Operationally in line; volume trend to improve in FY25

Company
30 May 2024
5 Min read 
  • Emami reported 7% YoY sales growth in 4QFY24, with domestic business growing 8%.
  •  Most brands performed well, with BoroPlus, Pain Management, and Healthcare ranges showing strong growth.
  •  GM expanded 270bp YoY to 65.8%, while EBITDA margin contracted 20bp YoY to 23.7%.
  •  Emami anticipates rural recovery, improved volume trajectory, and revenue growth acceleration in FY25.
  •  The company values Emami at 28x P/E on FY26 EPS to arrive at a TP of INR600, reiterating a BUY rating.
  •  The company is optimistic about future growth, rural market recovery, and government initiatives.
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