Seasonal factors, new product pipeline hold the key Emami's consolidated revenue grew 21.2% yoy to Rs6.7bn in 4QFY16, ahead of our estimate of Rs6.3bn. The Company's consolidated EBITDA surged 30% yoy to Rs1.8bn exceeding our estimate of Rs1.7bn primarily due to lower input costs. However, its reported net profit came in at Rs759mn that was impacted by amortisation arising from acquisition of Kesh King. We expect Emami to post revenue and earnings CAGR of 16.4% and 15% through FY16-18E. We change our recommendation on the stock from NEUTRAL to ACCUMULATE with an upwardly revised Target Price of Rs1,022....