| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 113 | | Target | | | | | 102 | | Reco | | | | | BUY | | Net Sales | 17,762 | 20,030 | 20,483 | 22,007 | 23,979 | | Growth (%) | | 13 | 2 | 7 | 9 | | EBIDTA | 3,320 | 2,869 | 2,826 | 3,125 | 3,444 | | EBITDA Margin | | 14 | 14 | 14 | 14 | | Net Profit | 1,809 | 1,655 | 1,676 | 1,607 | 1,962 | | Growth (%) | | -9 | 1 | -4 | 22 | | EPS, Rs | 8 | 7 | 7 | 7 | 8 | | PER, x | 14.7 | 16.0 | 15.8 | 16.4 | 13.4 | | EV/EBIDTA, x | 9 | 10 | 10 | 9 | 8 | | P/BV, x | 2 | 2 | 2 | 2 | 1 | | ROE, % | 15 | 11 | 10 | 9 | 10 | | Total debt/Equity (%) | 15.6 | 13.1 | 14.5 | 17.1 | 3.8 |
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