Emkay's research report on HSILHealthy quarter – Revenues up 9.5% at Rs 5.1bn, EBITDA grew 1.1% yoy to Rs 954mn, EBITDA margin at 18.8% down 160bps yoy and APAT at Rs 370mn, up 22% yoy Building products grew by 17.3% aided by consumer product and healthy uptick in faucets; Retail segment seeing steady growth however industrial bleeding. Packaging products reports steady revenue despite a high base EBITDA margins decline 160bps yoy to 18.8% impacted due to unfavorable mix. Lower fuel cost benefit channelized on Ad spend and distribution spends in consumer appliances Cut FY17 earnings by 4% factoring lower margins due to spends in consumer appliances segment. Penetration of faucets and consumer appliances are revenue drivers. Retain BUY with revised price target of Rs 370/share For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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