Emami's numbers for 3QFY16 were marginally below our estimates. While net sales grew 13.9% to Rs7.9bn (our estimate of Rs8bn), EBITDA came in at Rs2.5bn, a growth of 18% yoy vs. our estimate of Rs2.7bn. Net profits for the quarter stood at Rs1.3bn, which was impacted by amortisation of goodwill arising from Kesh King acquisition. We estimate a 17.3% and 14.3% CAGR in revenues and earnings for...