| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 100 | | Target | | | | | 108 | | Reco | | | | | NEU | | Net Sales | 44,765 | 58,147 | 69,795 | 79,018 | 83,453 | | Growth (%) | | 30 | 20 | 13 | 6 | | EBIDTA | 4,768 | 4,713 | 3,814 | 4,933 | 6,117 | | EBITDA Margin | | 8 | 5 | 6 | 7 | | Net Profit | 2,141 | 1,765 | 652 | 849 | 2,069 | | Growth (%) | | -18 | -63 | 30 | 144 | | EPS, Rs | 8 | 7 | 3 | 3 | 8 | | PER, x | 12.0 | 14.6 | 39.6 | 30.4 | 12.5 | | EV/EBIDTA, x | 8 | 8 | 11 | 9 | 6 | | P/BV, x | 3 | 2 | 2 | 2 | 2 | | ROE, % | 23 | 16 | 6 | 7 | 15 | | Total debt/Equity (%) | 126.2 | 93.4 | 131.9 | 139.8 | 100.4 |
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