| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 996 | | Target | | | | | 630 | | Reco | | | | | SELL | | Net Sales | 62,871 | 73,703 | 74,703 | 76,316 | 79,450 | | Growth (%) | | 17 | 1 | 2 | 4 | | EBIDTA | 2,784 | 2,325 | 3,771 | 4,036 | 5,733 | | EBITDA Margin | | 3 | 5 | 5 | 7 | | Net Profit | 2,578 | 1,593 | 2,637 | 1,899 | 3,452 | | Growth (%) | | -38 | 66 | -28 | 82 | | EPS, Rs | 12 | 8 | 12 | 9 | 16 | | PER, x | 81.8 | 132.5 | 80.0 | 111.1 | 61.1 | | EV/EBIDTA, x | 74 | 90 | 57 | 53 | 37 | | P/BV, x | 9 | 8 | 8 | 8 | 7 | | ROE, % | 11 | 6 | 10 | 7 | 12 | | Total debt/Equity (%) | -24.2 | -10.4 | 9.7 | 11.5 | 11.2 |
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