Sharekhan recommended Hold rating on Emami with a target price of Rs 352 in its research report dated August 08, 2019.
Sharekhan's research report on Emami
Consolidated revenue grew by ~6% y-o-y, driven by a 34% growth in international business (10% organic growth), while domestic business grew by just 2%. Gross margins remained stressed; lower ad spends helped OPM expand by 109 bps. Domestic business grew in single-digits for the fourth consecutive quarter; we expect revival to take time as categories such as healthcare and male grooming products are yet to see material improvement.
We maintain our Hold rating with revised PT of Rs. 352.
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