| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 397 | | Target | | | | | 433 | | Reco | | | | | BUY | | Net Sales | 1,176,151 | 1,473,057 | 1,624,032 | 1,732,345 | 1,885,087 | | Growth (%) | | 25 | 10 | 7 | 9 | | EBIDTA | 484,623 | 587,255 | 548,757 | 549,854 | 634,577 | | EBITDA Margin | | 40 | 34 | 32 | 34 | | Net Profit | 224,650 | 256,715 | 242,195 | 265,049 | 292,863 | | Growth (%) | | 14 | -6 | 9 | 10 | | EPS, Rs | 26 | 30 | 28 | 31 | 34 | | PER, x | 15.1 | 13.2 | 14.0 | 12.8 | 11.6 | | EV/EBIDTA, x | 7 | 6 | 6 | 7 | 5 | | P/BV, x | 3 | 2 | 2 | 2 | 2 | | ROE, % | 20 | 19 | 16 | 15 | 15 | | Total debt/Equity (%) | -12.5 | -9.3 | 0.5 | 13.3 | 4.7 |
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