Emami Q3 Review - Record High Margin; Good Near Term Sales Outlook: Motilal Oswal  
Range of Zandu brand products manufactured by Emami Ltd. (image Company website)

Emami Q3 Review - Record High Margin; Good Near Term Sales Outlook: Motilal Oswal  

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.

Motilal Oswal Report

While Emami Ltd.’s sales/volume growth at 15%/13% were healthy, they were below our expectations.

However, record high Ebitda margin led to beat on our Ebitda and profit after tax forecasts.

Near term outlook remains healthy for the herbal portfolio as well as rural growth. This would elevate the company’s topline growth above the disappointing growth levels of approximately 3.7% in the five years ended FY20.

The management has also guided for ~30% Ebitda margin going forward.

Click on the attachment to read the full report:

Motilal Oswal Emami Q3FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.