| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 382 | | Target | | | | | 500 | | Reco | | | | | BUY | | Net Sales | 7,202 | 8,770 | 11,484 | 15,955 | 18,928 | | Growth (%) | | 22 | 31 | 39 | 19 | | EBIDTA | 1,241 | 1,457 | 1,779 | 2,892 | 3,480 | | EBITDA Margin | | 17 | 15 | 18 | 18 | | Net Profit | 651 | 804 | 973 | 1,884 | 2,337 | | Growth (%) | | 24 | 21 | 94 | 24 | | EPS, Rs | 6 | 6 | 7 | 14 | 17 | | PER, x | 65.6 | 59.5 | 53.1 | 27.6 | 22.2 | | EV/EBIDTA, x | 44 | 37 | 30 | 18 | 15 | | P/BV, x | 21 | 15 | 10 | 8 | 6 | | ROE, % | 32 | 25 | 18 | 28 | 27 | | Total debt/Equity (%) | 116.4 | 61.2 | 27.4 | 9.2 | -4.8 |
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