EPL Q1 Review - Sequential Margin Recovery; Outlook Positive: Systematix
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Systematix Research Report
EPL Ltd.’s Q1 FY22 result was slightly below our estimates with sales/Ebitda/adjusted profit after tax growth of 8%/down 1%/30% YoY.
Revenues were backed by strong growth in Africa, Middle East and South Asia-India (up 29% YoY, organic growth was in high-teens) and America (up 9% YoY).
East Asia and Pacific-China (up 2% YoY) growth was lower while Europe declined (down 10% YoY) on a high base (led by hand sanitizer tubes sales last year) and the Russia plant shutdown in Q4 FY21.
EPL's operating profit margin was 18.1% versus 19.8% YoY and 17.3% QoQ.
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