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Motilal Oswal Report
EPL Ltd.'s revenue grew 7% YoY to Rs 9.5 billion (estimate: Rs 9.75 billion), on the back of broad based growth across all regions, except East Asia Pacific (down 8% YoY). Gross margin contracted 20 basis points YoY to 54.8%, due to volatility in raw material prices.
Ebitda margin expanded marginally by 10 bps YoY to 15.8% (estimate: 16.4%) on account of a drag in margins from EAP and Europe, which was offset by Africa, Middle East and South Asia and America. Ebitda grew 7% YoY to Rs 1.5 billion (estimate: Rs 1.6 billion).
Adjusted profit after tax grew 10% YoY to Rs 628 million (estimate: Rs 574 million). Revenue from AMESA/Americas/Europe grew 9%/19%/10% YoY to Rs 3.5 billion/Rs 2.3 billion/Rs 1.9 billion, respectively. While, revenue from EAP declined 8% YoY to Rs 2.3 billion. Ebit margin expanded 60 bps/200 bps YoY to 11.5%/4.8% for AMESA/Americas, respectively, while the same for EAP declined by 90 bps to 16.1%.
The oral care/personal care segment grew 7%/13% YoY, respectively, in nine months-FY23, with the share of personal care segment standing at ~47% for 9MFY23 versus 46% in FY22.
EPL is targeting double-digit revenue growth in the medium term. Revenue growth going ahead will be a combination of growth in volume and prices along with a better product mix.
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