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Anand Rathi Report
With ~3% volume growth, Emami Ltd.'s H1 FY24's revenue grew ~7%. The steep fall in input prices expanded the gross margin ~300 basis points, pushing up the Ebitda margin 200 bps.
Better seasonal demand and D2C brands should drive 8-10% domestic revenue growth. We reduce FY24e/ 25e earnings per share 5/3% to factor in the weaker Q2, and roll over to FY26E.
We retain our 'Buy' with a higher 12-mpnth target P of Rs623, 28x FY26e EPS (earlier Rs572, 28x FY25e EPS).
Key risks: Failure of launches, unwarranted or pricey acquisitions, intense competition.
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