Sharekhan's research report on Emami
Emami’s Q2FY2024 operating performance beat expectations due to a sharp 300 bps y-o-y rise in OPM to 27%. Revenue and adjusted PAT grew by 6.3% y-o-y and 8.0% y-o-y, respectively. Revenues grew by 6% in H1FY24. Management expects high single digit growth in H2 with expected good traction for winter portfolio. OPM to be higher by 200-250BPS in FY24. Promoters pledge has reduced to 15% from 30%+ post the AMRI hospital hive-off. Pledging to further reduce in the coming years.
Outlook
Stock trades at attractive valuations of 25x/22x its FY2024E/25E earnings. We maintain a Buy rating on the stock with an unchanged PT of Rs. 655.
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