Emami Ltd. share price target

Emami reported robust double-digit growth (+16% YoY) in non-summer portfolio, while summer portfolio was impacted by unseasonal rains in key markets. Growth was driven by the return of double-digit growth in pain management and healthcare range which is encouraging. Scale-up of Dermicool (+9% YoY) is also progressing well with the launch of new campaign and LUP SKUs to induce consumer trials.

Emami reported a patchy revenue performance with (consol.) adjusted revenue (explained below) decline of ~2% YoY. Weak performance was due to subdued rural demand (some green shoots in current quarter) and unseasonal rains.

Emami reported a patchy revenue performance with (consol.) revenue growth of 1%; adjusted revenue growth YoY (explained below) declined ~4% YoY. Weak performance was due to subdued rural demand (no signs of revival; Jan continues to be weak).

Emami reported a slightly patchy revenue performance with (consol.) revenue growth of 3% - both adjusted revenue growth YoY (explained below) and 3-year CAGR were 8%. RM pressure, inferior product mix and higher ad-spends (much appreciated) led to lower margins (EBITDA print of 24%).