| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 391 | | Target | | | | | 440 | | Reco | | | | | BUY | | Net Sales | 110,602 | 136,551 | 148,588 | 157,353 | 153,438 | | Growth (%) | | 23 | 9 | 6 | -2 | | EBIDTA | 18,635 | 21,527 | 21,629 | 18,094 | 20,867 | | EBITDA Margin | | 16 | 15 | 11 | 14 | | Net Profit | 6,793 | 8,425 | 8,693 | 3,882 | 6,961 | | Growth (%) | | 24 | 3 | -55 | 79 | | EPS, Rs | 27 | 33 | 34 | 15 | 27 | | PER, x | 14.7 | 11.8 | 11.5 | 25.7 | 14.3 | | EV/EBIDTA, x | 8 | 7 | 7 | 9 | 8 | | P/BV, x | 2 | 2 | 2 | 2 | 2 | | ROE, % | 12 | 13 | 14 | 7 | 15 | | Total debt/Equity (%) | 79.9 | 72.2 | 79.7 | 124.2 | 138.4 |
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