| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 576 | | Target | | | | | 731 | | Reco | | | | | BUY | | Net Sales | 83,206 | 98,632 | 99,476 | 96,127 | 106,104 | | Growth (%) | | 19 | 1 | -3 | 10 | | EBIDTA | 83,206 | 45,798 | 46,147 | 42,638 | 49,997 | | EBITDA Margin | | 46 | 46 | 44 | 47 | | Net Profit | 83,206 | 34,469 | 35,893 | 29,813 | 31,801 | | Growth (%) | | -59 | 4 | -17 | 7 | | EPS, Rs | | 143 | 60 | 50 | 53 | | PER, x | - | 4.0 | 9.7 | 11.6 | 10.9 | | EV/EBIDTA, x | 4 | 5 | 5 | 8 | 7 | | P/BV, x | 0 | 1 | 2 | 2 | 2 | | ROE, % | | 19 | 19 | 14 | 14 | | Total debt/Equity (%) | | -61.6 | -57.6 | -8.5 | -9.0 |
|