Emami has posted 10.2% yoy growth in consolidated sales to Rs5.8bn in 2QFY17. While its EBITDA grew 15.3% yoy to Rs1.7bn, reported PAT rose by 9.2% yoy to Rs661mn. Volume grew by robust 10% yoy which is impressive considering current market scenario marked with weaker demand. Volume growth excluding Kesh King stood at 6% in 2Q. Expecting 17.5% revenue and 19.4% earnings CAGR through FY16-18E, we maintain our BUY recommendation on the stock with an upwardly...