Emami reported 17.4% growth in consolidated topline to Rs5.7bn. This was lower than our estimate of Rs6.3bn. EBITDA grew by 34.2% to Rs1.5bn in line with our estimate while reported net profit fell by 33.5% to Rs611mn on account of amortisation of Kesh King intangible assets for Rs620mn. Cash net profit increased by a healthy 30.3% in the quarter. Adjusting for the amortisation impact, EPS works out to Rs28.3 in FY17E. At the current price, the stock is trading at price earnings...