Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | Price | | | | | 396 | Target | | | | | 515 | Reco | | | | | BUY | Net Sales | 594,672 | 714,587 | 769,470 | 858,635 | 952,570 | Growth (%) | | 20 | 8 | 12 | 11 | EBIDTA | 199,664 | 236,714 | 223,284 | 277,770 | 319,557 | EBITDA Margin | | 33 | 29 | 32 | 34 | Net Profit | 60,816 | 42,364 | 13,463 | 27,188 | 52,004 | Growth (%) | | -30 | -68 | 102 | 91 | EPS, Rs | 15 | 11 | 3 | 7 | 13 | PER, x | 26.1 | 37.4 | 117.7 | 58.3 | 30.5 | EV/EBIDTA, x | 11 | 10 | 10 | 8 | 7 | P/BV, x | 3 | 3 | 3 | 3 | 2 | ROE, % | 12 | 8 | 3 | 5 | 8 | Total debt/Equity (%) | 124.5 | 132.4 | 129.4 | 118.7 | 116.0 |
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