Corporate Presentation November : https://www.bseindia.com/xml-data/corpfiling/AttachLive/f5661bfc-e4ee-496f-8f70-4a6cd87c4fdc.pdf

Emami Ltd –

Q2 FY 25 results and concall highlights –

Revenues – 891 cr, up 3 pc
Gross Margins @ 70.7 vs 70.1 pc
EBITDA – 250 cr, up 7 pc ( margins @ 28.1 vs 27.0 pc )
PAT – 213 cr, up 19 pc

Company acquired an additional stake of 48 pc in the ‘Man Company’ to hike it from 50 to 98 pc

Organised channels like Modern trade, E-Comm, Institutional and Quick commerce sales now account for 27 pc of company’s sales ( vs 25 pc in H1 LY )

Have re-launched Kesh King and Fair & Handsome in Q3 – should refresh the brands and boost sales

Domestic sales grew 3 pc (led by 1.5 pc volume growth)
Intl sales grew by 6 pc (ex-Bangladesh, grew by 12 pc)

Brand wise performance –

Cooling oils – Navratna + Dermi Cool grew by 10 pc
Zandu Healthcare range grew by 11 pc
Boroplus range grew by 2 pc
Pain Management range grew by 5 pc
Male grooming (HE + Fair & Handsome brand of products) de-grew by 13 pc
Kesh King range de-grew by 9 pc
7 in 1 Oils de-grew by 3 pc

Kesh King and Male grooming brands ( HE + Fair & Handsome ) have been struggling for growth for quite some time now. Company has engaged BCG ( in Aug ) to revive these brands.BCG will also be working on the Boroplus brand. Expect some benefits to start flowing through wef FY 26

Company is spending disproportionately behind Kesh King Oil and shampoo as they believe this brand can have a great future

Loading of channels for winter months will happen only in Q3

Company strongly believes – as the rural markets bounce back, Emami shall be the biggest beneficiary as they have invested a lot in the rural channels

If the Winters are strong, Boroplus brand should end up doing well ( specially now with so many brand extensions of Boroplus being available in the mkt ). 75 pc of Boroplus sales come from the Anti-Septic cream and the rest come from – body lotion + soap + face wash + talcum powder. 5 yrs back, 90 pc of sales used to come from the anti-septic cream

The ‘Man Company’ is undergoing ownership transition. Should get over by Nov. Expect growth here to pick up wef Q4

Pain management did see some pickup in Oct. Should see handsome numbers in Q3 wrt Pain Management sales

Hair fall category ( company has its brand – Kesh King in this space ) is facing a lot of competition from new start-ups like Traya etc

The Man Company is currently doing sales of 180 cr/yr. Company expects to take it to > 350 cr in next 3-4 yrs. Most of the sales for The Man Company come from E-Comm. Will be launching it in other channels as well

Tax rates for full FY should remain in the 9-10 pc band

Emami Ltd also holds 26 pc stake in Axiom Ayurveda ( maker of Aloe branded fruit juices )

Disc : hold a small tracking position, will add only if key brands turn around, biased, not a buy/sell recommendation, not SEBI registered

Detailed risk analysis is missing.

On bird eye view level they look very similar because they are into mobile app user acquisition market however look at the more nuanced perspective they have different markets captured through their products.
For example, applovin has a big market share in the gaming vertical and much better entrenched in the western markets compared to affle.

I came across these Glassdoor reviews after seeing the series of acquisitions they did. While, one has to discount that such acquisitions especially of foreign companies are hard to integrate I think its still worth considering some of the inputs provided by their former employees.