| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 915 | | Target | | | | | 1085 | | Reco | | | | | BUY | | Net Sales | 43,815 | 46,274 | 58,553 | 80,998 | 118,519 | | Growth (%) | | 6 | 27 | 38 | 46 | | EBIDTA | 9,633 | 6,102 | 8,891 | 21,328 | 23,111 | | EBITDA Margin | | 13 | 15 | 26 | 19 | | Net Profit | 6,012 | 2,659 | 4,325 | 13,922 | 14,016 | | Growth (%) | | -56 | 63 | 222 | 1 | | EPS, Rs | 21 | 9 | 15 | 48 | 48 | | PER, x | 44.3 | 100.1 | 61.5 | 19.1 | 19.0 | | EV/EBIDTA, x | 30 | 49 | 34 | 14 | 13 | | P/BV, x | 11 | 11 | 10 | 7 | 5 | | ROE, % | 23 | -5 | 11 | 31 | 27 | | Total debt/Equity (%) | 91.1 | 129.3 | 123.8 | 95.6 | 63.2 |
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