Sharekhan recommended Hold rating on Emami with a target price of Rs 352 in its research report dated November 06, 2019.
Sharekhan's research report on Emami
Consolidated revenue grew by ~5% y-o-y, driven by a 20% growth in international business (organic growth was 7%), while domestic business grew by 3.4%; domestic volumes stood flat. Gross margins improved by 111 BPS due to benign raw material costs; higher other expenses dragged down the OPM 58 bps to 29.2%. Domestic business grew in single-digits for the fifth consecutive quarter; the management expects growth in H2FY2020 to be at 10-12% in backdrop of good winter season.
We broadly maintain our earnings estimates for FY2020/21; maintain our Hold rating on the stock with an unchanged PT of Rs. 352.
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