| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 55 | | Target | | | | | 67 | | Reco | | | | | BUY | | Net Sales | 14,367 | 19,579 | 21,668 | 25,090 | 28,762 | | Growth (%) | | 36 | 11 | 16 | 15 | | EBIDTA | 2,575 | 4,960 | 5,794 | 6,240 | 6,904 | | EBITDA Margin | | 25 | 27 | 25 | 24 | | Net Profit | -1,725 | -1,331 | -660 | -1,576 | -266 | | Growth (%) | | -23 | -50 | 139 | -83 | | EPS, Rs | -2 | -1 | -1 | -1 | -0 | | PER, x | (33.7) | (43.7) | (88.2) | (36.9) | (219.0) | | EV/EBIDTA, x | 25 | 14 | 12 | 11 | 10 | | P/BV, x | 157 | -62 | -37 | -19 | -17 | | ROE, % | -466 | 142 | 42 | 50 | 8 | | Total debt/Equity (%) | 1,710.8 | NA | NA | NA | NA |
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