| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 77 | | Target | | | | | 64 | | Reco | | | | | SELL | | Net Sales | 433,074 | 463,351 | 445,983 | 463,345 | 511,913 | | Growth (%) | | 7 | -4 | 4 | 10 | | EBIDTA | 74,399 | 60,387 | 46,146 | 43,534 | 59,861 | | EBITDA Margin | | 13 | 10 | 9 | 12 | | Net Profit | 46,756 | 38,153 | 23,581 | 19,639 | 19,884 | | Growth (%) | | -18 | -38 | -17 | 1 | | EPS, Rs | 11 | 9 | 6 | 5 | 5 | | PER, x | 6.8 | 8.4 | 13.6 | 16.3 | 16.1 | | EV/EBIDTA, x | 5 | 7 | 11 | 12 | 10 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 13 | 10 | 6 | 5 | 5 | | Total debt/Equity (%) | 5.1 | 24.9 | 43.3 | 50.6 | 62.2 |
|