Profitability Ratios Units 2019 2018 2017 2016
Gross profit ratio
% 29.85 26.64 20.41 25.22
Gross profit ratio (Including subsidy)
% 29.85 28.21 25.66 31.56
Net profit to turnover
% 15.78 15.02 12.28 15.94
Net profit to turnover (Including subsidy)
% 15.78 14.70 11.47 14.59
EBITDA margin to turnover
% 27.73 23.46 20.82 27.95
EBITDA margin to turnover (Including
% 27.73 22.96 19.45 25.58
subsidy)
Operating leverage ratio Times 58.86 2.22 (0.38) 1.97
Return on equity (Profit after tax)
% 29.15 29.01 22.49 23.69
Return on equity (Profit before tax)
% 39.67 41.89 32.83 35.61
Return on capital employed
% 39.64 32.56 22.74 24.20
Earning before interest, depreciation and Rs in
30,455 25,674 19,483 21,066
tax million
Growth in Operating revenue
% 0.35 16.94 24.15 (13.70)
Growth in Operating revenue (Including
% (1.80) 11.63 21.65 (7.29)
subsidy)
Pre tax margin
% 21.48 21.69 17.93 23.96
Pre tax margin (Including subsidy)
% 21.48 21.22 16.75 21.93
Return on assets
% 9.35 9.18 8.17 9.63
Earnings growth
% 5.45 43.00 (4.34) (38.17)
Liquidity Ratios
Current ratio Times 0.92 0.96 0.94 0.91
Quick / Acid test ratio Times 0.82 0.79 0.87 0.73
Cash to current liabilities Times 0.30 0.26 0.30 (0.14)
Long term liabilities / current liabilities
% 14.05 18.39 43.95 69.65
Activity / Turnover Ratios
Inventory turnover ratio Times 7.59 11.53 30.04 11.94
No. of days in inventory Days 48 32 12 31
Debtors turnover ratio Times 10.74 22.64 18.92 20.74
Debtors turnover ratio (Including subsidy) Times 6.39 9.56 9.22 11.91
No. of days in receivables Days 34 16 19 18
No. of days in receivables (Including
Days 57 38 40 31
subsidy)
Creditors turnover ratio - with GIDC Times 1.45 2.39 5.17 17.20
- without GIDC Times 48.53 74.68 80.96 67.34
No. of days in payables - with GIDC Days 252 153 71 21
- without GIDC Days 8 5 5 5
Total assets turnover ratio Times 0.59 0.61 0.66 0.60
Total assets turnover ratio (Including
Times 0.59 0.62 0.71 0.66
Subsidy)
Fixed assets turnover ratio Times 3.35 3.34 2.72 2.20
Fixed assets turnover ratio (Including
Times 3.35 3.41 2.92 2.40
Subsidy)
Operating cycle - with GIDC Days (170) (105) (40) 28
- without GIDC Days 74.00 43.00 26.00 44.00
Investment / Market Ratios
Earnings per share (EPS) Rs 13.62 12.92 9.04 9.44
Breakup value (net assets per share)
- Without revaluation reserves Rs 46.74 44.54 40.18 39.86
- With revaluation reserves Rs 47.68 45.13 40.78 40.37
Capital Structure Ratios
Financial leverage ratio Times 0.64 0.90 0.82 1.07
Debt to equity ratio Ratio 29:71 29:71 29:71 32:68
Interest cover ratio Times 8.12 11.58 6.26 6.38
2015 2014
34.97 39.44 (Gross Profit/Net Sales) *100
36.06 39.44
22.25 20.69 (Net Profit/Net Sales) *100
21.88 20.69
31.37 34.02 EBITDA, Net Income+Interest+Taxes+D+A
30.85 34.02
(1.30) (0.85)
39.31 39.80
55.94 58.29
33.41 47.44
27,401 28,585
3.96 10.58
5.73 10.58
31.66 30.30
31.13 30.30
17.09 15.04
11.82 (3.59)
0.85 0.68
0.60 0.60
(0.13) 0.29
87.90 28.64
18.58 42.12
20 9
39.53 33.00
30.07 33.00
9 11
12 11
4.18 2.60
70.29 17.34
87 140
5 21
0.77 0.73
0.78 0.73
2.48 2.54
2.52 2.54
(58) (120)
24.00 (1.00)
15.27 13.66
38.86 34.33
38.86 34.33
0.98 0.60
33:67 21:79
12.13 12.85
