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Last Updated : Jul 02, 2020 04:45 PM IST | Source: Moneycontrol.com

Hold Emami target of Rs 240: Sharekhan

Sharekhan recommended Hold rating on Emami with a target price of Rs 240 in its research report dated June 30, 2020.

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Sharekhan's research report on Emami


Consolidated revenue declined by ~17% (led by 19% decline in the domestic business, summer products pipeline filling with dealers/distributors affected by lockdown in the last 10 days of the quarter. Gross margin improved by 436 bps due to benign raw-material costs; OPM declined by 569 bps mainly on account lower operating leverage. Capacity utilisation in most of the plants is near normalcy; Zandu and pain management portfolio are gaining strong traction; focus on revamping growth prospects in men's fairness cream, and other key products. Gross margin benefits to sustain in the near term.


Outlook


Reduction in significant promoters’ pledging will be a key re-rating trigger for the stock; maintain Hold with a revised PT of Rs. 240.



For all recommendations report, click here

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First Published on Jul 2, 2020 04:45 pm
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