| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 476 | | Target | | | | | 550 | | Reco | | | | | BUY | | Net Sales | 1,224,262 | 1,648,545 | 1,876,528 | 2,306,771 | 2,742,017 | | Growth (%) | | 35 | 14 | 23 | 19 | | EBIDTA | 177,800 | 237,005 | 265,689 | 374,029 | 433,713 | | EBITDA Margin | | 14 | 14 | 16 | 16 | | Net Profit | 92,736 | 135,165 | 98,926 | 139,910 | 180,577 | | Growth (%) | | 46 | -27 | 41 | 29 | | EPS, Rs | 29 | 42 | 31 | 44 | 57 | | PER, x | 16.4 | 11.2 | 15.3 | 10.8 | 8.4 | | EV/EBIDTA, x | 10 | 8 | 7 | 5 | 4 | | P/BV, x | 8 | 5 | 4 | 3 | 2 | | ROE, % | 48 | 41 | 26 | 26 | 25 | | Total debt/Equity (%) | 111.6 | 85.9 | 80.8 | 64.5 | 54.6 |
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