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Buy Emami Ltd 9-12 Months CMP 236.55 Target 284
* Emami Ltd reported its Q4FY20 which were below our estimates. Weak rural demand and liquidity concerns which persisted prior to lockdown as well as supply chain disruption due to COVID-19 led to 17% YoY de-growth in the company’s revenue. EBITDA declined by 37% YoY to Rs Rs 99 cr due to rise in other expense as well as employee cost. Further adjusted PAT after exceptional item stood at Rs 22 cr, down by 60% YoY.
* Going forward, we believe the company’s performance would gradually pick up on the back of strong demand from both urban and rural, continuous innovation in core as well as in health & hygiene segment, market share gains in key products and reduction of debt. We have maintained a buy on the stock with a revised target price of Rs 284.
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