Accumulate Emami ; target of Rs 283: Dolat Capital

Dolat Capital’s research report on Emami
Emamis Q1FY21 revenues came in line but EBITDA and APAT was a beat. Domestic business declined 26%, while IB posted 18% revenue de-growth in Q1. Supply chain disruption in April due to Covid-19 resulted in sales decline. Secondary sales decline was ~15% during the quarter vs 26% primary sales decline. Distributor inventory days declined from 29-30 days in March to ~27 days in June and ~19-20 days in July end. This signifies that the secondary sales growt…

Click here to view the original article.