| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 111 | | Target | | | | | 240 | | Reco | | | | | BUY | | Net Sales | 92,948 | 96,294 | 77,728 | 82,980 | 79,399 | | Growth (%) | | 4 | -19 | 7 | -4 | | EBIDTA | 34,869 | 39,043 | 26,263 | 24,854 | 24,413 | | EBITDA Margin | | 41 | 34 | 30 | 31 | | Net Profit | 13,739 | 12,262 | 7,625 | 9,980 | 5,281 | | Growth (%) | | -11 | -38 | 31 | -47 | | EPS, Rs | 8 | 7 | 4 | 6 | 3 | | PER, x | 13.7 | 15.3 | 24.7 | 18.9 | 35.8 | | EV/EBIDTA, x | 12 | 10 | 16 | 13 | 15 | | P/BV, x | 1 | 1 | 1 | 1 | 1 | | ROE, % | 5 | 4 | 3 | 3 | 2 | | Total debt/Equity (%) | 86.0 | 77.2 | 83.4 | 48.4 | 56.5 |
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