Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | Price | | | | | 2445 | Target | | | | | 2950 | Reco | | | | | BUY | Net Sales | 488,935 | 629,895 | 818,094 | 955,387 | 1,124,987 | Growth (%) | | 29 | 30 | 17 | 18 | EBIDTA | 144,174 | 180,870 | 251,322 | 276,306 | 324,176 | EBITDA Margin | | 29 | 31 | 29 | 29 | Net Profit | 106,380 | 139,416 | 191,087 | 217,671 | 262,857 | Growth (%) | | 31 | 37 | 14 | 21 | EPS, Rs | 54 | 71 | 98 | 111 | 134 | PER, x | 45.0 | 34.3 | 25.1 | 22.0 | 18.2 | EV/EBIDTA, x | 33 | 26 | 19 | 17 | 15 | P/BV, x | 15 | 12 | 9 | 9 | 7 | ROE, % | 33 | 34 | 35 | 39 | 38 | Total debt/Equity (%) | -5.5 | -3.9 | -2.4 | -1.9 | -3.4 |
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