| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 158 | | Target | | | | | 172 | | Reco | | | | | BUY | | Net Sales | 16,131 | 24,021 | 26,716 | 39,204 | 32,744 | | Growth (%) | | 49 | 11 | 47 | -16 | | EBIDTA | 4,032 | 4,867 | 3,733 | 5,636 | 4,882 | | EBITDA Margin | | 20 | 14 | 14 | 15 | | Net Profit | 2,071 | 2,567 | 1,291 | 2,519 | 2,309 | | Growth (%) | | 24 | -50 | 95 | -8 | | EPS, Rs | 23 | 29 | 15 | 29 | 26 | | PER, x | 6.7 | 5.4 | 10.8 | 5.5 | 6.0 | | EV/EBIDTA, x | 5 | 4 | 6 | 4 | 4 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 21 | 23 | 10 | 18 | 15 | | Total debt/Equity (%) | 47.8 | 52.6 | 71.4 | 50.1 | 34.6 |
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