Emami Ltd –
Q3 FY 24 highlights –
Sales – 996 vs 983 cr
EBITDA – 314 vs 294 cr ( margins @ 32 vs 30 pc )
PAT – 261 vs 233 cr
Domestic business was flat on a YoY basis – mainly impacted by delayed onset of winter. Non winter products grew 5 pc, Winter products de-grew by 9 pc
International business grew 8 pc
Gross and EBITDA margins expanded by 290 bps and 170 bps YoY due reduced RM inflation
Brand wise performance –
Navratna range – grew by 7 pc
Zandu / Emami pain management – grew by 3 pc
Zandu Healthcare – flat ( because of the weakness in the winter dependent Chavanprash category )
Boroplus range – degrew by 9 pc
Kesh King – degrew by 13 pc
7 in 1 oil – degrew 5 pc
Fair and Handsome + He Deodorants – degrew by 6 pc
The Man Company + Brillaire ( strategic investments ) – grew by 80 pc
New product launches – Mahabrigraj hair Oil, Dantveer Toothpaste, 7 in 1 oil in international Mkts
Company believes that they have a winner on their hands wrt Dantveer because of its unique formulation
Company believes that Kesh King’s de-growth is a one off and it should be back on growth path from Q4
The Man Company is now an EBITDA positive category for the company. In Brillaire, the EBITDA margins are now at minus 20 pc vs minus 40 pc YoY. Both these improvements have happened due to increased scale iro these brands
RM prices continue to be benign
Company continues to be bullish on their Healthcare business
Company is sitting on a cash balance of 400 cr
Disc: hold a small tracking position, biased, inclined to buy more once the volume growth picks up, not SEBI registered
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