| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 301 | | Target | | | | | 265 | | Reco | | | | | NEU | | Net Sales | 31,262 | 39,679 | 45,840 | 46,767 | 56,735 | | Growth (%) | | 27 | 16 | 2 | 21 | | EBIDTA | 4,183 | 4,840 | 6,214 | 7,467 | 8,635 | | EBITDA Margin | | 12 | 14 | 16 | 15 | | Net Profit | 2,378 | 3,184 | 3,583 | 4,866 | 5,518 | | Growth (%) | | 34 | 13 | 36 | 13 | | EPS, Rs | 4 | 5 | 6 | 8 | 9 | | PER, x | 77.7 | 58.1 | 53.8 | 39.8 | 35.1 | | EV/EBIDTA, x | 48 | 41 | 32 | 26 | 22 | | P/BV, x | 20 | 16 | 10 | 14 | 11 | | ROE, % | 26 | 28 | 18 | 36 | 31 | | Total debt/Equity (%) | 60.5 | 57.2 | 30.6 | 17.3 | 0.5 |
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