Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | Price | | | | | 230 | Target | | | | | 292 | Reco | | | | | BUY | Net Sales | 24,381 | 31,307 | 36,872 | 37,319 | 41,699 | Growth (%) | | 28 | 18 | 1 | 12 | EBIDTA | 10,939 | 13,735 | 16,333 | 17,537 | 23,604 | EBITDA Margin | | 44 | 44 | 47 | 57 | Net Profit | 4,523 | 4,960 | 5,567 | 4,591 | 5,831 | Growth (%) | | 10 | 12 | -18 | 27 | EPS, Rs | 14 | 15 | 17 | 14 | 18 | PER, x | 16.9 | 15.4 | 13.7 | 16.6 | 13.1 | EV/EBIDTA, x | 10 | 9 | 9 | 10 | 8 | P/BV, x | 3 | 3 | 2 | 2 | 2 | ROE, % | 19 | 17 | 17 | 13 | 14 | Total debt/Equity (%) | 140.9 | 183.8 | 224.4 | 268.0 | 278.8 |
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