| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 448 | | Target | | | | | 649 | | Reco | | | | | BUY | | Net Sales | 1,187,531 | 1,328,997 | 1,347,115 | 1,486,136 | 1,500,889 | | Growth (%) | | 12 | 1 | 10 | 1 | | EBIDTA | 167,467 | 124,168 | 123,212 | 164,110 | 171,520 | | EBITDA Margin | | 9 | 9 | 11 | 11 | | Net Profit | 82,470 | 20,278 | 3,323 | 36,225 | 34,796 | | Growth (%) | | -75 | -84 | 990 | -4 | | EPS, Rs | 86 | 21 | 3 | 37 | 36 | | PER, x | 5.2 | 21.4 | 130.9 | 12.0 | 12.5 | | EV/EBIDTA, x | 5 | 8 | 8 | 7 | 7 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 23 | 5 | 1 | 9 | 8 | | Total debt/Equity (%) | 136.4 | 117.1 | 175.8 | 178.8 | 156.5 |
|