Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | Price | | | | | 1196 | Target | | | | | 950 | Reco | | | | | SELL | Net Sales | 6,781 | 10,175 | 14,075 | 17,235 | 21,971 | Growth (%) | | 50 | 38 | 22 | 27 | EBIDTA | 1,199 | 1,905 | 2,443 | 2,551 | 2,781 | EBITDA Margin | | 19 | 17 | 15 | 13 | Net Profit | 718 | 1,060 | 1,351 | 1,258 | 1,289 | Growth (%) | | 48 | 27 | -7 | 2 | EPS, Rs | 11 | 16 | 21 | 19 | 20 | PER, x | 107.1 | 73.1 | 57.8 | 62.2 | 60.7 | EV/EBIDTA, x | 65 | 41 | 32 | 31 | 28 | P/BV, x | 40 | 26 | 18 | 14 | 11 | ROE, % | 37 | 35 | 31 | 22 | 19 | Total debt/Equity (%) | -4.7 | -4.0 | -8.5 | -4.1 | 3.7 |
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