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“At the current market price of Rs.28.50, the stock P/E ratio is at 15.97 x FY13E and 11.84 x FY14E respectively. Earning per share (EPS) of the company for the earnings for FY13E and FY14E is seen at Rs.1.78 and Rs.2.41 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 9% and 16% over 2011 to 2014E respectively.

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