We maintain BUY. Emami disappointed us on revenue growth and EBITDA margins. Net revenue was up 6% at Rs 7.6bn. Like-to-like revenue growth was slow at 10% (6% volume growth) vs. expectation of 17%. Kesh King and Health Supplements revenue contracted by 19% and 2%, impacting domestic performance. International posted healthy 16% growth, led by favorable base. EBITDA and APAT were up 2% and 4% respectively.