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|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2015-04-30||Marico Kaya Enterpri..||HDFC Securities||1656.15||1823.00||1656.15 (-6.59%)||Target met||Buy|
Marico Kayas (Kaya) 4QFY15 revenue and PAT were inline with our estimates. Despite sluggish macro environment, Kaya India SSG grew by a robust 12% along with 5% YoY growth in customer count. By adding 8 new clinics in 4Q, the company reached its target of 100 clinics in India in FY15. The company also added 7 KSB (taking its total to 14). However, new clinic addition will be margin dilutive as evident in EBITDA margin (India) contraction of 100bps YoY to 6%.
|2015-03-18||Marico Kaya Enterpri..||HDFC Securities||1490.60||1675.00||1490.60 (3.79%)||Target met||Buy|
A pioneer in cosmetic dermatology, Kaya remains unchallenged in the organised skin clinic space in India. Management is confident of 20% revenue CAGR over the next 3-5 years, a claim that looks surpassable. A new found focus on product sales adds synergies to its story. Kaya turned profitable in FY14 (after 11 years of losses) and has significant untapped operating leverage in its operations.