| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 346 | | Target | | | | | 390 | | Reco | | | | | BUY | | Net Sales | | 41,391 | 31,519 | 35,171 | 43,610 | | Growth (%) | | | -24 | 12 | 24 | | EBIDTA | | 4,182 | 2,975 | 3,102 | 4,720 | | EBITDA Margin | | 10 | 9 | 9 | 11 | | Net Profit | | 1,479 | 1,171 | 1,142 | 2,261 | | Growth (%) | | | -21 | -3 | 98 | | EPS, Rs | | 6 | 5 | 4 | 9 | | PER, x | | 55.9 | 70.6 | 77.6 | 39.2 | | EV/EBIDTA, x | | 23 | 31 | 30 | 20 | | P/BV, x | | 9 | 9 | 7 | 6 | | ROE, % | | 17 | 13 | 9 | 16 | | Total debt/Equity (%) | | 63.9 | 37.3 | 30.3 | 24.8 |
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