| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 189 | | Target | | | | | 184 | | Reco | | | | | NEU | | Net Sales | 91,441 | 82,745 | 25,258 | 661,524 | 824,314 | | Growth (%) | | -10 | -69 | 2,519 | 25 | | EBIDTA | 51,916 | 35,001 | 4,655 | 203,597 | 278,912 | | EBITDA Margin | | 42 | 18 | 31 | 34 | | Net Profit | 42,224 | 27,616 | 23,014 | 72,624 | 78,753 | | Growth (%) | | -35 | -17 | 216 | 8 | | EPS, Rs | 49 | 32 | 26 | 24 | 27 | | PER, x | 3.9 | 5.9 | 7.1 | 7.7 | 7.1 | | EV/EBIDTA, x | 11 | 17 | 130 | 6 | 4 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 33 | 18 | 13 | 10 | 10 | | Total debt/Equity (%) | 0.8 | 24.1 | 25.6 | 99.8 | 84.5 |
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