| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 60 | | Target | | | | | 65 | | Reco | | | | | BUY | | Net Sales | 56,780 | 75,320 | 81,987 | 89,840 | 87,436 | | Growth (%) | | 33 | 9 | 10 | -3 | | EBIDTA | 6,767 | 8,155 | 6,809 | 7,036 | 7,824 | | EBITDA Margin | | 11 | 8 | 8 | 9 | | Net Profit | 2,454 | 2,935 | 2,266 | 3,328 | 3,257 | | Growth (%) | | 20 | -23 | 47 | -2 | | EPS, Rs | 6 | 7 | 5 | 8 | 8 | | PER, x | 10.1 | 8.5 | 11.0 | 7.5 | 7.6 | | EV/EBIDTA, x | 7 | 8 | 10 | 9 | 7 | | P/BV, x | 2 | 1 | 1 | 1 | 1 | | ROE, % | 16 | 17 | 12 | 17 | 15 | | Total debt/Equity (%) | 124.9 | 234.3 | 250.1 | 172.1 | 132.4 |
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