| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 448 | | Target | | | | | 405 | | Reco | | | | | NEU | | Net Sales | 306,116 | 403,980 | 475,227 | 572,451 | 585,034 | | Growth (%) | | 32 | 18 | 20 | 2 | | EBIDTA | 53,134 | 58,153 | 64,692 | 67,012 | 72,358 | | EBITDA Margin | | 14 | 14 | 12 | 12 | | Net Profit | 34,014 | 36,537 | 38,322 | 41,166 | 42,599 | | Growth (%) | | 7 | 5 | 7 | 3 | | EPS, Rs | 27 | 29 | 30 | 32 | 34 | | PER, x | 16.7 | 15.6 | 14.8 | 13.8 | 13.3 | | EV/EBIDTA, x | 11 | 10 | 10 | 10 | 9 | | P/BV, x | 3 | 3 | 2 | 2 | 2 | | ROE, % | 18 | 17 | 16 | 15 | 14 | | Total debt/Equity (%) | 0.9 | 18.3 | 24.8 | 28.2 | 26.1 |
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