| Y/E Mar, Rs mn | FY11 | FY12 | FY13 | FY14E | FY15E | | Price | | | | | 692 | | Target | | | | | 765 | | Reco | | | | | BUY | | Net Sales | 39,512 | 40,522 | 45,090 | 38,991 | 44,643 | | Growth (%) | | 3 | 11 | -14 | 14 | | EBIDTA | 6,720 | 6,322 | 7,545 | 6,192 | 7,576 | | EBITDA Margin | | 16 | 17 | 16 | 17 | | Net Profit | 5,910 | 5,398 | 6,633 | 6,000 | 7,305 | | Growth (%) | | -9 | 23 | -10 | 22 | | EPS, Rs | 21 | 19 | 24 | 22 | 26 | | PER, x | 32.4 | 35.5 | 28.9 | 31.9 | 26.2 | | EV/EBIDTA, x | 28 | 30 | 25 | 31 | 25 | | P/BV, x | 11 | 9 | 8 | 7 | 7 | | ROE, % | 33 | 26 | 28 | 23 | 25 | | Total debt/Equity (%) | -4.7 | -10.2 | -14.9 | -3.4 | -7.7 |
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