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Motilal Oswal Report
Emami Ltd.'s Q1 FY22 sales were in line with expectations.
Domestic sales grew 5% versus Q1 FY20 levels. While healthcare and pain management have nearly doubled over Q1 FY20 levels, the impact of the second Covid-19 wave led lockdown resulted in sharp decline over Q1 FY20 in Navratna (in the crucial summer season) and male grooming.
The outlook for the domestic business gradually improved in June and July 2021, after modest growth over a two-year period in Q1 FY22.
This was partly offset by slower growth in the international business (~12% of sales) due to Covid-19 related lockdowns, especially in the Middle East.
Emami's margin performance in Q1 FY22 and the outlook were better than expected.
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