Emami - First Cut
Rajesh Desai
Dear Sir/Madam,
Q1 FY14 Result
Emami Ltd Consolidated Net Sales increased by 13% YOY to INR384 crore YOY and its EBITDA increased by 21% YOY to INR85 crore. EBITDA Margin of the company increased from 20.7% to 22.1% YOY. Consolidated Adjusted PAT increased by 24% YOY to INR58 crore.
At the CMP of INR445 the stock is trading at a P/E of 26.9x its adjusted FY14E EPS of INR16.49
DESCRIPTION |
Jun-13 |
Mar-13 |
Jun-12 |
QOQ |
YOY |
|
Net Sales |
384 |
451 |
339 |
-15% |
13% |
Total Expenditure | 299 |
325 |
269 |
|
|
|
PBIDT (Excl OI) |
85 |
126 |
70 |
-32% |
21% |
EBITDA (%) | 22.1% |
27.8% |
20.7% |
|
|
|
Other Income |
15 |
19 |
15 |
|
|
|
Operating Profit |
100 |
145 |
85 |
|
|
|
Interest |
1 |
1 |
5 |
|
|
|
PBDT |
99 |
144 |
80 |
|
|
|
Depreciation |
31 |
31 |
30 |
|
|
|
PBT |
68 |
113 |
50 |
|
|
|
Tax |
10 |
18 |
3 |
|
|
|
Profit After Tax |
58 |
95 |
47 |
|
|
|
Minority Interest |
0 |
0 |
0 |
|
|
|
Consolidated Net Profit |
58 |
95 |
47 |
-39% |
24% |
PAT(%) | 15.1% |
21.0% |
13.8% |
|
|
|
Forex Gain / Loss |
3 |
-1 |
|
|
|
|
PAT incl Forex |
61 |
94 |
47 |
-35% |
30% |
|
|
|
|
|
|
|
Equity Capital |
22.7 |
22.7 |
22.70 |
|
|
|
Face Value (In Rs) |
1 |
1 |
1.00 |
|
|
|
No. of shares |
22.7 |
22.7 |
22.7 |
|
|
|
|
|
|
|
|
|
|
EPS |
2.55 |
4.17 |
2.05 |
-39% |
24% |
Regards,
Team Microsec Research
Microsec Capital Limited
Tel: 91 33 30512100
Fax: 91 33 30512020
CA. Rajesh Desai