Emami has reported below par numbers for the quarter ended March 2017 with consolidated sales of Rs5.8bn (down 4% YoY) and net profit of Rs833mn (up 1.5% YoY). Although domestic revenues grew by 3% YoY, revenues of international business division declined by 38% YoY during the quarter. We expect Emami to report consolidated revenue and earnings CAGR of 14.7% and 18.6% respectively through FY17-19E. Considering Emami's strong brands coupled with market leadership and pricing power, we maintain our BUY recommendation on the stock with Target Price of Rs1,244 (from Rs1,211 earlier). Stagnant Growth in Domestic Business...