| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 21 | | Target | | | | | 37 | | Reco | | | | | BUY | | Net Sales | 57,737 | 76,421 | 83,054 | 87,095 | 97,535 | | Growth (%) | | 32 | 9 | 5 | 12 | | EBIDTA | 15,555 | 18,174 | 24,772 | 25,654 | 37,581 | | EBITDA Margin | | 24 | 30 | 29 | 39 | | Net Profit | -9,297 | -4,899 | -4,560 | -11,512 | -4,364 | | Growth (%) | | -47 | -7 | 152 | -62 | | EPS, Rs | -2 | -1 | -1 | -3 | -1 | | PER, x | (8.8) | (16.7) | (17.9) | (7.1) | (18.7) | | EV/EBIDTA, x | 17 | 21 | 17 | 20 | 12 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | -10 | -5 | -5 | -13 | -5 | | Total debt/Equity (%) | 189.4 | 298.7 | 366.5 | 471.5 | 427.2 |
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