87

Employee benefits expense 34 216.21 203.1 195.16

Finance costs 35 23.51 21.97 31.88

Depreciation and amortisation expenses 36 79.85 58.64 53.31

Other expenses 37 424.89 405.84 327.25

Total Expenses 4,800.47 4,087.41 3,438.03

Profit before exceptional itemas and
tax
Exceptional items
V. Profit Before Tax 359.22 307.49 281.32
VI. Tax expense: 65.91 99.61 90.46
1. Current Tax 85.83 87.52 89.11
2. Deferred Tax -19.92 12.09 1.35
VII. Profit for the year 483.49 207.88 190.86

VIII. Other comprehensive income

(A) Items that will not be reclassified to profit or loss

Remeasurement of defined benefit liability -3.28 -1.85 -3.24

Income tax related to Items that will not be

0.83 0.64 1.12
reclassified to profit or loss
 (B) Items that will be reclassified to profit or loss

Effective portion of gains/losses on hedging instruments in cash flow hedge -3.21

Income tax related to Items that will be reclassified to profit or loss 1.11

Other comprehensive income for the year -2.45 -1.21 -4.22

IX. Total comprehensive income for the year (VII + VIII ) 290.86 206.67 186.64
2017 2016

2020 2019 2018 2017

3,616.05 3,365.99
cogs 4188.18 3607.6 2946.07 2951.31
54.19 55.29

3670.2403 3421.278

2,638.92 2,504.17

183.60 174.52

7.4203 -24.83

164.70 135.12

68.04 91.08

48.84 44.16

298.06 285.15

3,409.57 3,209.38

260.67 211.90

20.00

280.67 211.90

72.70 53.63 382.73 329.46 313.2 328.71

56.84 45.02

15.86 8.6143

207.97 158.27

-2.78 -2.3539

0.9621 0.8146
 3.2114

-1.1114

0.2821 -1.5393

208.25 156.73
 2016

2803.48
 Particulars 2020 2019 2018

A. Cash Flow from Operating Activities :

Net Profit Before Taxes 359.22 307.49 281.32

Adjustment for:

Depreciation and amortisation 79.85 58.64 53.31

(Profit)/Loss on sale of Property, plant and

0.5 -29.51 1.15
equipment

Unrealised foreign exchange gain/loss

-0.1 -0.02 -
(net)

Dividend income -3.54 -3.47 -4

Grant amortisation -1.11 -1.2 -1.35

Interest income -2.21 -5.94 -3.24

Employee share based compensation

1.96 1.16 -
cost
Change in fair value of biological assets -0.23 0.08 31.88

Finance Cost 23.51 21.97 5.35

Allowances for Doubtful Debts and

3.18 2.97 -1.28
Advances

Liabilities no longer required written back -4.27 -4.88 2.63

Bad Debts Written off 21.99 16.24 8.2

119.53 56.04 92.65

Operating Profit Before Working

478.75 363.53 373.97
Capital Changes

Adjustments for:

Inventories 77.88 -123.78 19.22

Biological assets other than bearer plants -1.36 -0.5 0.41

Trade Receivables -150.55 -117.6 -107.2

Non-current / Current financial assets-
-1.8 -12.8 1.87
loans

Non-current / Current financial assets-

-135.36 -9.99 0.32
others

Non-current/ Current assets -9.25 32.48 0.38

Trade payables and acceptances -139.97 374.87 16.41

Non-current / Current - provisions -0.48 5.87 -4.77

Non-current / Current financial

12.04 -64.52 -45.84
liabilities- others
 Non-current / Current liabilities 0.8 3.3 12.32

-348.05 87.33 -2.97

Cash Generated from Operations 130.7 450.86 -

Direct Taxes paid (net of refunds

-73.03 -88.3 0.33
received)

Net Cash Flow Generated from

57.67 362.56 5.52
Operating Activities
B. Cash Flow from Investing Activities : 24.59
Capital subsidy received - 2.76 9.47
Acquisition of Property, plant and
-156.77 -168.54 -69.94
equipment and CWIP
Proceeds from sale of Property, plant and
4.48 31.83 304.03
equipment
Intercorporate Deposits Given - -195.64 -62.79
Intercorporate Deposits returned 8.69 205.69 241.24
Purchase of Investments -44.95 -14.93
Interest Received 2.36 6.04
Dividend Received 3.54 3.47
Net Cash Flow used in Investing
-182.65 -129.32
Activities
C. Cash Flow from Financing Activities :
Repayment of Short Term Borrowings -1,418.24 -1,835.67
Proceeds from Short Term Borrowings 1,698.39 1,731.64
Repayment of Long Term Borrowings -5.5 -1.88
Proceeds from Long Term Borrowings 3.91 -
Finance Cost -20.46 -22.49
Lease Liability repayments -11.25 -
Dividend Paid -86.42 -86.37
Dividend Tax Paid -17.05 -17.05
Proceeds from exercise of ESOP shares 0.01 -
Net Cash Flow Generated from
143.39 -231.82
Financing Activities

Net increase/ (decrease) in Cash and

18.41 1.42
Cash equivalents
Cash and Cash equivalents (Opening
12.99 11.57
balance)
Cash and Cash equivalents (Closing
31.4 12.99
balance) (refer note 13)
2017 2016
 -

-143.52

1.28

-8.86
-
-26.49
3.23
4

-170.36

-3,565.12
3,299.29
-1.35
-31.88
-83.31
-16.96
-0.01
316.92
-14.26

-96.68

-25.8

37.37

11.57
 2020 2019 2018
NPM 9.37052419815919 4.73002798698 5.1315418017
Asset Utilisation 1.68052203537777 1.60931704084 1.4968570871
Financial Leverage 2.06850344100438 2.03817506045 2.2676502049
ROE 32.5734939921377 15.5148222229 17.41824009

ROE 19.7607634549503 15.5148222229 17.41824009

Number of shares
outstanding 192041898 192028739 192028739
 2020
2017 2016 GPM 26.54927
5.66637285303 4.62597854141 EPS 2.52
1.53263587655 1.43113635867 Operating profit margin 6.900412
2.99495314172 3.43202576443 PAT margin 9.370524
26.0096296017 22.7214042549 ROCE 0.2425826979
Interest coverage ratio 16.279455551
Debt to equity ratio 0.9406362305
Working capital turnover ratios 196.64540914
Asset turnover ratio 1.680522
Inventory turnover ratio 6.5848780718
Inventory number of days 55.430031661
Receivables turnover ratio 7.8619503279
26.0096296017 22.7214042549 Days sales outstanding 46.426139161

185130876 92565438
 2019 2018 2017 2016
26.49571 29.17687 28.09967 26.80603
1.08 0.99 1.12 1.71
6.290713 7.467231 6.591804 6.673985
4.730028 5.131542 5.666373 4.625979

14.995903505 9.824341279799 5.12531785 3.32648524

0.9393189923 0.859149028614 1.50031076 2.25189055
-48185.66667 -2074.00561798 -12.5450108 -7.2155972
1.609317 1.496857 1.532636 1.431136
5.8843870294 5.241028665308 5.38617472 5.3620228
62.028550837 69.64281695615 67.7660899 68.0713256
8.0430835428 8.227288560269 9.34845092 9.19241348
45.380605344 44.3645555065 39.0439018 39.706656
 PARTICULARS AS AT MARCH 31,
2020
ASSETS
Non Current Assets

(a) Property, plant and 151,221.80

equipment

(b)  Right of use assets 23,113.01

(c)  Capital work in progress 35,457.37

(d)  Goodwill 774.12

(e) Other Intangible assets (f ) Financial 468.76

assets

(i)  Investments 12

(ii)  Other financial assets 4,669.37

(g)  Other non-current assets 5,637.30

(h)  Non-current tax assets 244.08

Current Assets 221,597.81

(a) Inventories

(b)  Financial assets 37,395.53

(i) Trade receivables 1,455.11

(ii)  Cash & cash equivalents 4,069.14

(iii)  Other Bank balances 400.74

(iv) Others financial assets 2,418.57

(c) Other current assets 4,089.39

49,828.48
Total Assets 271,426.29

EQUITY AND LIABILITIES

Equity
 (a) Equity share capital 1,617.11

(b)  Other equity 88,830.79

Total Equity 90,447.90

Liabilities

Non Current Liabilities

(a) Financial liabilities

(i)  Borrowings 61,407.46

(ii)  Lease Liablilities 17,329.76

(b)  Deferred tax liabilities (net) 5,519.64

(c)  Other non-current liabilities 990.48

85,247.34

Current Liabilities

(a)  Financial liabilities

(i)  Borrowings 29,668.71

(ii)  Lease Liabilities 6,330.85

(iii)  Trade payables

• Total outstanding dues of micro

enterprises and small enterprises 0.84

• Total outstanding dues of creditors

other than micro enterprises and small 14,205.27
enterprises

(iv) Other Financial liabilities 42,262.85

(b)  Provisions 564.45

(c)  Other current liabilities 2,698.08

95,731.05

Total Equity and Liabilities 271,426.29

 FOR THE YEAR ENDED

PARTICULARS MARCH 31, 2020

(I) INCOME

Revenue from Operations 530,833.44

Other Income 865.1

Total Income 531,698.54

(II) EXPENSES

Cost of Materials Consumed 368,496.97

Purchase of Stock in trade 268.89

Changes in Inventories of Finished Goods

Stock in trade and Work-in-Progress 7,333.46

Employee Benefits Expense 16,770.77

Finance Costs 10,585.07

Depreciation and Amortisation expense 29,648.16

Other Expenses 82,955.88

Total Expenses 516,059.20

(III) Profit Before Tax 15,639.34

(IV) Tax Expense

Current tax 5,280.00

Adjustment of current tax relating to earlier years -821.43

Deferred tax -46.4

Total tax expense 4,412.17

(V) Profit for the year

11,227.17
(VI) OTHER COMPREHENSIVE INCOME
(OCI)

(a) Items not to be reclassified to profit or loss in

subsequent periods

Re-measurement loss/(gains) on employee 76.74

defined benefit plans
Income tax eRect -26.85

Net items not to be reclassified to profit or loss

in subsequent periods 49.89

(b) Items to be reclassified to profit or loss in

subsequent periods:

Net movement in cash flow hedges - loss/(gain) 175.51

Income tax eRect -61.32

Net items to be reclassified to profit or loss in

subsequent periods

114.19

(VII) Total other comprehensive income for the

164.08
year, net of tax

(VIII) Total comprehensive income for the year

11,063.09

(IX) Earnings Per Equity Share Rs. 1/- each

fully paid

(March 31, 2019: Rs. 1/- each fully paid)

Computed on the basis of total profit for the year

Basic (Rs.) 6.99

Diluted (Rs.) 6.94

See accompanying notes to the financial

statements
 2020 2019 2018
GPM
EPS
Operating profit margin
PAT margin
ROCE
Interest coverage ratio
Debt to equity ratio
Working capital turnover ratios
Asset turnover ratio
Inventory turnover ratio
Inventory number of days
Receivables turnover ratio
Days sales outstanding
2017 2016
 Note As at
Particulars
No. March 31,
2020

ASSETS:

Non-current assets:

Property, plant and equipment 3 1,913

Capital work-in-progress 147

Right-of-use assets 4 77

Goodwill 5 2,282

Other intangible assets 5 -

Financial assets:

Investments 6 352,758

Loans 7 112,136

Other financial assets 8 51

Other non-current assets 9 264

Deferred tax asset [net] 10 1,399

Assets for tax [net] 11 485

471,512
Current assets:

Inventories 12 1,234

Financial assets:

Trade receivables 13 55

Cash and cash equivalents 14 193

Bank balance other than cash

15 2,787
and cash equivalents

Loans 16 -

Other current financial assets 17 2,542

 Other current assets 18 1,953

8,764

Total 480,276

EQUITY AND LIABILITIES:

Equity:
Equity share capital 19 5,766
Other equity 20 315,704
321,470
Liabilities:
Non-current liabilities:
Financial liabilities:

Borrowings 21 150,000

Lease liabilities 22 64

Other financial liabilities 23 45

Provisions 24 194

Deferred tax liabilities [net] 10 -

150,303
Current liabilities:
Financial liabilities:

Borrowings 25 1,630

Trade payables:
Due to Micro, Small
and Medium 26 10
Enterprises
Due to other than
Micro, Small and 26 3,287
Medium Enterprises

Lease liabilities 22 14

Other financial liabilities 27 3,198

Other current liabilities 28 281

Provisions 29 83

8,503
Total 480,276
Significant accounting policies 2
Notes to the financial statements 1 to 48
Particulars Note No. Year ended March
31, 2020

REVENUE:

Revenue from operations 32 15,343

Other Income 33 10,948

Total Income 26,291

EXPENSES:

Cost of materials consumed 34 9,888

Purchases of stock-in-trade 35 112

Changes in inventories of finished goods,

36 -605
work-in-Progress and stock-in-trade

Employee benefits expense 37 3,397

Finance costs 38 14,029

Depreciation and amortisation expense 3, 4, 5 295

Other expenses 39 4,637

Total Expenses 31,753

[Loss]/ Profit before exceptional items and tax -5,462

Exceptional items 40 -32

[Loss]/ Profit before tax -5,494

Less: Tax expense:

Current tax 10 -

Deferred tax 10 -1,421

Total Tax Expenses -1,421

[Loss]/ Profit for the year -4,073

Other Comprehensive Income

Items that will not be reclassified to profit or loss:

Re-measurement gains on post employment defined -29

benefit plans, net of tax
Other Comprehensive Income for the year [net of tax] -29

Total Comprehensive Income for the year [net of Tax] -4,102

Basic & diluted [Loss] /earnings per equity share [EPS] [in
`] 41 -7.06

Significant Accounting Policies 2

Notes to the financial statements 1 to 48
 2020 2019 2018
GPM
EPS
Operating profit margin
PAT margin
ROCE
Interest coverage ratio
Debt to equity ratio
Working capital turnover ratios
Asset turnover ratio
Inventory turnover ratio
Inventory number of days
Receivables turnover ratio
Days sales outstanding
2017 2016
 2020 2019 2018
Net cash from operating activities 57.65 362.56 241.24
Capital Expenditure 156.77 168.54 143.52
Free cash flow -99.12 194.02 97.72

Average Free Cash Flow 172.726

Retained earnings 3318.24 2920.31

Retention % 0.8230366708722 0.705363

Intrinsic Value Calculation

Total PV of cash flow 8821.53
Cash & Cash balance 32.19
Value of debt 23.16
Equity value 8830.56
Number of shares 19
Face value 1
Share Price 459.92518636673

Intrinsic Value Band

Error Leeway 15
Lower Intrinsic Value Band 390.93640841172
Upper Intrinsic Value Band 528.91396432174
 No: of years considered
FCF growth rate
2017 2016 Terminal growth rate
801.23 43.36 Discount rate
74.33 99.25
726.9 -55.89

2028-29
2029-30

Sl.No Year Future cash flow(Cr)

1 2020-21 196.801430683047
2 2021-22 224.232617665517
3 2022-23 255.487303372847
4 2023-24 291.098426554948
5 2024-25 331.673209682374
6 2025-26 377.903512990108
7 2026-27 430.577631720776
8 2027-28 490.593737727769
TY 2030-31 15428.3771029963
Total
 8
13.9385099423636 12%(approx)
6.61
10.00

PV of Future cash flow(Cr)

178.910391530043
185.316212946708
191.951392466452
198.824142172631
205.942968179256
213.316681158655
220.954407246067
228.865599334683
7197.45
8821.53358