| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 307 | | Target | | | | | 485 | | Reco | | | | | BUY | | Net Sales | 20,135 | 18,472 | 19,230 | 22,236 | 24,386 | | Growth (%) | | -8 | 4 | 16 | 10 | | EBIDTA | 15,803 | 10,765 | 10,890 | 11,244 | 12,054 | | EBITDA Margin | | 58 | 57 | 51 | 49 | | Net Profit | 11,408 | 6,934 | 7,096 | 7,480 | 7,908 | | Growth (%) | | -39 | 2 | 5 | 6 | | EPS, Rs | 29 | 18 | 18 | 19 | 20 | | PER, x | 10.6 | 17.5 | 17.1 | 16.2 | 15.3 | | EV/EBIDTA, x | 7 | 11 | 11 | 10 | 10 | | P/BV, x | 5 | 5 | 4 | 4 | 4 | | ROE, % | 51 | 28 | 25 | 24 | 23 | | Total debt/Equity (%) | -26.8 | -8.2 | -11.4 | -16.6 | -18.1 |
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