| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 1254 | | Target | | | | | 1500 | | Reco | | | | | BUY | | Net Sales | 227,003 | 310,303 | 396,166 | 395,934 | 433,653 | | Growth (%) | | 37 | 28 | -0 | 10 | | EBIDTA | 34,542 | 37,707 | 47,296 | 47,680 | 52,264 | | EBITDA Margin | | 12 | 12 | 12 | 12 | | Net Profit | 26,620 | 28,789 | 33,603 | 36,459 | 37,608 | | Growth (%) | | 8 | 17 | 8 | 3 | | EPS, Rs | 43 | 47 | 55 | 59 | 61 | | PER, x | 28.9 | 26.7 | 22.9 | 21.1 | 20.5 | | EV/EBIDTA, x | 23 | 21 | 17 | 16 | 15 | | P/BV, x | 7 | 6 | 5 | 5 | 4 | | ROE, % | 26 | 24 | 23 | 22 | 19 | | Total debt/Equity (%) | 17.4 | 19.7 | 11.6 | 6.5 | 8.9 |
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