| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 230 | | Target | | | | | 200 | | Reco | | | | | NEU | | Net Sales | 51,914 | 51,857 | 55,310 | 52,660 | 54,852 | | Growth (%) | | -0 | 7 | -5 | 4 | | EBIDTA | 4,629 | 3,365 | 2,452 | 2,656 | 3,656 | | EBITDA Margin | | 6 | 4 | 5 | 7 | | Net Profit | 3,114 | 3,125 | 1,950 | 2,243 | 2,721 | | Growth (%) | | 0 | -38 | 15 | 21 | | EPS, Rs | 9 | 9 | 6 | 7 | 8 | | PER, x | 24.4 | 24.3 | 39.0 | 33.9 | 27.9 | | EV/EBIDTA, x | 16 | 22 | 31 | 29 | 21 | | P/BV, x | 6 | 5 | 5 | 4 | 4 | | ROE, % | 23 | 21 | 12 | 12 | 14 | | Total debt/Equity (%) | -26.4 | -3.2 | -3.7 | -1.0 | -1.5 |
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