EPL Q4 Results Review - Cost Rationalisation, Ramp-Up Of Brazil Business To Drive Earnings: Motilal Oswal

Motilal Oswal Report

EPL Ltd. reported a strong operating performance in Q4 FY24, with Ebitda rising 23% YoY due to 2.1 times YoY Ebitda growth for the Americas (led by the ongoing program to improve margins in the Americas coupled with a positive contribution from the Brazil business).

Ebitda for East Asia and Pacific grew 6% YoY, while  Africa, Middle East and South Asia /Europe witnessed a ~7%/1% YoY decline in Ebitda.

We broadly maintain our earnings estimates for FY25/FY26. We value the stock at 18 times FY26E earnings per share to arrive at our target price of Rs 250. Reiterate Buy.

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