Mixed Growth Trend but Margins Remain Robust Emami posted consolidated revenues of Rs6.4bn in 1QFY17, a yoy growth of 19.9%. While consolidated EBITDA grew 49.1% to Rs1.5bn, Consolidated cash profits for the quarter increased 17.5% to Rs1.3bn. Organic growth was recorded at 9.5% yoy with organic volume growing by 6.4% yoy. Reported numbers have been impacted on account of acquisition of Kesh King towards 1QFY16-end and resultant amortisation of the brand. Expecting Emami to report revenue and earnings CAGR of 17.5% & 20.9% through FY16-18E on the back of recovery in...