Buy Emami Ltd for the Target Rs. 675 by Motilal Oswal Financial Services Ltd
* We model 11% revenue growth and 13% volume growth, led by the loading of winter products and normalization of trade post-GST implementation.
* Kesh King has seen improvement, and the product relaunched in 2Q will also contribute to the growth.
* GM is expected to flat YoY at 70.4% and EBITDA margin is likely to expand 80bp YoY to 33.4% led by operating leverage.
* International business expected to deliver 10% revenue growth in 3Q.

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