This came up in one of my screens also and got me interested. However, looks like FY profits may be a 1 time affair (lead prices increased but raw material costs did not increase proportionately)
Pasting excerpt from management discussion and analysis in annual report. Hence, my suggestion will be to assess valuation assuming steady state margin and decide.
“The company’s performance during 2016-2017 was excellent.
The international Lead prices remained firm throughout
the year, while the domestic raw material prices remained
subdued, particularly in the second half of the financial year,
leading to a substantial increase in profitability. This rather
large gap between the raw material and finished product
prices has already started narrowing, and the current financial
year will see a return to more traditional, and modest, margins.”
Not invested