| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 727 | | Target | | | | | 790 | | Reco | | | | | BUY | | Net Sales | 193,810 | 217,356 | 252,064 | 274,083 | 301,232 | | Growth (%) | | 12 | 16 | 9 | 10 | | EBIDTA | 29,513 | 35,697 | 46,106 | 50,963 | 55,860 | | EBITDA Margin | | 16 | 18 | 19 | 19 | | Net Profit | 21,533 | 26,118 | 33,468 | 36,983 | 38,703 | | Growth (%) | | 21 | 28 | 11 | 5 | | EPS, Rs | 10 | 12 | 15 | 17 | 18 | | PER, x | 73.6 | 60.1 | 46.9 | 42.5 | 40.6 | | EV/EBIDTA, x | 53 | 43 | 34 | 30 | 28 | | P/BV, x | 60 | 45 | 59 | 48 | 33 | | ROE, % | 82 | 74 | 125 | 113 | 81 | | Total debt/Equity (%) | -61.2 | -52.1 | -63.9 | -67.8 | -57.7 |
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