EPL - Strong Order Pipeline, Execution Remains Key: ICICI Direct
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ICICI Direct Report
EPL Ltd. has guided for strong order in pipeline for FY22 (up 29% YoY in April 2021) led by client addition and wallet share gains from existing customers.
The company is also looking to expand its product portfolio into the health and hygiene category in FY22.
We believe the company’s oral care category (contributes ~54% in topline) will grow at 8% in FY21-23E, higher than its historical average of 5% (in FY18-21).
We believe client addition and new product launch will help drive segment revenue growth.
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