Sharekhan's research report on Emami
Emami’s Q3FY25 performance was better compared to peers with a 6% y-o-y domestic volume growth. Revenue and adjusted PAT grew by 5% y-o-y each. Consolidated OPM at 32.3%, came in higher than expectation of 31.6%. Management expects double-digit growth momentum in BoroPlus and Healthcare range to continue in Q4. Kesh King would see new strategies being announced in 1-2 quarters.Rebranding of Fair & Handsome (as Smart & Handsome), recovery in Kesh King and improved international performance will support growth in the coming years.
Outlook
Stock trades at 28x/25x/22x its FY25E/26E/27E EPS, respectively, which is a discount to its five-year average multiple. We maintain a Buy with a revised PT of Rs. 670.
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