| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 43 | | Target | | | | | 56 | | Reco | | | | | BUY | | Net Sales | 4,692 | 5,539 | 7,524 | 8,242 | 8,597 | | Growth (%) | | 18 | 36 | 10 | 4 | | EBIDTA | 1,137 | 1,468 | 1,706 | 1,699 | 1,788 | | EBITDA Margin | | 27 | 23 | 21 | 21 | | Net Profit | 406 | 471 | 606 | 588 | 582 | | Growth (%) | | 16 | 29 | -3 | -1 | | EPS, Rs | 4 | 4 | 5 | 5 | 5 | | PER, x | 12.1 | 10.9 | 8.6 | 9.0 | 9.1 | | EV/EBIDTA, x | 8 | 7 | 7 | 7 | 7 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 10 | 10 | 12 | 10 | 9 | | Total debt/Equity (%) | 103.3 | 105.9 | 125.9 | 114.3 | 123.0 |
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