| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 330 | | Target | | | | | 222 | | Reco | | | | | BUY | | Net Sales | 13,188 | 17,181 | 20,550 | 20,566 | 22,994 | | Growth (%) | | 30 | 20 | 0 | 12 | | EBIDTA | 1,832 | 3,280 | 4,287 | 3,018 | 4,318 | | EBITDA Margin | | 19 | 21 | 15 | 19 | | Net Profit | 591 | 1,480 | 1,914 | 1,123 | 2,091 | | Growth (%) | | 150 | 29 | -41 | 86 | | EPS, Rs | 5 | 12 | 16 | 10 | 18 | | PER, x | 68.3 | 27.3 | 20.3 | 34.6 | 18.6 | | EV/EBIDTA, x | 23 | 13 | 11 | 16 | 12 | | P/BV, x | 4 | 3 | 3 | 3 | 3 | | ROE, % | 6 | 13 | 15 | 9 | 14 | | Total debt/Equity (%) | 38.1 | 43.0 | 70.1 | 77.0 | 87.5 |
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