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Q2FY13 results were in line as per the expectations, its net sales grew 10% YoY to Rs.533 crores, EBITDA grew by 18% to 155 crores and EBITDA margin improved to 29.1%.
The stock is trading 14.7x and 12.2x EV/EBITDA of FY13E and FY14E earnings. We value this company at 14.2x EV/EBITDA for FY14E giving us target price of Rs.92.
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