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Dolat Capital Report
Emami Ltd.'s Q1 FY21 revenues came in line but Ebitda and Adjusted profit after tax were a beat. Domestic business declined 26%, while international business posted 18% revenue de-growth in Q1.
Supply chain disruption in April due to Covid-19 resulted in sales decline. Secondary sales decline was approximately 15% during the quarter versus 26% primary sales decline.
Distributor inventory days declined from 29-30 days in March to approximately 27 days in June and approximately 19-20 days in July end. This signifies that the secondary sales growth in July was better than primary sales.
Emami reported double digit growth in July, which was a key positive. International business gained momentum in July. Creme-21 is expected to maintain strong growth going ahead.
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