External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

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.

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><p><em>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.</em></p>

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

Emami Ltd

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