Emami Q4 Review - Broad-Based Improvement Limits Downside: Prabhudas Lilladher

Range of Zandu brand products manufactured by Emami Ltd. (Source: Company website).

Emami Q4 Review - Broad-Based Improvement Limits Downside: Prabhudas Lilladher

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Prabhudas Lilladher Report

We are cutting FY22/23 earnings per share estimates of Emami Ltd. by 4.2/4.8% on the back of Covid-19 led lower demand in H1 FY22, raw material inflation and increased tax rate (20% from 19%).

The company will build on its momentum led by:

  1. Increased rural penetration led by Project Khoj

  2. Innovation-led market penetration,

  3. Double-digit growth expected in health care

  4. Omni channel growth through modern trade and e-commerce

It aims to maintain ~30% margin backed by price increase (4%), cost efficiencies and strong growth moment in spite of input cost headwinds from limited liability partnership, edible oil and packaging.

Click on the attachment to read the full report:

Prabhudas Lilladher Emami Q4FY21 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.

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