| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 309 | | Target | | | | | 354 | | Reco | | | | | BUY | | Net Sales | 14,744 | 14,704 | 18,486 | 19,366 | 22,057 | | Growth (%) | | -0 | 26 | 5 | 14 | | EBIDTA | 3,036 | 2,073 | 4,213 | 2,992 | 3,536 | | EBITDA Margin | | 14 | 23 | 15 | 16 | | Net Profit | 1,145 | 318 | 1,595 | 1,075 | 1,359 | | Growth (%) | | -72 | 401 | -33 | 26 | | EPS, Rs | 20 | 6 | 28 | 19 | 24 | | PER, x | 15.4 | 55.4 | 11.0 | 16.4 | 13.0 | | EV/EBIDTA, x | 7 | 10 | 5 | 7 | 6 | | P/BV, x | 2 | 2 | 2 | 2 | 1 | | ROE, % | 13 | 4 | 15 | 9 | 11 | | Total debt/Equity (%) | 51.4 | 41.2 | 42.9 | 39.8 | 27.3 |
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