| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 159 | | Target | | | | | 196 | | Reco | | | | | BUY | | Net Sales | 99,121 | 112,551 | 125,257 | 134,590 | 140,442 | | Growth (%) | | 14 | 11 | 7 | 4 | | EBIDTA | 56,077 | 60,695 | 65,084 | 69,615 | 71,828 | | EBITDA Margin | | 54 | 52 | 52 | 51 | | Net Profit | 49,216 | 55,692 | 69,170 | 69,663 | 71,227 | | Growth (%) | | 13 | 24 | 1 | 2 | | EPS, Rs | 12 | 13 | 16 | 16 | 17 | | PER, x | 13.7 | 12.1 | 9.7 | 9.6 | 9.4 | | EV/EBIDTA, x | 9 | 8 | 7 | 6 | 5 | | P/BV, x | 3 | 2 | 2 | 2 | 2 | | ROE, % | 22 | 21 | 21 | 19 | 17 | | Total debt/Equity (%) | -66.3 | -66.8 | -66.6 | -68.3 | -70.0 |
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