| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 3854 | | Target | | | | | 3700 | | Reco | | | | | NEU | | Net Sales | 337,340 | 403,520 | 501,330 | 535,468 | 602,183 | | Growth (%) | | 20 | 24 | 7 | 12 | | EBIDTA | 107,090 | 115,580 | 134,150 | 146,569 | 163,389 | | EBITDA Margin | | 29 | 27 | 27 | 27 | | Net Profit | 83,160 | 94,210 | 106,480 | 118,789 | 131,753 | | Growth (%) | | 13 | 13 | 12 | 11 | | EPS, Rs | 146 | 165 | 186 | 208 | 231 | | PER, x | 26.5 | 23.4 | 20.7 | 18.5 | 16.7 | | EV/EBIDTA, x | 19 | 17 | 14 | 13 | 11 | | P/BV, x | 7 | 6 | 5 | 4 | 4 | | ROE, % | 25 | 24 | 22 | 22 | 21 | | Total debt/Equity (%) | -62.7 | -59.2 | -61.0 | -60.4 | -60.3 |
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