| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 421 | | Target | | | | | 522 | | Reco | | | | | BUY | | Net Sales | 17,459 | 23,304 | 27,906 | 28,670 | 35,227 | | Growth (%) | | 33.5 | 19.8 | 2.7 | 22.9 | | EBIDTA | 3,648 | 5,556 | 6,342 | 3,263 | 5,524 | | EBITDA Margin | | 24 | 23 | 11 | 16 | | Net Profit | 498 | 1,830 | 1,971 | -84 | 225 | | Growth (%) | | 268 | 8 | -104 | -367 | | EPS, Rs | 6 | 23 | 24 | -1 | 3 | | PER, x | 68.7 | 18.7 | 17.3 | (405.9) | 152.0 | | EV/EBIDTA, x | 13 | 9 | 10 | 21 | 14 | | P/BV, x | 1.2 | 1.2 | 1.1 | 1.1 | 1.1 | | ROE, % | 1.8 | 6.3 | 6.4 | -0.3 | 0.7 | | Total debt/Equity (%) | 47.4 | 45.8 | 91.4 | 113.4 | 142.9 |
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