| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 10 | | Target | | | | | 11 | | Reco | | | | | SELL | | Net Sales | 19,147 | 24,918 | 26,077 | 28,209 | 23,865 | | Growth (%) | | 30 | 5 | 8 | -15 | | EBIDTA | 5,140 | 6,840 | 6,451 | 9,461 | 13,157 | | EBITDA Margin | | 27 | 25 | 34 | 55 | | Net Profit | 1,549 | 615 | -3,360 | -3,687 | -7,893 | | Growth (%) | | -60 | -647 | 10 | 114 | | EPS, Rs | 1 | 0 | -2 | -2 | -5 | | PER, x | 10.0 | 25.2 | (4.6) | (4.2) | (2.0) | | EV/EBIDTA, x | 13 | 22 | 31 | 23 | 17 | | P/BV, x | 0 | 0 | 0 | 1 | 1 | | ROE, % | 5 | 2 | -11 | -13 | -36 | | Total debt/Equity (%) | 159.0 | 395.9 | 584.7 | 744.5 | 976.5 |
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