| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 290 | | Target | | | | | 340 | | Reco | | | | | BUY | | Net Sales | 3,587 | 4,722 | 6,057 | 6,707 | 7,553 | | Growth (%) | | 32 | 28 | 11 | 13 | | EBIDTA | 1,082 | 1,155 | 1,717 | 1,834 | 1,949 | | EBITDA Margin | | 24 | 28 | 27 | 26 | | Net Profit | 1,031 | 1,201 | 1,673 | 1,770 | 1,902 | | Growth (%) | | 17 | 39 | 6 | 8 | | EPS, Rs | 35 | 8 | 11 | 12 | 13 | | PER, x | 8.3 | 35.7 | 25.6 | 24.2 | 22.5 | | EV/EBIDTA, x | 39 | 37 | 24 | 23 | 22 | | P/BV, x | 2 | 10 | 9 | 8 | 8 | | ROE, % | 47 | 41 | 49 | 47 | 50 | | Total debt/Equity (%) | -21.6 | -6.4 | -39.1 | -24.6 | -17.7 |
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