| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 298 | | Target | | | | | 310 | | Reco | | | | | BUY | | Net Sales | 8,826 | 10,121 | 11,325 | 15,832 | 22,938 | | Growth (%) | | 15 | 12 | 40 | 45 | | EBIDTA | 1,418 | 1,678 | 2,763 | 3,015 | 5,243 | | EBITDA Margin | | 17 | 24 | 19 | 23 | | Net Profit | -219 | -335 | 230 | -1,292 | 799 | | Growth (%) | | 53 | -169 | -662 | -162 | | EPS, Rs | -2 | -2 | 2 | -9 | 5 | | PER, x | (194.4) | (127.2) | 185.6 | (34.0) | 56.9 | | EV/EBIDTA, x | 34 | 29 | 19 | 19 | 11 | | P/BV, x | 5 | 5 | 5 | 5 | 3 | | ROE, % | -3 | -4 | 3 | -13 | 6 | | Total debt/Equity (%) | 35.5 | 36.2 | 89.2 | 125.5 | 83.7 |
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