| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 212 | | Target | | | | | 210 | | Reco | | | | | NEU | | Net Sales | 10,657 | 12,742 | 14,584 | 17,466 | 19,423 | | Growth (%) | | 20 | 14 | 20 | 11 | | EBIDTA | 1,713 | 2,120 | 2,151 | 2,613 | 3,140 | | EBITDA Margin | | 17 | 15 | 15 | 16 | | Net Profit | 1,222 | 1,043 | 1,233 | 1,519 | 1,813 | | Growth (%) | | -15 | 18 | 23 | 19 | | EPS, Rs | 6 | 5 | 6 | 8 | 9 | | PER, x | 33.7 | 39.5 | 33.4 | 27.2 | 22.7 | | EV/EBIDTA, x | 25 | 20 | 19 | 16 | 13 | | P/BV, x | 8 | 7 | 7 | 6 | 5 | | ROE, % | 24 | 19 | 20 | 21 | 22 | | Total debt/Equity (%) | 20.3 | 25.2 | 4.5 | 4.9 | 2.0 |
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