| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 360 | | Target | | | | | 393 | | Reco | | | | | BUY | | Net Sales | 2,102 | 3,945 | 4,699 | 14,485 | 17,219 | | Growth (%) | | 88 | 19 | 208 | 19 | | EBIDTA | 1,406 | 2,114 | 2,632 | 6,783 | 8,306 | | EBITDA Margin | | 54 | 56 | 47 | 48 | | Net Profit | 830 | 864 | 848 | 1,200 | 2,087 | | Growth (%) | | 4 | -2 | 42 | 74 | | EPS, Rs | 6 | 6 | 6 | 8 | 14 | | PER, x | 62.9 | 60.4 | 61.5 | 43.5 | 25.0 | | EV/EBIDTA, x | 43 | 31 | 28 | 13 | 10 | | P/BV, x | 3 | 3 | 3 | 3 | 3 | | ROE, % | 5 | 5 | 5 | 7 | 11 | | Total debt/Equity (%) | 51.5 | 81.6 | 120.3 | 192.7 | 164.4 |
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