External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Emami reported 3% YoY sales growth in 2QFY25 (est. 5%).</li><li>The domestic business grew 2.6% YoY, led by volume growth of 1.7% (est. 3%).</li><li>This quarter faced headwinds as persistently high food inflation continued to suppress mass consumer spending. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami reported 3% YoY sales growth in 2QFY25 (est. 5%).The domestic business grew 2.6% YoY, led by volume growth of 1.7% (est. 3%).This quarter faced headwinds as persistently high food inflation continued to suppress mass consumer spending. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami - Weak Volume Print; Better Delivery Expected in 2HFY25

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Emami’s Q2FY2025 operating performance missed the mark with domestic volume growth coming at 1.7% versus expectations of 3-4%.</li><li>Consolidated OPM came in-line at 28.1%.</li><li>With expected strong winter season, the company expects strong H2FY2025. It expects to end FY2025 with high single-digit revenue growth and double-digit EBIDTA growth.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami’s Q2FY2025 operating performance missed the mark with domestic volume growth coming at 1.7% versus expectations of 3-4%.Consolidated OPM came in-line at 28.1%.With expected strong winter season, the company expects strong H2FY2025. It expects to end FY2025 with high single-digit revenue growth and double-digit EBIDTA growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami Ltd - Muted Q2, Strong Winter to Boost H2

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We hosted Emami’s management team—Mohan Goenka (Director), Manish Gupta (Head of Sales), and Rajesh Sharma (Sr VP finance and IR)—and a group of investors, as part of our Emkay Connect initiative.</li><li>We remain positive on Emami as we expect steady rebound in rural demand, better seasonality, and enhanced execution, backed by a proficient management team.</li><li>For FY25, mgmt endeavor is to achieve double-digit domestic revenue growth via its strategy ahead to improve urban demand as a growth-transformation project.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted Emami’s management team—Mohan Goenka (Director), Manish Gupta (Head of Sales), and Rajesh Sharma (Sr VP finance and IR)—and a group of investors, as part of our Emkay Connect initiative.We remain positive on Emami as we expect steady rebound in rural demand, better seasonality, and enhanced execution, backed by a proficient management team.For FY25, mgmt endeavor is to achieve double-digit domestic revenue growth via its strategy ahead to improve urban demand as a growth-transformation project.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami - Shifting Gears, from Traditional to New-Age Users

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Emami 4QFY24 print was ahead of estimates on the back of a superior product mix and distribution expansion initiatives</li><li>The extended winter drove sales of Boro Plus (up 33% YoY) and pain management (9% YoY), whereas the summer range was partially impacted (up 1% YoY)</li><li>We upgrade Emami to ADD from REDUCE with a TP of INR 600 (27x FY26 EPS, 10% premium to its five-year average PE) as visibility relating to delivering double-digit growth in FY25 has improved significantly on the back of (a) prospects of the strong summer season and a favourable base for the winter season, (b) rural recovery (45-50% of sales) aided via normal monsoon, and (c) distribution expansion initiatives.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami 4QFY24 print was ahead of estimates on the back of a superior product mix and distribution expansion initiativesThe extended winter drove sales of Boro Plus (up 33% YoY) and pain management (9% YoY), whereas the summer range was partially impacted (up 1% YoY)We upgrade Emami to ADD from REDUCE with a TP of INR 600 (27x FY26 EPS, 10% premium to its five-year average PE) as visibility relating to delivering double-digit growth in FY25 has improved significantly on the back of (a) prospects of the strong summer season and a favourable base for the winter season, (b) rural recovery (45-50% of sales) aided via normal monsoon, and (c) distribution expansion initiatives.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Emami (4QFY24): Sunny Days Ahead. Upgrade to ADD

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The rural economy plays a crucial role in driving India's growth, contributing just under half of the total GDP and providing livelihoods for about two-thirds of the population. </li>
<li>The trend which is emerging is rural economy growing faster than urban, hence we deep dive into the what and why of this trend</li>
<li>The urban slowdown has caused concern for India Inc's earning growth.</li>
</ul>


The rural economy plays a crucial role in driving India's growth, contributing just under half of the total GDP and providing livelihoods for about two-thirds of the population. 
The trend which is emerging is rural economy growing faster than urban, hence we deep dive into the what and why of this trend
The urban slowdown has caused concern for India Inc's earning growth.


Themes of India: A Deeper Look at Rural India's Economic Rise

India

Emami Limited develops and distributes personal, beauty, and healthcare products in India and other countries.  The Company manufactures herbal and Ayurvedic products, including antiseptic cream, prickly heat powder, pain balm, and cool oil.

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Emami Ltd (HMN IN)

Emami - Weak Volume Print; Better Delivery Expected in 2HFY25

Emami reported 3% YoY sales growth in 2QFY25 (est. 5%). The domestic business grew 2.6% YoY, led by volume growth of 1.7% (est. 3%).

Motilal Oswal

Emami Ltd - Muted Q2, Strong Winter to Boost H2

Emami’s Q2FY2025 operating performance missed the mark with domestic volume growth coming at 1.7% versus expectations of 3-4%.

Sharekhan

Emami - Shifting Gears, from Traditional to New-Age Users

We remain positive on Emami as we expect steady rebound in rural demand, better seasonality, and enhanced execution, backed by a proficient...

Emkay

Emami (4QFY24): Sunny Days Ahead. Upgrade to ADD

The extended winter drove sales of Boro Plus (up 33% YoY) and pain management (9% YoY), whereas the summer range was partially impacted (up 1% YoY)

HDFC Securities

Themes of India: A Deeper Look at Rural India's Economic Rise

India's rural economy is driving growth, contributing nearly half of GDP and providing livelihoods for two-thirds of the population. Urban...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Emami - Weak Volume Print; Better Delivery Expected in 2HFY25

Emami reported 3% YoY sales growth in 2QFY25 (est. 5%). The domestic business grew 2.6% YoY, led by volume growth of 1.7% (est. 3%).

Motilal Oswal

Emami Ltd - Muted Q2, Strong Winter to Boost H2

Emami’s Q2FY2025 operating performance missed the mark with domestic volume growth coming at 1.7% versus expectations of 3-4%.

Sharekhan

Emami - Shifting Gears, from Traditional to New-Age Users

We remain positive on Emami as we expect steady rebound in rural demand, better seasonality, and enhanced execution, backed by a proficient...

Emkay

Emami (4QFY24): Sunny Days Ahead. Upgrade to ADD

The extended winter drove sales of Boro Plus (up 33% YoY) and pain management (9% YoY), whereas the summer range was partially impacted (up 1% YoY)

HDFC Securities

Themes of India: A Deeper Look at Rural India's Economic Rise

​India's rural economy is driving growth, contributing nearly half of GDP and providing livelihoods for two-thirds of the population. Urban...

Nimish Maheshwari

India's rural economy is driving growth, contributing nearly half of GDP and providing livelihoods for two-thirds of the population. Urban...