| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 206 | | Target | | | | | 225 | | Reco | | | | | BUY | | Net Sales | 40,776 | 52,838 | 61,464 | 70,732 | 80,697 | | Growth (%) | | 30 | 16 | 15 | 14 | | EBIDTA | 8,001 | 8,906 | 10,295 | 12,003 | 13,703 | | EBITDA Margin | | 17 | 17 | 17 | 17 | | Net Profit | 5,685 | 6,454 | 7,700 | 9,233 | 10,395 | | Growth (%) | | 14 | 19 | 20 | 13 | | EPS, Rs | 3 | 4 | 4 | 5 | 6 | | PER, x | 63.0 | 55.5 | 46.6 | 38.9 | 34.6 | | EV/EBIDTA, x | 46 | 41 | 36 | 30 | 26 | | P/BV, x | 28 | 21 | 17 | 13 | 11 | | ROE, % | 44 | 38 | 36 | 33 | 30 | | Total debt/Equity (%) | 59.7 | 40.7 | 35.1 | 13.2 | -3.7 |
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