| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 85 | | Target | | | | | 77 | | Reco | | | | | BUY | | Net Sales | 8,655 | 9,826 | 11,040 | 13,648 | 17,256 | | Growth (%) | | 14 | 12 | 24 | 26 | | EBIDTA | 989 | 605 | 772 | 864 | 2,598 | | EBITDA Margin | | 6 | 7 | 6 | 15 | | Net Profit | 633 | 292 | 308 | -407 | 591 | | Growth (%) | | -54 | 6 | -232 | -245 | | EPS, Rs | 3 | 1 | 1 | -2 | 3 | | PER, x | 30.6 | 66.3 | 62.7 | (47.5) | 32.7 | | EV/EBIDTA, x | 17 | 40 | 37 | 36 | 12 | | P/BV, x | 2 | 2 | 2 | 2 | 2 | | ROE, % | 8 | 4 | 4 | -5 | 7 | | Total debt/Equity (%) | -28.0 | 57.2 | 108.4 | 142.0 | 125.2 |
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