| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 466 | | Target | | | | | 530 | | Reco | | | | | BUY | | Net Sales | 23,003 | 20,490 | 24,263 | 28,513 | 31,907 | | Growth (%) | | -11 | 18 | 18 | 12 | | EBIDTA | 5,868 | 5,173 | 5,701 | 7,111 | 7,648 | | EBITDA Margin | | 25 | 23 | 25 | 24 | | Net Profit | 3,756 | 3,131 | 3,483 | 4,324 | 4,899 | | Growth (%) | | -17 | 11 | 24 | 13 | | EPS, Rs | 19 | 16 | 17 | 22 | 24 | | PER, x | 24.8 | 29.8 | 26.8 | 21.6 | 19.0 | | EV/EBIDTA, x | 16 | 18 | 16 | 13 | 12 | | P/BV, x | 5 | 4 | 3 | 3 | 3 | | ROE, % | 18 | 15 | 19 | 14 | 15 | | Total debt/Equity (%) | -5.3 | -11.7 | -15.1 | 1.5 | -1.8 |
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