External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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.

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Thematic (Sector/Industry)

<ul>
<li>Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. </li>
<li>Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. </li>
<li>There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.</li>
</ul>


Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. 
Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. 
There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.


Bangladesh Chaos: Impact on Indian Companies

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>Sheikh Hasina resigned, leading to chaos in Bangladesh and the formation of an interim government in Bangladesh.</li>
<li>Political instability could disrupt India-Bangladesh trade, delay the FTA, and intensify regional strategic concerns, including China's growing influence.</li>
<li>Indian companies will also be impacted by this geopolitical issue, as India exports 35% of its cotton to Bangladesh and imports ready-made garments from the same country.</li>
</ul>


Sheikh Hasina resigned, leading to chaos in Bangladesh and the formation of an interim government in Bangladesh.
Political instability could disrupt India-Bangladesh trade, delay the FTA, and intensify regional strategic concerns, including China's growing influence.
Indian companies will also be impacted by this geopolitical issue, as India exports 35% of its cotton to Bangladesh and imports ready-made garments from the same country.


The Bangladesh Crisis: What Does It Mean for India?

<ul><li>Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was offset by higher GM (+195 bps) and steady costs (staff/R&amp;D/SG&amp;A was up +2/16/11% YoY)</li><li>SUNP expects growth to improve in subsequent quarters and retains high-single-digit sales growth guidance for FY25</li><li>SUNP sees further headroom for growth in Ilumya and incremental sales from the additional indication (psoriatic arthritis) on approval</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.

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was offset by higher GM (+195 bps) and steady costs (staff/R&amp;D/SG&amp;A was up +2/16/11% YoY)SUNP expects growth to improve in subsequent quarters and retains high-single-digit sales growth guidance for FY25SUNP sees further headroom for growth in Ilumya and incremental sales from the additional indication (psoriatic arthritis) on approvalContent 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.

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

<ul>
<li>Bajaj Auto to invest INR 800 crore in Maharashtra to boost electric three-wheeler production.</li>
<li>Emami plans to fully acquire The Man Company, enhancing its digital-first brand portfolio.</li>
<li>WeWork India to launch new workspaces in Bengaluru and Noida, addressing flexible workspace demand.</li>
</ul>


Bajaj Auto to invest INR 800 crore in Maharashtra to boost electric three-wheeler production.
Emami plans to fully acquire The Man Company, enhancing its digital-first brand portfolio.
WeWork India to launch new workspaces in Bengaluru and Noida, addressing flexible workspace demand.


# 35 India Insight: Bajaj Auto Investment, Emami Acquire Man Company, WeWork India New Workspaces

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 (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

Bangladesh Chaos: Impact on Indian Companies

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

The Bangladesh Crisis: What Does It Mean for India?

Sheikh Hasina's resignation in Bangladesh sparks geo-political chaos, uncertainty over FTA Discussion. Some Indian Companies impacted by these...

Nimish Maheshwari

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was...

HDFC Securities

# 35 India Insight: Bajaj Auto Investment, Emami Acquire Man Company, WeWork India New Workspaces

Bajaj Auto invests in Maharashtra for electric three-wheelers, Emami acquires The Man Company, WeWork expands in Bengaluru and Noida to meet...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Bangladesh Chaos: Impact on Indian Companies

​Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

The Bangladesh Crisis: What Does It Mean for India?

​Sheikh Hasina's resignation in Bangladesh sparks geo-political chaos, uncertainty over FTA Discussion. Some Indian Companies impacted by these...

Nimish Maheshwari

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was...

HDFC Securities

# 35 India Insight: Bajaj Auto Investment, Emami Acquire Man Company, WeWork India New Workspaces

​Bajaj Auto invests in Maharashtra for electric three-wheelers, Emami acquires The Man Company, WeWork expands in Bengaluru and Noida to meet...

Sudarshan Bhandari

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sheikh Hasina's resignation in Bangladesh sparks geo-political chaos, uncertainty over FTA Discussion. Some Indian Companies impacted by these...

Bajaj Auto invests in Maharashtra for electric three-wheelers, Emami acquires The Man Company, WeWork expands in Bengaluru and Noida to meet...