| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 43 | | Target | | | | | 37 | | Reco | | | | | BUY | | Net Sales | 110,380 | 126,208 | 120,648 | 95,404 | 107,936 | | Growth (%) | | 14 | -4 | -21 | 13 | | EBIDTA | 12,137 | 12,561 | 8,762 | 1,664 | 6,582 | | EBITDA Margin | | 10 | 7 | 2 | 6 | | Net Profit | 6,313 | 5,644 | 1,438 | -4,764 | -417 | | Growth (%) | | -11 | -75 | -431 | -91 | | EPS, Rs | 2.4 | 2.1 | 0.5 | -1.8 | -0.2 | | PER, x | 18.3 | 20.4 | 80.2 | (24.2) | (276.6) | | EV/EBIDTA, x | 11 | 12 | 18 | 97 | 24 | | P/BV, x | 3 | 3 | 3 | 3 | 3 | | ROE, % | 16 | 13 | 3 | -11 | -1 | | Total debt/Equity (%) | 60.3 | 72.8 | 97.4 | 103.8 | 99.7 |
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