| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 76 | | Target | | | | | 48 | | Reco | | | | | NEU | | Net Sales | 45,781 | 60,364 | 67,647 | 65,531 | 70,919 | | Growth (%) | | 32 | 12 | -3 | 8 | | EBIDTA | 8,536 | 6,684 | 6,037 | 6,474 | 7,751 | | EBITDA Margin | | 11 | 9 | 10 | 11 | | Net Profit | 4,447 | 3,299 | 1,816 | 1,572 | 2,222 | | Growth (%) | | -26 | -45 | -13 | 41 | | EPS, Rs | 16 | 12 | 7 | 6 | 8 | | PER, x | 4.7 | 6.4 | 11.6 | 13.3 | 9.4 | | EV/EBIDTA, x | 5 | 8 | 12 | 11 | 10 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 12 | 9 | 5 | 4 | 6 | | Total debt/Equity (%) | 51.1 | 88.4 | 132.8 | 135.2 | 139.2 |
|