| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 446 | | Target | | | | | 410 | | Reco | | | | | NEU | | Net Sales | 30,434 | 36,424 | 40,692 | 45,480 | 53,017 | | Growth (%) | | 20 | 12 | 12 | 17 | | EBIDTA | 4,106 | 4,536 | 3,714 | 4,800 | 5,673 | | EBITDA Margin | | 12 | 9 | 11 | 11 | | Net Profit | 1,651 | 1,558 | 577 | 1,430 | 1,648 | | Growth (%) | | -6 | -63 | 148 | 15 | | EPS, Rs | 27 | 25 | 9 | 23 | 27 | | PER, x | 16.6 | 17.6 | 47.4 | 19.1 | 16.6 | | EV/EBIDTA, x | 9 | 9 | 11 | 9 | 7 | | P/BV, x | 2 | 2 | 2 | 2 | 2 | | ROE, % | 14 | 11 | 4 | 10 | 10 | | Total debt/Equity (%) | 92.6 | 92.9 | 91.9 | 93.6 | 88.2 |
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