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Motilal Oswal Report
Emami Ltd.'s volume/sales growth was flat/up 4% YoY, respectively, lower than our estimates for Q3 FY22.
According to the management, this performance was attributable to the rural slowdown, lower healthcare sales (off a high base), and an overall high base (13%/15% YoY volume/sales growth) in Q3 FY21.
While Ebitda margin surprised positively leading to an in-line Ebitda, inconsistency of earnings growth despite being much smaller than peers continues to be a persistent problem for Emami since several years.
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