| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 752 | | Target | | | | | 745 | | Reco | | | | | BUY | | Net Sales | 49,989 | 61,795 | 56,343 | 66,435 | 69,505 | | Growth (%) | | 24 | -9 | 18 | 5 | | EBIDTA | 7,852 | 9,964 | 7,694 | 10,271 | 12,329 | | EBITDA Margin | | 16 | 14 | 15 | 18 | | Net Profit | 2,979 | 4,130 | 2,278 | 4,179 | 6,060 | | Growth (%) | | 39 | -45 | 83 | 45 | | EPS, Rs | 13 | 18 | 10 | 18 | 26 | | PER, x | 58.8 | 42.4 | 76.9 | 41.9 | 28.9 | | EV/EBIDTA, x | 24 | 19 | 25 | 19 | 15 | | P/BV, x | 9 | 8 | 8 | 7 | 6 | | ROE, % | 15 | 19 | 10 | 16 | 20 | | Total debt/Equity (%) | 64.6 | 77.9 | 81.6 | 66.4 | 43.4 |
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