| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 117 | | Target | | | | | 140 | | Reco | | | | | NEU | | Net Sales | 13,359 | 15,354 | 18,527 | 17,949 | 21,815 | | Growth (%) | | 15 | 21 | -3 | 22 | | EBIDTA | 2,862 | 3,604 | 3,719 | 3,945 | 5,174 | | EBITDA Margin | | 23 | 20 | 22 | 24 | | Net Profit | 1,330 | 1,248 | 952 | 1,084 | 1,062 | | Growth (%) | | -6 | -24 | 14 | -2 | | EPS, Rs | 25 | 24 | 18 | 7 | 7 | | PER, x | 4.6 | 4.9 | 6.4 | 17.0 | 17.3 | | EV/EBIDTA, x | 11 | 10 | 11 | 13 | 12 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 15 | 12 | 9 | 9 | 8 | | Total debt/Equity (%) | 135.8 | 164.0 | 233.3 | 256.7 | 330.7 |
|