| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 104 | | Target | | | | | 155 | | Reco | | | | | BUY | | Net Sales | 35,387 | 44,936 | 51,595 | 50,848 | 57,302 | | Growth (%) | | 27 | 15 | -1 | 13 | | EBIDTA | 3,508 | 8,050 | 9,563 | 5,914 | 7,517 | | EBITDA Margin | | 18 | 19 | 12 | 13 | | Net Profit | 550 | 2,555 | 2,080 | -646 | 754 | | Growth (%) | | 46 | 38 | -46 | 56 | | EPS, Rs | 2 | 8 | 7 | -2 | 2 | | PER, x | 58.0 | 12.5 | 15.3 | (49.4) | 42.3 | | EV/EBIDTA, x | 17 | 7 | 7 | 11 | 8 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 1 | 6 | 5 | -2 | 2 | | Total debt/Equity (%) | 67.3 | 70.6 | 78.7 | 83.7 | 75.1 |
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