| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 86 | | Target | | | | | 89 | | Reco | | | | | NEU | | Net Sales | 10,391 | 11,233 | 11,732 | 10,473 | 10,129 | | Growth (%) | | 8 | 4 | -11 | -3 | | EBIDTA | 10,337 | 10,332 | 10,720 | 9,255 | 8,833 | | EBITDA Margin | | 92 | 91 | 88 | 87 | | Net Profit | 4,848 | 5,221 | 5,381 | 4,187 | 4,070 | | Growth (%) | | 8 | 3 | -22 | -3 | | EPS, Rs | 8 | 9 | 10 | 7 | 7 | | PER, x | 10.8 | 9.3 | 9.0 | 11.6 | 11.9 | | EV/EBIDTA, x | 6 | 6 | 5 | 6 | 6 | | P/BV, x | 2 | 2 | 2 | 1 | 1 | | ROE, % | 25 | 21 | 18 | 13 | 11 | | Total debt/Equity (%) | 62.0 | 36.3 | 26.3 | 25.3 | 16.2 |
|