| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 283 | | Target | | | | | 325 | | Reco | | | | | BUY | | Net Sales | 55,608 | 60,661 | 63,847 | 65,790 | 73,300 | | Growth (%) | | 9 | 5 | 3 | 11 | | EBIDTA | 31,288 | 35,343 | 38,302 | 44,046 | 49,148 | | EBITDA Margin | | 58 | 60 | 67 | 67 | | Net Profit | 5,515 | 7,491 | 10,003 | 15,224 | 17,738 | | Growth (%) | | 36 | 34 | 52 | 17 | | EPS, Rs | | 4 | 5 | 8 | 9 | | PER, x | | 65.9 | 53.5 | 35.1 | 30.1 | | EV/EBIDTA, x | 18 | 16 | 15 | 13 | 11 | | P/BV, x | 0 | 3 | 3 | 3 | 3 | | ROE, % | 4 | 5 | 6 | 8 | 10 | | Total debt/Equity (%) | 30.4 | 23.8 | 19.8 | 17.6 | -7.4 |
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