BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Centrum Broking Report
Emami Ltd.’s Q4 FY21 print was ahead of our estimates; consolidated revenue/ Ebitda/ adjusted profit after tax grew 37.2%/65.2%/169.5%.
Domestic business saw 44% growth led by strong volumes up 39%, while international business grew 28%.
Management indicated, strong sequential recovery in hair oils, and resilient demand for health, hygiene, yet immunity product grew slower.
Rising input prices weighed high on gross margin at 62.7% (down 250 basis points).
Despite rise in ad-spend (up 36.5%), employee cost (up 5.4%) and other expenses (up 8.6%) Ebitda grew 65.2% resulting Ebitda margin at 22.3% (up 378 basis points).
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