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

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