| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 59 | | Target | | | | | 60 | | Reco | | | | | NEU | | Net Sales | 59,590 | 65,003 | 68,095 | 66,488 | 75,523 | | Growth (%) | | 9 | 5 | -2 | 14 | | EBIDTA | 15,922 | 11,454 | 9,069 | 9,342 | 13,656 | | EBITDA Margin | | 18 | 13 | 14 | 18 | | Net Profit | 10,693 | 8,714 | 5,928 | 6,917 | 10,383 | | Growth (%) | | -19 | -32 | 17 | 50 | | EPS, Rs | 4 | 3 | 2 | 3 | 4 | | PER, x | 14.3 | 17.6 | 25.8 | 22.2 | 14.8 | | EV/EBIDTA, x | 7 | 10 | 13 | 12 | 8 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 10 | 7 | 5 | 6 | 8 | | Total debt/Equity (%) | -33.9 | -35.6 | -29.4 | -33.4 | -34.6 |
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