| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 211 | | Target | | | | | 277 | | Reco | | | | | BUY | | Net Sales | 9,960 | 8,247 | 10,476 | 7,985 | 12,710 | | Growth (%) | | -17 | 27 | -24 | 59 | | EBIDTA | 5,770 | 4,835 | 6,121 | 4,348 | 6,710 | | EBITDA Margin | | 59 | 58 | 54 | 53 | | Net Profit | 5,176 | 4,720 | 5,049 | 3,112 | 4,195 | | Growth (%) | | -9 | 7 | -38 | 35 | | EPS, Rs | 16 | 14 | 15 | 9 | 13 | | PER, x | 13.4 | 14.7 | 13.7 | 22.3 | 16.5 | | EV/EBIDTA, x | 10 | 12 | 10 | 15 | 11 | | P/BV, x | 2 | 2 | 2 | 2 | 1 | | ROE, % | 15 | 13 | 12 | 7 | 9 | | Total debt/Equity (%) | -41.8 | -34.6 | -25.8 | -9.7 | 14.7 |
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