| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 363 | | Target | | | | | 322 | | Reco | | | | | NEU | | Net Sales | 23,281 | 29,477 | 33,464 | 38,697 | 45,885 | | Growth (%) | | 27 | 14 | 16 | 19 | | EBIDTA | 2,373 | 3,035 | 3,712 | 4,341 | 5,482 | | EBITDA Margin | | 10 | 11 | 11 | 12 | | Net Profit | 1,501 | 1,863 | 2,184 | 2,582 | 3,170 | | Growth (%) | | 24 | 17 | 18 | 23 | | EPS, Rs | 4 | 5 | 6 | 7 | 9 | | PER, x | 83.7 | 67.4 | 57.5 | 48.7 | 39.7 | | EV/EBIDTA, x | 54 | 42 | 35 | 30 | 24 | | P/BV, x | 18 | 16 | 13 | 11 | 9 | | ROE, % | 22 | 24 | 23 | 23 | 24 | | Total debt/Equity (%) | 25.6 | 21.5 | 36.2 | 35.4 | 27.7 |
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