| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 1214 | | Target | | | | | 1450 | | Reco | | | | | BUY | | Net Sales | 12,758 | 15,491 | 18,425 | 20,319 | 23,395 | | Growth (%) | | 21 | 19 | 10 | 15 | | EBIDTA | 1,613 | 2,303 | 2,750 | 2,887 | 3,673 | | EBITDA Margin | | 15 | 15 | 14 | 16 | | Net Profit | 884 | 1,586 | 1,721 | 1,677 | 2,217 | | Growth (%) | | 79 | 9 | -3 | 32 | | EPS, Rs | 14 | 25 | 27 | 26 | 34 | | PER, x | 88.3 | 49.2 | 45.3 | 46.5 | 35.2 | | EV/EBIDTA, x | 48 | 33 | 28 | 26 | 20 | | P/BV, x | 20 | 14 | 11 | 9 | 8 | | ROE, % | 24 | 28 | 25 | 20 | 22 | | Total debt/Equity (%) | -16.0 | -21.5 | -26.9 | -30.5 | -53.2 |
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